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Informist, Friday, Oct. 4, 2024

 

--PM Modi: Committed to structural reforms to make India developed nation 
--PM Modi: Indian economy a sweet spot amid geopolitical conflicts 
--CONTEXT: PM Modi speaking at Kautilya Economic Conclave 
--PM Modi: Israel-Iran war poses huge risk to global econ, energy security 
 

NEW DELHI – The ongoing geopolitical conflicts pose significant risk to the global economy and energy security, Prime Minister Narendra Modi said Friday. However, the Indian economy, with its rapid growth, remains a sweet spot, Modi added.

 

The war-like situations in the world's two big regions pose significant risks to the global economy and energy security, Modi said, alluding to the Israel-Iran war. Amid such global uncertainty, we are discussing the Indian era. This reflects confidence in the Indian economy, Modi said at the Kautilya Economic Conclave.

 

There are at least two ongoing wars--Russia-Ukraine and Israel-Iran--for a year now. However, the Indian economy beat all estimates with an 8.2% growth in 2023-24 (Apr-Mar). The Reserve Bank of India has projected 7.2% growth for the current fiscal year.

 

The prime minister said that his government will bring structural reforms to make India a developed nation by 2047. "In the first three months, our government has taken several decisions. 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. During this period, decisions amounting to over INR 15 trillion were made,” Modi said. 

 

He also said that several international organisations have upgraded their growth forecasts for the Indian economy. "Despite global uncertainties, the World Bank, Moody’s and International Monetary Fund have predicted a 7+ (an over 7%) growth rate for the Indian economy. We Indians are confident that we will perform even better than that,” Modi said. 

 

The prime minister said that his government was also focusing on critical technologies such as artificial intelligence and semiconductors. He said that the India Semiconductor Mission, held recently, attracted investment of INR 1.5 trillion. “Soon, India's five semiconductor plants will start supplying Made-in-India chips to the world,” Modi said. 

 

He said that the Indian economy is currently undergoing a significant transformation. "With strong economic fundamentals, India is on a path of sustained high growth. Today, India is not only striving to reach the top but is also making concerted efforts to stay there," Modi said. 

 

"We are number one in terms of global fintech adoption rates. Today, we are number one in smartphone data consumption. We are the second largest internet user base globally. Nearly half of the world's real-time digital transactions are taking place in India today," Modi said. 

 

The prime minister said that due to the major reforms in the past 10 years, India has become the preferred destination for investment in manufacturing as well as the services sector. These reforms have transformed India's macroeconomic fundamentals, he said. 

 

"To boost manufacturing in Bharat, we have introduced production linked incentive schemes, the impact of which is now visible across many sectors. Over the past three years, PLI has attracted investments of approximately INR 1.25 trillion. This has resulted in the production and sales amounting to about INR 11 trillion," Modi said.  End

 

Reported by Kuldeep Singh and Krity Ameby

Edited by Akul Nishant Akhoury

 

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