Five plants to soon deliver made-in-India chips: PM Modi at economic conclave
Prime Minister Narendra Modi on Friday said despite raging global uncertainties, India was in a sweet spot today and was defying growth predictions by top global rating agencies.
Addressing the Kautilya Economic Conclave, Modi said all rating agencies have upgraded India’s growth projections and are saying India will grow at over 7% rate despite global uncertainties. We are confident of an even better performance, he said listing reasons behind India’s “self-confidence” which, he said, was today “at another level as was the world’s faith in India.”
The Prime Minister also said five semiconductor plants in India will “soon deliver made-in-India chips” and noted that India today was the “biggest source of affordable intellectual power.”
Describing the third straight election win of his BJP-led NDA dispensation as a reflection of people’s growing faith in government’s ability to change their lives for the better, the Prime Minister said there were concrete reasons behind India’s self-confidence.
“Be it the manufacturing or service sector the world considers India a preferred destination for investment. This is no coincidence. This is the result of structured reforms over the past ten years which have transformed our macroeconomic fundamentals,” said Modi, citing few examples of reforms to boost growth—banking reforms which have raised lending capacities; GST which has integrated a range of central and state taxes; Insolvency and Bankruptcy Code that has spurred a developed a new credit culture; private entry into defence and space, liberal FDI regime and modern infra push.
The Prime Minister said India was working not just to “reach the top but to stay there.”
“We are now encouraging states to give pace to reforms,” he said listing India’s growing potential in that the country is now the fifth largest global economy GDP wise; number one in Global Fintech adoption rate; world’s top smartphone data consumption; second in the number of internet users; home to half of the global real time digital transactions; the world’s largest start-up ecosystem; the world’s largest mobile, two wheeler and tractor manufacturer and above all the world’s youngest nation with the third largest pool of scientists and technicians.
“Be it science, tech or innovation, India is in a sweet spot today,” said the Prime Minister, adding that the government was committed to the path of structural reforms to make India a developed nation by 2047.
The Prime Minister reiterated his mantra of reform, perform, transform and said it was because of this policy that people chose to re-elect his government for the third time—a first such development in over six decades.
“This trust of 140 crore Indians is our greatest treasure,” the Prime Minister said, adding that the government’s push to structural reforms was evident in the work done in the first three months of his third term.
“Already a decision on projects worth Rs 15 lakh crore has been taken,” he said asserting that India’s growth was inclusive and India had lifted 25 crore people out of poverty.
Going forward the Prime Minister said India would equally focus on critical technologies via AI and India Semi Con Mission. In the latter Rs 1.25 lakh crore worth of investment is already happening.
