Prime Minister Narendra Modi expressed his optimism for India’s economic future, forecasting that the country’s growth rate would exceed 7% in the coming years. Speaking at the third edition of the Kautilya Economic Conclave, Modi highlighted India’s robust economic fundamentals, positioning the nation for sustained high growth.
“Last year, our economy outperformed all predictions. Be it the World Bank, IMF, or Moody’s, everyone upgraded India-related forecasts. All these institutions are saying that despite global uncertainties, India will grow at more than 7%. We have confidence that we will do even better,” PM Modi asserted during his address.
India’s Transformational Economic Shift
Modi underscored that India is undergoing significant transformational changes, emphasizing the country’s preparedness not only to reach the top but to maintain its leading position. “The Indian economy is going through big transformational changes – with strong economic fundamentals, the economy is on course towards sustained high growth. India is not just preparing to reach the top, but is also working hard to remain on top,” he added.
The Prime Minister noted that despite challenging conditions globally, such as conflicts in key regions affecting the global economy and energy security, India’s economy has remained resilient. “India is the world’s fastest-growing major economy,” Modi said, reiterating the nation’s accomplishments.
India’s Growing Influence on the Global Stage
PM Modi highlighted India’s impressive rise in various sectors, stating, “India is the fifth-largest economy in terms of GDP. It ranks number one in global fintech adoption, number one in data consumption, and second in internet usage.”
Additionally, India has become a global leader in digital transactions, responsible for half of the world’s real-time digital payments. “We are the third-largest startup ecosystem in the world and fourth in renewable energy capacity. Our mobile manufacturing sector is second globally, while we are also leading in producing two-wheelers and tractors,” he explained.
Government’s Focus on Inclusive Growth
A significant portion of Modi’s speech addressed India’s efforts toward inclusive growth, contrasting the nation’s previous challenges with inequality. He noted that earlier growth periods often exacerbated inequality, but now the trend is reversed. “Earlier, it used to happen that there was some growth, but inequality increased. Today, the opposite is happening – we have growth along with inclusion. In the last 10 years, 250 million people have come out of extreme poverty,” he said.
The Prime Minister further emphasized that the government’s current focus is on bold policy changes and creating job opportunities, as well as upskilling the workforce. This shift, he explained, is essential for ensuring that growth benefits all sectors of society, helping reduce inequality.
Manufacturing and Investment Driving Growth
Modi also highlighted key government initiatives such as the Production Linked Incentive (PLI) scheme, which has brought in investments worth ₹1.25 lakh crore in the last three years. These investments have significantly boosted India’s manufacturing output, with production worth ₹11 trillion happening in India as a result.
“In space and defense sectors, our growth has been remarkable, with over 200 startups in the space sector and 20% of our defense manufacturing being done by private companies,” he said, emphasizing the potential for further growth in these critical industries.
Future Focus: AI and Semiconductors
Looking ahead, Modi discussed the importance of emerging technologies like artificial intelligence (AI) and semiconductors. Under the India Semiconductor Mission, the country has attracted investments worth ₹1.5 lakh crore, and plans are underway to establish five semiconductor plants.
“India is also focusing on AI and semiconductors and is investing a lot in these sectors. Through our AI Mission, research and skills will increase,” Modi stated, highlighting the country’s ambition to lead in the digital age.
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