Prime Minister Narendra Modi on Saturday praised the growth of the Indian economy and attributed its success to the past decade’s macroeconomic stability. He also said that the country would become the third-largest economy “very soon.”
Prime Minister Narendra Modi speaks on the occasion of National Space Day. (X/NarendraModi)
“…Today India is the world’s fastest-growing major economy. We are going to become the world’s third-largest economy very soon. Experts are saying that India’s contribution to the world’s growth is going to be around 20 % very soon. The reason behind this growth, this resilience that we are seeing in India’s economy, is the macroeconomic stability that has come to India in the last decade,” the prime minister said.
Modi made the remarks while addressing The Economic Times World Leaders Forum in Delhi.
In his address, Modi said that India’s fiscal deficit is expected to come down to 4.4 per cent and added that companies in India are raising record funds from the capital market.
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“Today, our fiscal deficit is expected to come down to 4.4 per cent. And this is when we have faced such a big crisis of Covid. Today, our companies are raising record funds from the capital market. Today, our banks are stronger than ever. Inflation is very low, interest rates are low,” Modi said.
“Today, our current account deficit is under control. Forex reserves are also very strong. Not only this, every month lakhs of domestic investors are investing thousands of crores of rupees in the market through SIP…” he added.
First Indian semiconductor chip soon: PM Modi
In Friday’s address, PM Modi said that semiconductor factories are coming up in India and the country will see its first domestically made chip in the market by the end of 2025.
“We are working rapidly on Made in India 6G. We all know that semiconductor manufacturing could have started in India 50-60 years ago, but India missed that too, and the same thing continued for many years to come,” Modi said at the summit.
“Today we have changed this situation. Semiconductor-related factories have started coming up in India. By the end of this year, the first Made in India chip will come in the market,” he added.