Tuesday 05 / November / 2024
New Delhi: Indian Prime Minister Narendra Modi on Friday said that the optimism around India by global leaders and financial experts was not just a mere coincidence, but the result of reforms brought in by his government over the past decade.
Addressing the third edition of Kautilya Economic Conclave in the national capital, PM Modi said that India is growing at over 7 per cent despite global uncertainties.
"This conclave is being organised at a time when there is a war situation in two big regions of the world. Both these regions are very important for the global economy, especially energy security. Amid this big global uncertainty, we are here discussing 'The Indian Era', it shows that today the trust in India is of different level."
India's GDP grew by an impressive 8.2 per cent during the financial year 2023-24, continuing to be the fastest-growing major economy. The economy grew by 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, according to official data.
Many global rating agencies and multilateral organizations have also revised their growth forecasts for India upwards.
"Investors believe that it's the right time to invest in India. It's not a coincidence, rather, it's the result of reforms that have happened in India over the past decade," the Prime Minister told the gathering.
He highlighted that today India is the world's fastest growing and the 5th largest economy, tops in fintech adoption with half of the global real time transactions taking place in the country. It is the largest manufacturer of two-wheelers and tractors, and second largest manufacturer of mobile phones, he said.
"India has moved from being an importer of mobile phones to being a producer. In every sector, there are ample investment opportunities in India," PM Modi said.
"Our commitment is to make India a developed nation, and it that endeavor we will continue our structural reforms," he said. "Today, India is not just striving to reach the top, but also to sustain its position at the top," he said in his addresss at the the Kautilya Economic Conclave.
"Inclusive spirit" is yet another notable factor of India's growth story, the Prime Minister said, adding that his government is ensuring that the benefits of India's growth are reaped by everyone.
"We have increased investment in infrastructure on an unprecedented scale in the last decade. India has made Process Reforms a part of the continuing activities of the government," PM Modi said.
He also spoke about Production Linked Incentive scheme, which was introduced to boost manufacturing. Investments worth Rs 1.25 lakh crore have been made due to PLI, the PM said.
As part of its Atmanirbhar and Make in India plan, the government launched production incentive (PLI) schemes in 14 sectors in 2020, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.
Talking about semiconductor manufacturing, PM Modi said 'Made in India' chips will be accessible to the world once the five under-construction plants are operational.
The government has so far approved five semiconductor units in India, of which construction in two sites is on, and soon the work in the other three will start.
The Institute of Economic Growth, in partnership with the Union Finance Ministry are hosting the third edition of Kautilya Economic Conclave with the theme 'The Indian Era'.
The conclave from October 4-6, brings together close to 150 national and international academicians and policy makers to discuss some of the most important issues confronting the Indian economy and economies of the Global South.
