Reform push laid ground for India's robust growth: Prime Minister Mr. Narendra Modi
- IBEF
- December 11, 2023
On December 9, 2023, Prime Minister Mr. Narendra Modi emphasised that good governance and citizens' welfare over the past decade have led India to emerge as a robust economy, experiencing a 7.7% growth in GDP over the last six months. He credited his government's transformative reforms for positioning India as a beacon of hope and a formidable contender to lead the Global South on the world stage.
During a virtual address to the second edition of the Infinity Forum, a global thought leadership platform on fintech, the Prime Minister highlighted that India stands as a symbol of resilience and progress at a time when the world is grappling with geopolitical tensions, escalating inflation, and increasing debt levels.
He emphasised that India's growth story has effectively demonstrated to the world the positive outcomes that can be achieved when policy is given top priority, when strong emphasis is placed on good governance, and when economic policies are solely based on the welfare of the country and its people. This is evident from the remarkable 7.7% growth in the first six months of this fiscal year.
During his address, the Prime Minister recalled significant recognitions from international entities. In September, the International Monetary Fund (IMF) acknowledged that India would contribute to global growth in 2023. The World Bank said India provided hope amid prevalent global challenges in July. In March, the Australian Prime Minister, Mr. Anthony Albanese, highlighted India's strong position to offer leadership. Furthermore, a few months earlier, the World Economic Forum commended India for reducing bureaucratic obstacles and noted an improvement in the investment climate. These affirmations underscore India's positive trajectory on the global stage.
India has actively pursued a more flexible foreign direct investment (FDI) policy across multiple sectors, effectively reducing compliance burdens. Additionally, the nation has signed Free Trade Agreements with three countries, showcasing its commitment to fostering international economic ties.
The Prime Minister emphasised that a crucial objective of these reforms is to enhance integration with the global economy. He specifically mentioned initiatives such as the Gujarat International Finance Tec-City (GIFT City) and the International Financial Services Centres Authority (IFSCA) as instrumental in advancing this goal. These measures reflect India's dedication to creating a business-friendly environment and facilitating global economic collaboration.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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