Prime Minister Narendra Modi emphasized that the global optimism surrounding India’s economic trajectory is not coincidental but a direct result of the structural reforms his government has implemented over the past decade. Speaking at the third edition of the Kautilya Economic Conclave in New Delhi, PM Modi highlighted India’s consistent growth, despite global uncertainties.
Addressing the gathering, PM Modi said, “This conclave is being organized at a time when two significant regions of the world are embroiled in conflict. These regions are crucial for the global economy, particularly for energy security. Yet, we are here discussing ‘The Indian Era,’ which underscores the trust the world now places in India.”
India’s economy grew by 8.2% in the financial year 2023-24, maintaining its position as the fastest-growing major economy globally. The nation achieved a growth rate of 7.2% in 2022-23 and 8.7% in 2021-22, according to official data. This impressive performance has led global rating agencies and multilateral organizations to revise India’s growth forecasts upwards.
Highlighting this trend, the Prime Minister said, “Investors now believe that this is the right time to invest in India. This optimism is not a coincidence—it is the result of a decade of reforms that have transformed our economy.”
PM Modi also outlined India’s growing economic stature, noting that the country is not only the world’s fastest-growing economy but also the fifth-largest. “India is leading in fintech adoption, with half of the global real-time transactions happening here. We are the largest manufacturer of two-wheelers and tractors, and the second-largest mobile phone producer,” he added.
India has successfully transitioned from being an importer to a producer of mobile phones, PM Modi pointed out, emphasizing the vast investment opportunities in various sectors. He reaffirmed his government’s commitment to making India a developed nation through continued structural reforms, stating, “India is not just striving to reach the top but to sustain its position there.”
The Prime Minister also underscored the inclusive nature of India’s growth story, noting that his government is ensuring the benefits are widely shared. “We have increased investment in infrastructure on an unprecedented scale over the last decade. Process reforms are now a continuous part of governance in India,” he said.
PM Modi highlighted the success of the Production Linked Incentive (PLI) scheme, which has spurred investments worth ₹1.25 lakh crore. The PLI scheme, launched in 14 sectors as part of the government’s Atmanirbhar Bharat and Make in India initiatives, aims to make Indian manufacturers globally competitive, attract foreign investment, and reduce dependency on imports.
In the field of semiconductor manufacturing, the Prime Minister announced that five semiconductor plants are under construction in India. “Soon, ‘Made in India’ chips will be accessible to the world,” he said, signaling a major step toward enhancing India’s role in the global supply chain.
The Kautilya Economic Conclave, held from October 4-6, is being organized by the Institute of Economic Growth in partnership with the Union Finance Ministry. The event brings together 150 national and international academicians and policymakers to discuss key issues facing India and the Global South.
(Inputs from ANI)