Prime Minister Narendra Modi will address the Kautilya Economic Conclave in Delhi on Friday
New Delhi:
Prime Minister Narendra Modi today described India as a sweet spot amid global uncertainty, which is also undergoing transformative changes to support high economic growth. He said the optimism around India is the result of good reforms.
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“Today, in the midst of a global emergency, here we discuss the 'India era', and this shows how the world trusts India… India is the world's fastest growing and fifth largest economy. In terms of fintech acceptance rate, we stand as the top nation,” Prime Minister Modi said at the third edition of the Kautilya Economic Conclave in Delhi.
Prime Minister Modi said the optimism surrounding India by world leaders and financial experts was not merely a coincidence but the result of the reforms his government has implemented over the past decade.
India's gross domestic product (GDP) grew by a whopping 8.2 percent in the fiscal year 2024, remaining the fastest growing major economy. The economy grew by 7.2 percent in fiscal year 2023 and by 8.7 percent in fiscal year 2022.
“When people's lives are transformed, they start to believe in their country. The same is reflected in their mandate. The trust of 140 crore Indians is our strength. We are committed to bringing more structural reforms for the betterment of India.” said the Prime Minister.
“Inclusive spirit” is yet another notable factor in India's growth story, Prime Minister Modi said, adding that his government will ensure that the benefits of India's growth are reaped by all. “We have invested in infrastructure on an unprecedented scale over the past decade. India has made process reforms part of the government's ongoing activities,” he said.
Many global rating agencies and multilateral organizations have also upgraded their growth forecasts for India. India is the largest manufacturer of two-wheelers and tractors, and the second largest manufacturer of mobile phones. “India has evolved from an importer of mobile phones to a manufacturer. There are ample investment opportunities in India in every sector,” Prime Minister Modi said.
The Prime Minister spoke about the Production-Linked Incentive (PLI) programme, which was introduced to boost production. Investments worth Rs 1.25 lakh crore have been made due to the PLI scheme, he said.
As part of its Atmanirbhar and Make in India plan, the government launched the PLI schemes in 14 sectors in 2020 to make Indian manufacturers globally competitive, attract investments, increase exports, integrate India into the global supply chain and reduce dependence on imports.
Talking about semiconductor manufacturing, Prime Minister Modi said that 'Made in India' chips will be accessible to the entire world once the five factories being built are operational. The government has so far approved five semiconductor units in India, construction of which has started at two locations, and work will soon begin at the other three.
The Institute for Economic Growth, in collaboration with the Ministry of Finance, is organizing the third edition of the Kautilya Economic Conclave on the theme 'The Indian Era'. The conclave from October 4 to 6 will bring together almost 150 national and international academics and policymakers.
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