NEW DELHI: Referring to escalating regional conflicts in Ukraine and West Asia, PM Narendra Modi on Friday struck a confident note on the Indian economy, suggesting that the world was upbeat on an “Indian era” in light of decade-long transformation changes.
“The two regions are very crucial for the global economy and from the point of energy security. Amid such a global uncertainty, we are discussing the Indian era.This shows that the confidence in India is different, this shows that India’s self-confidence is also special,” he said at the Kautilya Economic Conclave with top global economists in the audience.
India has remained largely unscathed from the expanding military confrontations, but Modi’s remarks suggested that India will be able to maintain its growth trajectory even as threat of two duels sparking off larger regional confrontations. If he also meant that the crisis created an opportunity for India, he refrained from spelling it out.
In an address marked by its usual sunny tone, PM vowed to pursue reforms vigorously and said policymakers are working to not just ensure that India achieves the top slot but also stays there.
“Last year, we did better than all projections. Whether it is the World Bank, IMF or Moody’s, all of them have upgraded their projections. All of them are saying that India will grow at over 7%, despite global uncertainty. Indians are confident that we will perform much better than this. There is strong reason behind this confidence, whether manufacturing or service sector, the world is looking at a favourite destination to invest.”
Modi said that after IBC, clean-up of banks, GST and FDI liberalisation, govt was working with the states to improve processes, an issue that he has already taken up with chief ministers. He flagged the green economy among sectors where there was large potential for investment.