Prime Minister Narendra Modi on Friday said amid global uncertainties, there is tremendous trust in Bharat. He also expressed hope that growth rate here could exceed 7 per cent.

Addressing the plenary session of Kautilya Conclave, the Prime Minister said, “This conclave is being organised at a time when there is a war situation in two big regions of the world. Both these regions are very important for the global economy, especially energy security. Amid this big global uncertainty, we are here discussing ‘The Indian Era’, it shows that today the trust in India is of different level.”

He emphasised that Bharat has the third largest pool of scientists and technicians in the world and be it science, technology or innovation, “India is clearly present at a sweet spot.”

Economic growth

Taking about overall economic growth estimates, he said that Indian economy exceeded the predictions so far and now expectation is that growth number would improve further. “Last year, our economy has done better than all predictions. All the institutions have upgraded their forecast related to India. All are saying that despite global uncertainty, India will grow at over 7 per cent rate, but we the Indians are confident that we will perform even better than this,” he said.

Highlighting the fact that Bharat now ranks fifth in terms of world’s largest economy, he said that the country now ranks first in the Global FinTech adaptation rate and smartphone data consumption. Almost half of the world’s real-time digital transactions are being done here. It has the world’s third-largest start-up system in the world and is the biggest manufacturer of two-wheelers and tractors.

Govt’s commitment

“Following the mantra of ‘reform, perform and transform’, we are continuously moving ahead by making decisions. This is the reason why the people in the country have elected the same govt for the third consecutive term after 60 years. You can see our commitment in the first three months of our third term,” he said.

He reiterated his government’s commitment to carry out structural reforms to make India developed.

 “Today, the Indian economy is going through a very big transformational change based on strong economic fundamentals, Indian economy is on the path of sustained high growth. India isn’t only preparing to reach on the top but working hard to remain there on the top,” he said, while adding that India’s focus is also on critical technologies like AI and semiconductors.

“We are investing much into it. Due to the semiconductor mission, 1.5 trillion is being invested here. Soon, India’s five semiconductor plants will start exporting Made-in-India chips into the world,” he said.

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