Prime Minister Narendra Modi today described India as a sweet spot amid global uncertainty, which is also going through transformational changes to sustain its high economic growth. He said the optimism around India is the result of good reforms.
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"Today, amid a global emergency, we are here discussing the 'Indian Era', and this shows how the world trusts India... India is the world's fastest-growing and the fifth-largest economy. In terms of fintech adoption rate, we stand as the top nation," PM Modi said at the 3rd edition of the Kautilya Economic Conclave in Delhi.
PM Modi said the optimism around India by global leaders and financial experts was not just a mere coincidence, but the result of reforms brought in by his government over the past decade.
India's gross domestic product (GDP) grew by an impressive 8.2 per cent in fiscal 2024, continuing to be the fastest-growing major economy. The economy grew by 7.2 per cent in fiscal 2023 and 8.7 per cent in fiscal 2022.
"When the lives of people are transformed, they start believing in their country. The same then gets reflected through their mandate. The confidence of 140 crore Indians is our strength. We are committed to bringing more structural reforms for the betterment of India," the Prime Minister said.
"Inclusive spirit" is yet another notable factor of India's growth story, PM Modi said, adding his government is ensuring that the benefits of India's growth are reaped by everyone. "We have increased investment in infrastructure on an unprecedented scale in the last decade. India has made process reforms a part of the continuing activities of the government," he said.
Many global rating agencies and multilateral organisations have also revised their growth forecasts for India upwards. India is the largest manufacturer of two-wheelers and tractors, and second-largest manufacturer of mobile phones. "India has moved from being an importer of mobile phones to being a producer. In every sector, there are ample investment opportunities in India," PM Modi said.
The Prime Minister spoke about the Production-Linked Incentive (PLI) scheme, which was introduced to boost manufacturing. Investments worth Rs 1.25 lakh crore have been made due to 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, enhance exports, integrate India into the global supply chain and reduce dependency on imports.
Talking about semiconductor manufacturing, PM Modi said 'Made in India' chips will be accessible to the world once the five plants being built are operational. The government has so far approved five semiconductor units in India, of which construction in two sites is on, and soon work in the other three will start.
The Institute of Economic Growth, in partnership with the Finance Ministry, is hosting the third edition of Kautilya Economic Conclave with the theme 'The Indian Era'. The conclave from October 4 to 6 brings together close to 150 national and international academicians and policy makers.
