India in sweet spot despite global uncertainties: Modi
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 Kautilya Economic Conclave, Modi said all rating agencies had upgraded India’s growth projections and were saying the country would grow at over 7 per cent rate despite global uncertainties.
“We are confident of an even better performance,” he said listing reasons behind India’s “self-confidence”, which he described as “at another level as was the world’s faith in India.”
In a major announcement, Modi said five semiconductor plants in India would soon deliver “made-in-India chips to the world” and noted that India was “the biggest source of affordable intellectual power.”
Describing the third straight election win of the BJP-led NDA dispensation as a reflection of people’s faith in the government’s ability to uplift their lives, the PM said there were concrete reasons behind India’s new 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 a decade that have transformed our domestic macroeconomic fundamentals,” said Modi.
Modi said India was working not just to “reach the top but to stay there.”
“We are now encouraging states to give pace to reforms and are working extraordinarily on our demographic dividend by way of a new education policy and research push,” he said listing India’s growing potential - fifth largest global economy GDP wise; top in Global Fintech adoption rate; top in smartphone data consumption; second globally in the number of Internet users; home to half of the global real-time digital transactions; world’s largest startup ecosystem, mobile, two-wheeler and tractor manufacturer and 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 PM, adding that the government was committed to the path of structural reforms to make India a developed nation by 2047.
Reiterating his mantra of reform, perform and transform, the PM said it was because of this policy that people chose to reelect 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 PM 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.
“A decision on projects worth ~15 lakh crore has already been taken,” he said asserting that India’s growth was inclusive and India had lifted 25 crore people out of poverty.
Going forward, the PM said India would equally focus on critical technologies through AI and India Semi Con Missions. He said ~1.25 lakh crore worth of investments was already happening.
Addresses Kautilya Economic Conclave
Addressing Kautilya Economic Conclave, Prime Minister Narendra Modi said all rating agencies had upgraded India’s growth projections and were saying the country would grow at over 7 per cent rate despite global uncertainties.
