PM Addresses Economic Times World Leaders Forum

Prime Minister Narendra Modi addressed the Economic Times World Leaders Forum, emphasizing India's economic trajectory and reforms. He highlighted key economic indicators and initiatives undertaken by the Indian government while discussing India's role in global economies.

Summary:

• Economic Growth:

  • India is currently the world's fastest-growing major economy and is approaching becoming the third-largest economy globally. Experts estimate India's contribution to global growth will reach approximately 20%.
  • The fiscal deficit is projected to reduce to 4.4%, reflecting macroeconomic stability over the last decade, despite challenges from the COVID-19 pandemic.
  • Record amounts of capital are being raised by companies through capital markets, with banks exhibiting improved strength.

• Employment and Inflation:

  • In June alone, 2.2 million formal jobs were created, the highest number recorded in any month so far.
  • Retail inflation is at its lowest since 2017, and current account deficits, along with strong Forex reserves, signify a robust economic foundation.

• Technological Advancements:

  • India has significantly increased its solar photovoltaic module manufacturing capacity from 2.5 GW in 2014 to 100 GW.
  • The Delhi airport reached the milestone of handling over 100 million passengers annually, placing it among the elite global airports.

• Credit Rating Upgrade:

  • For the first time in nearly 20 years, S&P Global Ratings upgraded India's credit rating, underscoring its resilience and economic strength.

• Reforms in Various Sectors:

  • Modi emphasized India's transformed approach toward technology and industry, especially post-2014, outlining the development of a national 5G stack and progress toward 6G technologies.
  • The semiconductor industry is being bolstered, with expectations for the first domestically produced chip to enter the market by the end of the year.
  • Changes in the space sector have liberalized private participation, leading to over 300 startups and numerous space missions since 2014.

• Legislative Developments:

  • During the recent monsoon session of Parliament, significant reforms were discussed, including the "Jan Vishwas 2.0” initiative aimed at decriminalizing over 300 minor offences and simplifying the Income Tax Act for better public understanding.
  • Revisions to mining and shipping laws were also introduced to enhance Blue Economy and port-led development.

• Vision for Future:

  • The Prime Minister reiterated the goal of making India a developed nation by 2047, driven by the principles of speed, scale, and scope, which were evident during the pandemic when India rapidly increased production of essential goods and vaccines.
  • The country is on track to fulfill its energy goals, achieving a substantial proportion of power generation from non-fossil fuels ahead of schedule.

• Export Achievements:

  • India aims to expand its export capacity to 100 countries for electric vehicles and has recorded significant increases in agricultural product exports alongside major growth in electronics and automobile exports.

• Research and Development:

  • Investment in research has doubled since 2014, with initiatives such as the National Research Foundation and various approvals for funding to bolster private sector research.

Important Points:

• Modi's address emphasizes the resilient and rapidly growing Indian economy, with significant job creation and low inflation.
• India is set to play a crucial role in global growth, contributing nearly 20%.
• Legislative reforms encouraging economic engagement and simplification of laws form a core part of governance.
• The government's commitment to advance technology sectors such as semiconductors, space, and clean energy underlines a strategic shift towards self-reliance.
• Major investments in research and development highlight the importance of innovation in India’s future economic planning.

This address serves to bolster confidence in India's economic roadmap and the strategic commitment to global leadership in various sectors.