IMF sees India as bright spot in global economy, says PM Modi
Prime Minister Narendra Modi on Wednesday (January 11) said the International Monetary Fund (IMF) saw India as a “bright spot” in the global economy, and, according to the World Bank, India was in a better position to deal with the global headwinds than many other countries.
This was because of India’s strong “macroeconomic fundamentals”, Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh -Global Investors Summit in Indore. The theme of the two-day summit is ‘Madhya Pradesh – The Future Ready State’.
Modi said the optimism for India was driven by its strong democracy, young demography, and political stability. Due to these factors, India was taking decisions that boosted the ease of living and ease of doing business, he said.
Also read: When everyone is slowing, India is doing better and in relative bright spot compared to others: IMF
“The IMF sees India as a bright spot in the global economy while the World Bank says India is in a better position to deal with global headwinds than many other countries,” Modi said.
“When we talk about a developed India, it is not just our expression but it is the resolve of every Indian,” the PM said. “India has been on the path of ‘reform, transform and perform’ since 2014,” he added.
India has become an attractive destination for investment:Â Modi
“The Atmanirbhar Bharat Abhiyan has imparted greater momentum to it. As a result, India has become an attractive destination for investment,” he continued.
“In eight years, we have doubled the speed of construction of national highways. During this period, the number of operational airports in India has doubled. India’s port-handling capacity and port turnaround have improved phenomenally,” he said.
“The Organisation for Economic Co-operation and Development (OECD) has said India will be among the fastest-growing economies in the G20 group this year,” Modi noted.
“According to Morgan Stanley, India is moving towards becoming the world’s third-largest economy in the next 4-5 years, while the CEO of McKinsey has said this is not only India’s decade, but India’s century,” the PM added.
The key objectives of the Global Investors Summit are to showcase the industrial ecosystem of the state, promote state policies, consult with industrial organisations to formulate industry-friendly policies, source collaboration opportunities, promote export potential and buyer-seller meets, and vendor development, said an official earlier.
(With agency inputs)
