India in position to help lift the world out of slow growth: Prime Minister Mr. Narendra Modi

Prime Minister Mr. Narendra Modi, addressing the Economic Times World Leaders Forum, said that guided by the mantra of reform, perform, and transform, India is positioned to help lift the world out of slow growth. Prime Minister Mr. Narendra Modi emphasised that reforms are a matter of conviction, not compulsion, with the next-generation Goods and Services Tax (GST) reforms to simplify laws expected before Diwali. Prime Minister Mr. Narendra Modi added that these reforms will reduce prices, boost manufacturing, create jobs, enhance demand, and improve both Ease of Living and Ease of Doing Business. He urged the private sector to invest more in research and development in clean energy, biotechnology, advanced materials, battery storage, and quantum technology to strengthen India’s resolve to become a developed nation by 2047. Prime Minister Mr. Narendra Modi underlined that India, the world’s fastest-growing major economy, is on track to become the third-largest economy soon, contributing nearly 20% to global growth.

Highlighting India’s economic resilience, Prime Minister Mr. Narendra Modi said the country’s strong fundamentals stem from a decade of macroeconomic stability. Fiscal deficit is expected to fall to 4.40%, banks are healthier, inflation and interest rates are low, the current account deficit is under control, and foreign exchange reserves remain robust. Domestic investors are consistently infusing funds into markets through systematic investment plans. Stressing speed, scale, and scope as pillars of self-reliance, Prime Minister Mr. Narendra Modi said India has shifted from “missing the bus” in the past to taking the driver’s seat in global opportunities. He cited achievements such as developing the indigenous 5G stack, advancing towards Made-in-India 6G, and boosting annual automobile exports from Rs. 50,000 crore (US$ 5.72 billion) in 2014 to Rs. 1.2 lakh crore (US$ 13.72 billion) today. India has also begun exporting metro coaches, rail coaches, and locomotives. It is set to export electric vehicles to 100 countries, with a milestone event planned on August 26.

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