New Delhi: Prime Minister Narendra Modi said India has emerged as the fastest-growing major economy in the world and attributed this growth to a decade of macroeconomic stability.
He stated that key economic indicators, including fiscal deficit, banking health, and investor confidence, reflect the resilience of the Indian economy.
“Today, India is the world's fastest growing major economy. We are going to become the world's third-largest economy very soon,” the Prime Minister said while addressing an event in the capital.
Quoting experts, Modi said that India’s contribution to global economic growth is poised to reach 20 per cent in the near future, underscoring that the underlying factor for this trajectory is the macroeconomic stability established over the past ten years.
He further said that despite the severe disruptions caused by the Covid-19 pandemic, “our fiscal deficit is expected to come down to 4.4%.”
Emphasising the robustness of India’s financial ecosystem, the Prime Minister remarked, “Today, our companies are raising record funds from the capital market. Today, our banks are stronger than ever. Inflation is very low, interest rates are low. Today, our current account deficit is under control. Forex reserves are also very strong. Not only this, every month lakhs of domestic investors are investing thousands of crores of rupees in the market through SIP.”
Criticising previous governments of 'missing the bus' for vote politics in many sectors, he said his government in the last ten years has ensured that the country does not miss any bus and instead sits in the driving seat to become self dependent.
On structural reforms, Modi said that the next phase of the Goods and Services Tax (GST) would help reduce prices, boost demand, create employment, and further enhance both the ease of living and ease of doing business.
The Prime Minister also touched upon advancements in technology, the semiconductor ecosystem, India’s ambitions in the space sector, employment opportunities in industry, and the country’s growing capabilities in defence production.
