Next Budget may not be populist, indicates: PM Modi

Prime Minister Narendra Modi today indicated that the upcoming Budget will not be a populist one and said it's a myth that the common man expects "freebies and sops" from the government.

In an interview with Times Now television broadcast tonight, he also pledged that his government will stay on the course of the reforms agenda that has pulled out India from being among the 'fragile five' economies of the world to being a 'bright spot'.

Modi stoutly defended his economic policies, saying demonetisation was "a very big success story" and that he was open to changes in the new Goods and Services Tax (GST) to plug loopholes and make it a more efficient 'one-nation-one- tax' system.

Asked if his government will turn populist in its last full-year Budget before the general elections in 2019, Modi said the issue falls under the ambit of the finance minister and he does not want to interfere in it."But those who have seen me as the chief minister (of Gujarat) and also as the prime minister (would know) common man does not want all these things. It is a myth," he said.The common man, he said, expects honest governance. "He doesn't demand sops and freebies. It is our myth."

Stating that there is no statistics for people working the informal sector, he said there are new chartered accountants, lawyers, doctors and consultants who have joined the vocation since 2014.Doubling of road construction in last three years could not have happened without employing people and so was doubling rate of rail track laying, he said. Also, programmes like electrification and work on ports gathering pace could not have happened without generating employment, he said.

The prime minister said his government's policies promote employment particularly in sectors like textile and leather.Schemes like crop insurance, irrigation projects, soil health cards, increasing urea availability and stopping diversion of subsidised crop nutrient are all aimed at addressing farm distress, he said and added that making available solar pumps, increasing agro-product processing and focus on rural and agro-based industries were high on his mind.

"Within three years, India has come not just come out of being among fragile file but also its economy is seen as a shining star with optimism and expectation," the prime minister said.India has on all economic parameters done well -- inflation or the rate of price rise, has averaged 3 per cent in last three years as against 10 per cent previously, FDI inflows have more than doubled to USD 62 million from USD 30 billion; fiscal deficit has been brought down to 3.5 per cent of GDP from over 4.5 per cent, current account deficit has come down to 1-2 per cent from 4 per cent, he said.

"The world looks at these parameters and says India is a bright spot," he said. "We believe that India's growth rate will rise in the coming days." "India has shown its economic strength to the world and so it is but obvious that the world wants to know India, it wants to know India directly (from the top leader) (and) understand it," Modi said."India has become a land of great opportunity now," he said. "India has become an attractive investment destination."The prime minister said institutions like the IMF and World Bank and rating agencies like Moody's are all complimenting steps taken by India.

Modi said India has jumped 42 places on ease of doing business ranking since the NDA came to power. "This in itself is a big achievement," he said."The world is astonished that India has ended over 1,400 obsolete laws have been scrapped in last three years. Freeing a person from the clutches of the