Prime Minister Narendra Modi addressed the third edition of the Kautilya Economic Conclave in New Delhi, emphasizing India’s growing economic prominence amidst global uncertainty. He attributed the global optimism surrounding India to significant reforms implemented by his government over the past decade. Modi highlighted that India’s GDP grew by 8.2% in 2023-24, maintaining its position as the fastest-growing major economy despite ongoing geopolitical tensions, particularly in regions crucial to the global energy market.
Modi pointed out that India’s consistent economic growth, even amidst global challenges, is not a coincidence but a direct result of the extensive reforms introduced by the government. Key structural reforms, such as the introduction of the Goods and Services Tax (GST), banking sector improvements, and the Insolvency and Bankruptcy Code (IBC), have significantly bolstered the nation’s macroeconomic fundamentals. The liberalisation of Foreign Direct Investment (FDI) policies and the opening up of sectors like mining, space, and defence to private investment have further fueled India’s growth trajectory.
India has also emerged as a leader in several sectors. The Prime Minister underscored the country’s fintech revolution, noting that India now accounts for half of the world’s real-time financial transactions. Additionally, India is the largest producer of two-wheelers and tractors globally and the second-largest manufacturer of mobile phones. Modi emphasized that this transformation is being powered by programs like the Production Linked Incentive (PLI) scheme, which has attracted investments worth ₹1.25 lakh crore ($15 billion) into local manufacturing.
India is also making significant strides in semiconductor manufacturing, with five plants under construction that will soon supply “Made in India” chips to the global market. This initiative is part of India’s broader efforts to integrate itself into critical global supply chains.
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The Kautilya Economic Conclave, hosted by the Institute of Economic Growth in collaboration with the Union Finance Ministry, is a platform for national and international policymakers and academics to discuss key issues facing India and the Global South. The theme of this year’s event, “The Indian Era,” reflects the growing trust and confidence in India’s future, as highlighted by Modi throughout his address.