PM Modi Confident India Will Surpass Projected Economic Growth Rate
Prime Minister Narendra Modi emphasized the government's commitment to reducing inequality while expressing confidence that India’s economy will surpass its projected growth rate of over 7% in the coming years. Speaking at the Kautilya Economic Conclave, Modi highlighted the country’s strong economic fundamentals, stating that India is on a path to sustained high growth.
"Last year, our economy outperformed expectations. Institutions like the World Bank, IMF, and Moody’s have upgraded their forecasts for India, predicting a growth rate of over 7%. We are confident we will do even better,” he said.
Modi also pointed out the transformational changes in the Indian economy, noting its resilience despite global uncertainties, including conflicts in regions critical to the global economy and energy security.
“India is the world’s fastest-growing major economy, the fifth largest by GDP, and leads globally in areas like fintech adoption and data consumption. We're also a top player in renewable energy, mobile manufacturing, and vehicle production. With a young population and a strong pool of scientists and technicians, India is well-positioned for further growth,” he added.
Highlighting recent government actions, Modi said the focus has been on "bold policy changes, jobs, and skills" in the first three months of the new administration. He stressed that India’s growth is inclusive, with 250 million people lifted out of extreme poverty in the past decade. The PM underlined the importance of ensuring that inequality decreases as the economy grows.
“India is now a preferred destination for investors, thanks to the major reforms of the past decade,” Modi noted, mentioning the Prime Minister’s Internship scheme, which aims to provide internships to one crore youth in top companies, with 111 firms already onboard.
He also pointed to the success of the PLI scheme in boosting manufacturing, attracting Rs 1.25 lakh crore in investments over the past three years, leading to Rs 11 trillion worth of production.
“In sectors like space and defense, India has made remarkable progress, with private companies contributing nearly 20% of defense manufacturing. India is also a leading source of affordable intellectual property, with over 2 million Indians providing high-skilled services globally,” Modi said.
He emphasized the country's growing focus on AI and semiconductors, highlighting the government's investments under the AI Mission and India Semiconductor Mission, with Rs 1.5 lakh crore already invested. He added that five semiconductor plants are set to produce chips for global markets.