Describing India as a strategic opportunity in the face of global uncertainties, Prime Minister Narendra Modi remarked on Friday that the country is experiencing significant transformational changes aimed at maintaining its robust economic growth trajectory. Speaking at the 3rd edition of the Kautilya Economic Conclave, Modi reaffirmed his commitment to implementing structural reforms that will help India achieve developed nation status by 2047.
He stated, “In the face of a global emergency, we come together to talk about the ‘Indian Era,’ symbolizing the increasing trust the world has in India. We are currently the fastest-growing economy in the world and hold the position of the fifth largest. Additionally, we lead the world in fintech adoption.”
Modi highlighted India’s position as the largest manufacturer of two-wheelers and tractors and the second largest manufacturer of mobile phones. He emphasized that “Reform, perform, and transform” is the guiding principle of his administration, noting that when people’s lives are improved, they develop faith in their nation, which is reflected in their electoral choices. He added, “The confidence of 1.4 billion Indians is our strength, and we are dedicated to instituting further structural reforms for India’s advancement.”
He also pointed to the importance of inclusivity in India’s growth narrative, mentioning that 250 million people have risen out of poverty over the past decade.
Modi outlined several achievements of his government, including enhancing the banking system, implementing the Goods and Services Tax (GST), introducing the Insolvency and Bankruptcy Code, allowing private investment in the mining and defense sectors, liberalizing foreign direct investment (FDI), and reducing compliance burdens for businesses.
