Despite global chaos, India will grow at 7% plus, Modi claims

India’s economic transformation and structural reforms have set it on a path of sustained growth, making it a favourite destination for investors amid rising global uncertainty, Prime Minister Narendra Modi has claimed.

Addressing a gathering of economists, bureaucrats, academicians, and policymakers at Friday's third edition of the Kautilya Economic Conclave in New Delhi, Mr Modi noted that two major global regions—crucial to India’s energy security—were engaged in war. 

“Amidst such a huge global uncertainty, we are here discussing the Indian Era,” he remarked, highlighting the growing global confidence in India. “We don’t just want to reach the top but want to stay there….” 

The Prime Minister highlighted India’s status as the world’s fastest-growing major economy, with the country’s gross domestic product (GDP) ranked the fifth-largest. 

He said India is among the top nations in various spheres, including fintech, smartphone and internet usage, digital transactions, renewable energy, mobile, two-wheeler and tractor manufacturing, and its pool of scientists.

“We are moving with the mantra of reform, perform, and transform, taking decisions continuously to take the country on a path of accelerated growth.” 

`An era of reforms' 

In terms of reforms, Mr Modi claimed the first 100 days of the third term of his administration had been remarkable, with key decisions taken on all aspects of the economy focusing on sustained growth. Over the past three months, decisions were made regarding investments worth ₹15 trillion in mega infrastructure projects, creating 12 industrial nodes, and constructing three crore houses.

“Growth comes with widening inequality levels. But in India, growth is happening along with inclusion,” he said. “In the last 10 years, 25 crore people have been taken out of poverty. We want that inequality to narrow further while progress reaches everyone.”

“Our commitment is to continue making structural reforms to make Bharat a developed nation. You can see this commitment in the work we have done in the first three months of our third term. Bold policy changes, a strong commitment to jobs and skills, a focus on sustainable growth and innovation, modern infrastructure, quality of life, and the continuity of rapid growth are reflected in the policies of our first three months,” Mr Modi said, adding that the central government was also encouraging State administrations to implement reforms.

India will continue to grow `at 7 plus percent'

Optimistic predictions about India’s growth are a pointer to the direction the country is heading in, Modi said. 

“You can see this in the data from recent weeks and months. Last year, our economy performed better than any prediction. Whether it’s the World Bank, the IMF, or Moody’s, all have upgraded their forecasts for Bharat” the prime minister said. “All these institutions are saying that despite global uncertainty, Bharat will continue to grow at a 7%-plus rate. We Indians are confident that we will perform even better than that.”

The world regards India, in Mr Modi's view, as a preferred destination for investment, which was not a coincidence but a result of major reforms over the past 10 years.

(By our arrangement with livemint.com)