Prime Minister Narendra Modi said on Friday that his government has ended crony capitalism and the era of high-level corruption in the country. Delivering the keynote address at the Economic Times Global Business Summit, Modi said that India suffers from an excess of old and unnecessary laws, which obstruct people and businesses. He added that if his government's policies are studied closely, "you will find that many are popular, but none are populist".

Modi spoke about his government's policy on subsidies, saying that 65 lakh people have voluntarily surrendered their LPG subsidy. He also announced that Chandigarh will be declared a kerosene-free city by March. "My aim is not to eliminate subsidies, but to rationalise and target them. I am not saying that all subsidies are bad, but [the] poor and needy need rationalised subsidies," the prime minister said.