PM Modi at Kautilya conclave – ThePrint – ANIFeed

New Delhi [India]October 4 (ANI): Prime Minister Narendra Modi on Friday said the optimism of world leaders and financial experts towards India was not a mere coincidence, but the result of reforms implemented by his government over the past decade.

“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, we are discussing the 'Indian era' here, this shows that today the trust in India is on another level.”

India's GDP grew at an impressive 8.2% in the financial year 2023-24, remaining the fastest growing major economy. The economy grew by 7.2 percent in 2022-23 and 8.7 percent in 2021-22, according to official data.

Many global rating agencies and multilateral organizations have also revised their growth forecasts for India upwards.

“Investors feel that this is the right time to invest in India. This is not a coincidence, rather it is a result of the reforms that have taken place in India over the last decade,” the Prime Minister said at the gathering.

He highlighted that today, India is the world's fastest growing and fifth largest economy, and leads in financial technology adoption, with half of global transactions in real time taking place in the country. It is the largest manufacturer of two-wheelers and tractors, and the second largest manufacturer of mobile phones, he said.

“India has moved from being an importer of mobile phones to being a producer. Across all sectors, there are ample investment opportunities in India,” PM Modi said.

“Our commitment is to make India a developed nation, and in this effort, we will continue with our structural reforms,” he said. “Today, India is not only striving to reach the top, but also to maintain its position at the top,” he said in his speech at the Kautilya Economic Conclave.

“Inclusive spirit” is another notable factor in India's growth, the Prime Minister said, adding that his government ensures that the benefits of India's growth reach everyone.

“We have increased investment in infrastructure on an unprecedented scale over the past decade. India has integrated process reforms into the ongoing activities of the government,” Prime Minister Modi said.

He also spoke about the production-linked incentive scheme, which was introduced to boost the manufacturing sector. Investments worth Rs 1.25 lakh crore have been made through the PLI, the Prime Minister said.

Under its Atmanirbhar and Make in India plan, the government launched Production Incentive Schemes (PLI) in 14 sectors in 2020, to make Indian manufacturers globally competitive, attract investments, increase exports, integrate India into the global supply chain and reduce dependence on India. imports.

Talking about semiconductor manufacturing, PM Modi said 'Made in India' chips will be available to the world once the five factories under construction are operational.

The government has so far approved five semiconductor units in India, construction of which at two sites is underway, and work on the remaining three will begin soon.

The Institute of Economic Growth, in partnership with the Union Ministry of Finance, is organizing the third edition of the Kautilya Economic Conclave on the theme 'Indian Era'.

The conclave, from October 4 to 6, brings together nearly 150 national and international academics and policymakers to discuss some of the most important issues facing the Indian economy and the economies of the Global South. (ANI)

This report is automatically generated from the ANI news service. ThePrint assumes no responsibility for its content.