Business should be done within rules and laws: PM

Indore: Prime Minister Narendra Modi on Friday said his government has sent out a clear message over the last four years that business should be done within the purview of rules and laws.

At an event here, he said honest businessmen are being encouraged through steps like the Goods and Services Tax (GST) and Bankruptcy law.

He said the confidence of investors towards India has gone up across the world.

He said the government was eyeing double-digit growth for the country and expressed confidence that it would be achieved "despite all the challenges". Modi was addressing an event organised by the Bohra Muslim community to mark the martyrdom of Imam Hussain, the grandson of Prophet Mohammad.

The 'Ashara Mubaraka' programme was held at the Saifee Mosque where Modi shared dais with the Bohra community's spiritual head Syedna Mufaddal Saifuddin.

The Bohra community is a sect within Shia Islam known for trading and business acumen.

In his address, the prime minister spoke about his government's initiatives like rollout of GST, 'Make-in-India' programme and 'Swachh Bharat Abhiyan' (cleanliness campaign).

He said the members of the Bohra community took maximum advantage of these initiatives as they are known to carry out their trade and business world over with honesty.

"They (Bohras) have set an example for other people (with their honest trade dealings)," he said. At the same time, he added, "all five fingers of a hand are not equal. Some people consider fraud as business."

He did not make any specific reference but the comment assumes significance as it comes against the backdrop of alleged scams and loan-default cases involving businessmen Nirav Modi and Mehul Choksi and Vijay Mallya.

"In the last four years, our government has been able to deliver a clear message that the business should be done within the purview of the rules and laws," the prime minister said.

"Honest businessmen are being encouraged through steps like GST and Bankruptcy law," Modi said.

Referring to the 'Make-in-India' programme, he said, "the confidence of investors across the world has increased in India. The production of mobiles phones, vehicles and other goods is increasing due to the record investment."

He said that in the last quarter of the current fiscal, the country has achieved the growth rate of more than eight percent.

"We are eying the double-digit (growth). I believe that the country can reach to the goal despite all the challenges," the prime minister said.