Indian economy on path of ‘sustained high growth’: PM Modi

The economy is on a “sustained high growth” path with robust economic fundamentals as the government makes earnest efforts not only to achieve the top position but also to remain there, Prime Minister Narendra Modi said on Friday, reaffirming his committed to make India a developed nation by 2047.
Addressing the third edition of the Kautilya Economic Conclave, he said that the three-day deliberations would provide valuable suggestions to boost India’s economic growth. “Friends, the conclave this year is happening at a time when two major regions of the world are into war situations. Both the regions are very important for the global economy, particularly from the point of energy security,” he said.
“Amid such a major global uncertainty we all are here discussing ‘the Indian Era’, means the epoch of Bharat. This demonstrates a different level of confidence in Bharat. This exhibits the distinctive self-confidence of Bharat,” he said.
Emphasising the policy focus on inclusive growth, he said, “It was once believed that with growth comes inequality. But the opposite is happening in Bharat. Along with growth, inclusion is also taking place. As a result, 25 crore (250 million) people have been lifted out of poverty in the last 10 years.”
The two-and-a-half-day Kautilya Economic Conclave, organised jointly by the Union finance ministry and the Institute of Economic Growth (IEG), is attended by over 50 delegates from 16 countries and an equal numbers of domain experts from India, IEG president and former chairman of the 15th Finance Commission NK Singh informed the Prime Minister.
While introducing the theme — The Indian Era — for the 3rd edition of the conclave that started from October 4, Singh elaborated the five key reasons for selecting the theme: Spectacular growth for four successive years despite global headwinds, economic development along with democracy, using cutting-edge technology to improve ease of living, adoption of climate responsibility, and becoming voice for the Global South in an “increasingly fragmented” world.
PM assured the participants of the conclave that valuable insights emerging from deliberations at the forum will be used for making policy decisions. “I assure you that this is not merely a debating forum for us. The discussions that take place here, the points raised, the do’s and don’ts — those that prove beneficial — are diligently integrated into our governmental system,” he said.
Today India is the fastest growing major economy of the world and the fifth-largest economy in terms of gross domestic product (GDP), the PM said. India is at the top in terms of global fintech adoption and smart phone data consumption and at number two in the use of internet, almost half of the global digital transactions happen in India, and it has the third largest startup ecosystem of the world, he said, adding that today’s India is a “sweet spot” of the world.
By following the mantra of “reform, perform, and transform”, the government is continuously making decisions to drive the nation forward at a fast pace, which is the reason why the people have elected the same government for the third consecutive terns after a gap of six decades. “When people’s lives change, they gain confidence that the country is moving on the right track. This sentiment is reflected in the mandate of the Indian public. The trust of 140 crore citizens is a great asset for this government,” he said.
The PM reiterated the government’s resolve to continue structural reforms. “You can see this commitment in the work we have done in the first three months of our third term. Bold policy changes, a strong commitment to jobs and skills, a focus on sustainable growth and innovation, modern infrastructure, quality of life, and the continuity of rapid growth are reflected in the policies of our first three months,” he said.
In three months, the government took decisions to implement projects worth over ₹15 lakh crore. Numerous mega infrastructure projects have been launched including the 12 new industrial nodes (smart cities) across the country and the construction of 30 million new houses for the poor, he said.
PM Surya Ghar Yojana, the large-scale rooftop solar scheme, has seen registration of over 1.3 crore (13 million) families who have also become solar power producers as it will save an average of ₹25,000 per family. For every three kilowatts of solar power generated, 50-60 tonnes of carbon dioxide emissions will also be prevented. Besides, the scheme will create 17 lakh (1.7 million) jobs, he said.