India Will Remain the World’s Fastest-Growing Economy in the Coming Years: Modi
World Bank also very optimistic about India
Bhopal: Prime Minister Narendra Modi on Monday said India will remain the world’s fastest-growing economy in the coming years.
The World Bank in its recent Global Economic Prospects Report said India will continue to be the fastest-growing economy in the world in the coming years, Mr. Modi said.
“The World Bank is very optimistic about India”, he added.
Inaugurating the two-day Global Investors Summit (GIS) here, Mr. Modi said many global agencies, institutions as well as the countries have a lot of expectations from India.
Underlining how various global agencies view India with optimism, he quoted a representative from OECD as saying that “The future of the world is in India”.
A UN organization on climate change has positioned India as solar super power. A global agency has highlighted how India is emerging as an excellent supply chain for the global aerospace firms.
These firms view India as a solution to global supply chain challenges, he said.
The confidence seen in India by the world is also boosting confidence in the states in the country, he said.
He said the past decade has seen unprecedented growth in the energy sector particularly the green energy in India.
Over the past ten years, more than $ 70 billion has been invested in the renewable energy sector, generating 10 lakh jobs in the last year alone.
Madhya Pradesh, which is now a power surplus state, has greatly benefitted from this boom in the energy sector. The state has power generation capacity of around 31,000 MW, of which 30 percent is clean energy.
The Rewa solar park in the state is one of the largest in the country, while a floating solar plant has been inaugurated in Omkareshwar recently.
He recalled how investors shied away from investing in Madhya Pradesh two decades ago due to lack of infrastructure like bad roads and power crisis and law and order situation and said the state has witnessed a transformative journey in the last two decades under the BJP government in MP.
He said India has witnessed a boom in the infrastructure over the past decade and Madhya Pradesh has greatly benefited from it.
The state has now over five lakh km network of roads. Madhya Pradesh’s industrial corridors are connected to modern expressways, ensuring rapid growth in the logistic sector.
The Delhi-Mumbai Expressway passes significantly through Madhya Pradesh, providing fast connectivity to Mumbai ports and North India’s markets.
“Madhya Pradesh which once struggled with bad roads is now one of the leading states in India’s Electric Vehicle (EV) revolution”, he said.
By January, 2025, around two lakh EVs were registered in MP, reflecting a growth of approximately 90 percent, which demonstrates that MP is fast turning into a destination for the new manufacturing sector.
Mr. Modi said over the past decade, reforms have gained pace significantly at the national level and now reforms are being encouraged at the state and local levels as well.
He said new sectors such as nuclear energy, bio-manufacturing, critical mineral processing and lithium battery manufacturing have been opened for private investment.
“The measures demonstrate the government's intent and commitment”, he said.
Mr.Modi said textile, tourism and technology will play a significant role in development of the country in the future and create crores of jobs.
He said India is the second largest producer of cotton, silk, and polyester.
India has a rich tradition and skill and entrepreneurship in the textile sector.
Madhya Pradesh being the cotton capital of India, contributes around 25 percent of the country’s organic cotton supply and is the largest producer of Mulberry silk.
In addition to traditional textiles, the Centre is now promoting ‘technical textiles’ such as agro textiles, medical textiles and geotextiles.
Mr. Modi unveiled the 18 new policies of the Madhya Pradesh government aimed at boosting industrial investments in the state.
