India will continue with its programme of structural reforms on its way to becoming a developed nation, Prime Minister Narendra Modi said, describing the country as a “sweet spot” amid global uncertainty. “The government is following the mantra of Reform, Perform and Transform… Bharat has made ‘process reforms’ a part of the government’s continuous activities,” he said in his address at the Kautilya Economic Conclave in the national capital.
“Amidst such global uncertainty, we are gathered here to discuss The Indian Era,” he said, observing that the conclave was being held at a time when two major regions of the world, especially in terms of energy security, were engaged in war.
“This shows that trust in Bharat today is unique… It demonstrates that Bharat’s self-confidence is exceptional,” he said.
He said the country is undergoing transformational changes to sustain its high economic growth trajectory. Jobs, skill development, sustainable growth and continuing rapid expansion were key focus areas in the third term of the National Democratic Alliance (NDA) government.
“You can see this commitment in the work we have done in the first three months of our third term,” he said. During this period, decisions have been taken on measures with a value of over Rs 15 lakh crore.
India is the world’s fastest-growing and fifth-largest economy, he said, pointing out that in terms of fintech adoption rate the country was at the top.
CONFIDENCE IN GROWTH OUTLOOK
The prime minister said confidence in India’s growth projections is also reflected in the direction it is heading.
“You can see this in the data from recent weeks and months. Last year, our economy performed better than any prediction,” he said, pointing out that, be it the World Bank, the International Monetary Fund, or Moody’s, all have upgraded their forecasts.
“All these institutions are saying that despite global uncertainty, Bharat will continue to grow at a 7%+ rate,” he said. He said a notable factor in India’s growth story was its “inclusive” nature.
