New Delhi: Exuding confidence in India’s growth trajectory in almost all sectors in the country, Prime Minister Narendra Modi on Friday said that the economy is undergoing transformational change to sustain high growth. "Amid global uncertainties, the trust in India today is of a different level," he said while speaking at the Kautilya Economic Conclave, adding that India is clearly at the sweet spot.
Speaking at the third edition of the conclave, the Prime Minister said that India is the fastest-growing major economy and all global agencies project over 7 per cent growth rate for the country. He also said that the Indian economy is undergoing a transformational change to sustain high growth and it will continue structural reforms to become a developed nation.
“Jobs, skills, sustainable growth and continuing rapid expansion are the focus of Modi 3.0. The government has taken decisions involving investments worth `15-lakh crores in the first three months of the third term of the NDA government,” he added.
“This conclave is being organised at a time when there is a war situation in two big regions of the world. Both these regions are important for the global economy, especially energy security. Amid this big global uncertainty, we are here discussing ‘The Indian Era’. It shows that today the trust in India is of a different level,” Mr Modi said.
Listing his government’s achievements, Modi said that the government has strengthened the banking system, rolled out GST, introduced the insolvency and bankruptcy code, opened up the mining and defence sector for private investment, further liberalised FDI and reduced compliance burden.
“Today, India’s focus is on critical technologies like artificial intelligence (AI) and semiconductors and we are investing a lot in them. Due to the semiconductor mission, `1.5 trillion is being invested here. Soon, India's 5 semiconductor plants will start exporting Made-in-India chips to the world,” he said.
Referring to his government's achievements in the last 10 years, Modi said that India’s growth is inclusive and 250 million people have been pulled out of poverty... When people’s lives change, it gives them the confidence that the country is moving in the right direction,” he added.
Nearly 150 national and international academicians and policymakers attended the event to discuss some of the most important issues confronting the Indian economy and economies of the Global South.
