PM Modi: India Poised to Propel Global Growth as a New Economic Engine
Prime Minister Narendra Modi announced on Friday that India now contributes approximately 16% to global economic growth, positioning the nation as a pivotal player in future world expansion. Speaking at the ET Now Global Business Summit, he highlighted the remarkable progress India has made over the past decade, despite facing various global challenges. Modi emphasized that the country is set to become a key engine of global economic development, driven by strong policy implementation and democratic stability.
India’s Growing Economic Influence
During his address, Prime Minister Modi expressed confidence in India’s increasing role in the global economy. He stated, “Today, India accounts for 16% of global growth, and I am confident that our contribution will continue to increase in the future.” This assertion underscores India’s potential to lead global economic progress in the coming years. Modi pointed out that the current decade has been marked by significant development, driven by effective governance and a commitment to reform. He believes that India’s unique approach to economic growth will allow it to thrive in a rapidly changing global landscape.
A Shift in Global Economic Paradigms
Modi discussed the evolving nature of the global economic order, noting a shift away from uniform development models. He remarked that countries are increasingly focusing on building their own resilience rather than adhering to a “one size fits all” approach. This perspective aligns with India’s long-standing policy, established in 2015, which emphasizes self-reliance and the rejection of imported development models. Modi stated, “What the world is discussing today, India made that its policy in 2015 itself.” This commitment to developing a unique path reflects India’s determination to carve its own niche in the global economy.
Reforms Driven by Conviction
The Prime Minister highlighted that the Indian government is pursuing reforms with a sense of conviction rather than external pressure. He described the current decade as the “Reform Express,” emphasizing that the acceleration of reforms is driven by a commitment to progress. Modi noted a significant shift in the Union Budget’s approach, moving from an outlay-driven model to one focused on outcomes. This change signifies a strategic pivot towards achieving tangible results and enhancing governance.
Resilience Amid Global Challenges
In his speech, Modi acknowledged the various global shocks that have occurred over the past decade, including pandemics, geopolitical tensions, and supply chain disruptions. He expressed pride in India’s ability to maintain growth and governance despite these challenges. “It is often said that a country’s true potential emerges during times of crisis,” he remarked. Modi’s confidence in India’s resilience and capacity for development during turbulent times reflects a broader narrative of strength and stability in the face of adversity. He concluded by reiterating that technology and innovation will remain central to India’s growth strategy moving forward.
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