Politics
Bharat is at a sweet spot amid global uncertainties: PM Modi
Prime Minister Narendra Modi on Friday said that amid global uncertainties, confidence in Bharat was immense. He also expressed hope that the growth rate could exceed 7 percent.
Addressing the plenary session of the Kautilya conclave, the Prime Minister said: This conclave is being organized at a time when there is a war situation in two major regions of the world. These two regions are very important for the global economy, particularly for energy security. Amidst this great global uncertainty, here we are discussing the Indian era, this shows that today the trust in India is of a different level.
He highlighted that Bharat has the third largest pool of scientists and technicians in the world and whether it is science, technology or innovation, India is clearly in a sweet spot.
Economic growth
On overall economic growth estimates, he said the Indian economy has so far outperformed forecasts and growth is now expected to improve further. Last year, our economy performed better than all predictions. All institutions have revised their forecasts for India upwards. All say that despite global uncertainty, India will grow above 7 percent, but we Indians are confident that our results will be even better, he said.
Highlighting the fact that Bharat now ranks fifth in terms of the world's largest economy, he said the country now ranks first in terms of global FinTech adaptation rate and smartphone data consumption. Nearly half of the world's real-time digital transactions take place here. It has the third largest start-up system in the world and is the largest manufacturer of two-wheelers and tractors.
Government commitment
Following the mantra of reform, performance and transformation, we continually move forward by making decisions. This is the reason why the people of the country elected the same government for the third consecutive term after 60 years. You can see our commitment in the first three months of our third term, he said.
He reiterated his government's commitment to carrying out structural reforms to enable India to develop.
Today, the Indian economy is witnessing a very large transformational change based on strong economic fundamentals. The Indian economy is on a path of high and sustained growth. India is not only preparing to reach the top but working hard to stay there, he said, while adding that India is also focusing on critical technologies such as AI and semi- drivers.
We are investing a lot in it. Because of the semiconductor mission, $1.5 trillion is invested in it. Soon, five Indian semiconductor factories will start exporting Indian-made chips to the world, he said.
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