Prime minister Narendra Modi highlighted the robust growth of the indian economy, attributing its success to a decade of macroeconomic stability. Speaking at The Economic Times World Leaders Forum in Delhi, he expressed confidence that india is on track to become the third-largest economy globally in the near future.
Modi stated, "Today, india is the world’s fastest-growing major economy," emphasizing that experts predict India’s contribution to global growth will soon reach approximately 20%. He credited this remarkable growth and resilience to the macroeconomic stability achieved over the last ten years.
In his address, Modi also pointed out that India’s fiscal deficit is projected to decline to 4.4%, despite the challenges posed by the COVID-19 pandemic. He noted that indian companies are successfully raising record amounts from the capital markets and that the banking sector is stronger than ever. He remarked, "Inflation is very low, interest rates are low," indicating a favorable economic environment.
Modi further assured that the current account deficit is under control and that foreign exchange reserves remain robust. He highlighted the growing trend of domestic investment, with millions of investors contributing thousands of crores of rupees to the market through systematic investment plans (SIPs).
In a related announcement, Modi mentioned the advancement in India’s semiconductor manufacturing sector. He revealed that the country is set to launch its first domestically produced semiconductor chip by the end of 2025. Reflecting on the past, he noted, "Semiconductor manufacturing could have started in india 50-60 years ago, but we missed that opportunity." However, he emphasized that the landscape is changing, with semiconductor factories now emerging in india, marking a significant shift toward self-reliance in technology.
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