scams and corruption pre-2014 to an era of bold, transparent and decisive decision-making under the Prime Minister Narendra Modi-led government since 2014.
"Indian Economy has moved from the era of policy paralysis, scams and corruption pre-2014 to one of the era of bold, transparent and decisive decision-making under Narendra Modi Government since 2014," Mr Shah said in an address at the Economic Times Awards for Corporate Excellence in Mumbai.
Mr Shah asserted that the current slowdown in economy is a "temporary phase" and the industry which contributes 60 per cent of gross domestic product (GDP) to the economy will join with the vision of PM Modi's government to make India a 5 trillion-dollar economy by 2024.
Expressing hope that the industry and market will tide over this temporary crisis despite a slowdown, the Home Minister assured the industry that the "government is standing solidly behind them and is tackling all the challenges in a proactive fashion".
He said that the last 5 years were of the "detoxification of the economy" and in the next five years a "series of reforms" will be taken to make it one of the most powerful economies of the world.
"India is already a destination of global companies due to its huge market and FDI is at record level today. Even Sensex and nifty have breached all records," Mr Shah added.
The Home Minister said that government is committed to strengthening the industry and the trade and said: "By lowering the corporate tax ranging between 17 to 25 per cent, India has got the distinction of one of the lowest corporate tax levying country.
Even fiscal deficit which was 4.5 per cent in 2013-14 has come down to 3.3 per cent and inflation has been checked at 3.3 per cent from 5.9 per cent earlier."
Emphasising on the goods and services tax (GST) and ease of doing business, he said: "The vision of one nation one tax has been realised and a series of labour reforms are in the offing."
"On the front of ease of doing business, India was at the rank of 142 in 2014 but in the last 5 years we jumped to 77 and expressed hope that by 2024, India will be somewhere at the rank of 30," the Union Minister said.
Mr Shah said the decision to not join the Regional Comprehensive Economic Partnership (RCEP) was taken in the interest of the industry as India has already free trade agreement (FTA) with China, Australia and New Zealand. "The Modi government has taken the hard decision in the interest of Indian industry."
Referring to a series of measures taken in the field of infrastructure both in the rural and urban areas, he said that the Make in India and Start-up India projects are going to scale new heights in years to come.
Stating that India voted to power Narendra Modi in 2014, the home minister said: "Not a single corruption charge was levelled against Modi government. The governance has moved from policy paralysis of pre-2014 to one of bold and decisive government."