Tough steps taken by the Indian government are starting to bear fruit and there is no reason for alarm, Prime Minister Narendra Modi told CNBC TV-18 in an interview Friday.
Modi, who swept to power in 2014 on a promise to shake up India's economy, said certain sectors were still feeling the strains of the policies implemented by the previous United Progressive Alliance government.
Private investments had suffered while banks had been hobbled by loans that had turned sour, he said.
"In spite of all this, the roadways have developed at a good pace, railways have developed at a good pace. The electronic manufacturing has increased by six times," Modi said in the interview, without providing specific details.
"These things show that we didn't choose the short cut. There is a message written on railway platforms — short cut will cut you short — that's my opinion too. So I am of the opinion that we should not take the short cut and the results can already be seen," he added.