New Delhi: Prime Minister Narendra Modi today highlighted India’s position as a beacon of stability amid global uncertainties, emphasizing transformational changes aimed at sustaining high economic growth. He attributed the global optimism surrounding India to significant reforms undertaken by his government over the past decade.
Here are 10 key takeaways from his address:
- India as a Global Bright Spot: PM Modi remarked that despite global challenges, discussions about a new “Indian Era” indicate the world’s trust in the nation. He noted that India is the world’s fastest-growing and fifth-largest economy, leading in fintech adoption rates.
- Reforms Fueling Optimism: The Prime Minister stressed that the positive global outlook on India is not coincidental but a direct result of comprehensive reforms implemented by his administration.
- Consistent GDP Growth: India’s gross domestic product (GDP) grew impressively by 8.2% in fiscal 2024, maintaining its status as the fastest-growing major economy. This follows growth rates of 7.2% in fiscal 2023 and 8.7% in fiscal 2022.
- Empowering Citizens: PM Modi highlighted that transforming people’s lives fosters greater belief in the country, which is reflected in their electoral choices. He emphasized that the confidence of 1.4 billion Indians is a significant strength, committing to further structural reforms for national betterment.
- Inclusive Growth Approach: He pointed out that an “inclusive spirit” is a notable aspect of India’s growth story, ensuring that economic benefits reach all citizens. The government has massively increased infrastructure investment over the last decade and made process reforms an ongoing effort.
- Global Recognition and Opportunities: Many global rating agencies and multilateral organizations have revised India’s growth forecasts upward. India now stands as the largest manufacturer of two-wheelers and tractors and the second-largest producer of mobile phones. PM Modi highlighted ample investment opportunities across various sectors.
- Success of the PLI Scheme: Discussing the Production-Linked Incentive (PLI) scheme aimed at boosting manufacturing, he noted that it has attracted investments worth ₹1.25 lakh crore.
- Atmanirbhar Bharat and Make in India Initiatives: As part of efforts to make India self-reliant and a global manufacturing hub, the government launched PLI schemes in 14 sectors in 2020. These initiatives aim to enhance competitiveness, attract investments, increase exports, integrate into global supply chains, and reduce import dependency.
- Advancements in Semiconductor Manufacturing: PM Modi shared that ‘Made in India’ semiconductor chips will soon be available globally, with five manufacturing plants under development. Construction has begun at two sites, with work on the remaining three set to commence soon.
- Kautilya Economic Conclave: The third edition of the Kautilya Economic Conclave, themed ‘The Indian Era’, is being hosted by the Institute of Economic Growth in partnership with the Finance Ministry from October 4 to 6. The event brings together around 150 national and international academicians and policymakers.
