The central government has "saved" the Indian economy that was heading towards a disaster five-six years ago, Prime Minister Narendra Modi claimed on Friday. He said his government has not just stabilised the economy but also tried to discipline it.

"Five-six years back our economy was heading towards disaster. Our government has not only stabilised it, but also made efforts to bring discipline to it. We have paid attention to fulfilling the decades old demands of the industry," Prime Minister Narendra Modi said in a speech at the inaugural session of '100 years of Assocham (Associated Chambers of Commerce and Industry of India)'.

PM Modi's comment comes at a time when India's GDP growth rate has been declining for six consecutive quarters, prompting many to call growth recession. In the last quarter, India's GDP growth rate was 4.5 per cent.

Speaking about his government, PM Modi said, "Today we have a government at the Centre that is ready to listen to farmers, labours and industries."

The PM said his government wants to formalise and modernise the Indian economy.

PM Modi said it is the outcome of his government's efforts that today 13 banks have started making profit again. "Six banks are now out of PCA (prompt corrective action). We have also accelerated the process of bank mergers. Today banks are spreading their network across the country and are striving towards making a global mark for themselves."

Speaking about the ambitious target of making India a $5 trillion economy, PM Modi said, "When I set the $5 trillion target, I was aware about the negative campaign against it. The $5 trillion target is not spontaneous. It is being debated for the last five years. In 2014, I set the target of making India open-defecation free and the country made efforts to achieve this. People's mobilisation and system modernisation are important for any programme to succeed."

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