India Aiming For Top Spot And Long-Term Sustained Growth, Says PM Modi

India is not only preparing to reach the top spot, but also to sustain it for a long time, said Prime Minister Narendra Modi on Friday.

"The Indian economy is going through a massive transformational change," he said, while addressing the Kautilya Economic Conclave, which focuses on green transition financing, geo-economic fragmentation, and resilient policy principles.

PM Modi said that there was global confidence in India as the fastest-growing major economy. "India is clearly in a sweet spot," he said, highlighting the nation's rapid growth as the fifth-largest economy, second in smartphone production, and a leader in fintech, renewable energy, and startups.

On the ongoing tensions in the Middle East, as well as the Ukraine-Russia conflict, Modi said, "The conclave is happening at a time when there's a war-like situation in two regions. Both the regions are important from the global energy security and trade perspectives."

"Reform, perform, transform—that's India's motto of growth ahead," said the Prime Minister. "Our commitment is to work towards structural reforms for a developed India."

"Last year, our economy outperformed World Bank, Moody's, IMF forecasts. All these institutions are saying India is growing at a 7%+ rate despite global uncertainties," PM Modi said. "Indians are sure we will perform even better than that."

"Inclusive spirit is one of the most important things about India's growth now," he said.

India has become a favoured destination for global investments in both manufacturing and services, which PM Modi said was a result of the reforms carried out over the past decade.

"The banking reforms have strengthened financial institutions, increasing their lending capacity, while the Goods and Services Tax has unified various tax systems. The Insolvency and Bankruptcy Code has cultivated a new credit culture, and sectors like mining, defence, and space have been opened up to private investment," he said.

“We have changed dozens of rules that made doing business difficult. Production-Linked Incentive schemes are transforming sectors, with Rs 1.25 lakh crore investments already attracted and Rs 11 lakh crore worth of production generated,” he said.

Modi also pointed to the success that India's booming space sector has witnessed. Further, he highlighted the work done by over 200 startups and private companies,which are now handling 20% of the defence budget.

“The India Semiconductor Mission will see Rs 1.5 trillion investments, with exports from our five new facilities soon to begin worldwide," he said.

In the last 10 years, India has climbed up to the 39th position from 81 on the Global Innovation Index. With green energy sector jobs being seen as a big opportunity in India, the G20 presidency saw the green transition as one of the highlights, Modi said.

"Global Biofuel Alliance launch was a win. By the end of this decade, we have a target of producing 5 million tonne of green hydrogen," he concluded.