Prime Minister Narendra Modi Highlights India’s Economic Growth
Kautilya Economic Conclave in New Delhi
Prime Minister Narendra Modi addressed the third Kautilya Economic Conclave in New Delhi, emphasizing India’s impressive economic growth. He stated that global optimism about India is due to reforms implemented by his government over the past decade.
India’s Economic Achievements
Despite global uncertainties, India is growing at over 7%, with a GDP growth of 8.2% in 2023-24. India remains the fastest-growing major economy, with significant growth in previous years as well. Global rating agencies have revised India’s growth forecasts upwards.
Investment Opportunities
PM Modi highlighted India’s position as the world’s fastest-growing and 5th largest economy. India leads in fintech adoption and is a major manufacturer of two-wheelers, tractors, and mobile phones. He emphasized the investment opportunities in India, driven by structural reforms and initiatives like the Production Linked Incentive (PLI) scheme.
Infrastructure and Manufacturing
The government has increased infrastructure investment and introduced PLI schemes to boost manufacturing. Investments worth Rs 1.25 lakh crore have been made due to PLI. The government is also focusing on semiconductor manufacturing, with five plants under construction.
Inclusive Growth
PM Modi stressed the importance of inclusive growth, ensuring that all citizens benefit from India’s economic progress. The conclave, themed ‘The Indian Era’, brings together experts to discuss key economic issues.
Doubts Revealed
Prime Minister Narendra Modi -: Narendra Modi is the current Prime Minister of India, which means he is the head of the government and makes important decisions for the country.
Kautilya Economic Conclave -: The Kautilya Economic Conclave is a meeting or conference where experts and leaders discuss economic issues and growth strategies for India.
Economic Growth -: Economic growth means the increase in the amount of goods and services produced by a country, which usually leads to more jobs and better living standards for people.
GDP -: GDP stands for Gross Domestic Product, which is the total value of all goods and services produced in a country in a year. It helps to measure how well a country’s economy is doing.
Fintech -: Fintech is short for financial technology, which refers to new technology that helps people and businesses manage their money and financial transactions more easily.
Production Linked Incentive scheme -: The Production Linked Incentive scheme is a government program in India that gives financial rewards to companies for increasing their production, especially in important sectors like electronics and manufacturing.
Semiconductor Manufacturing -: Semiconductor manufacturing involves making tiny electronic parts that are used in almost all electronic devices, like computers and smartphones. It’s important for technology development.
Inclusive Growth -: Inclusive growth means economic growth that benefits everyone in society, including the poor and disadvantaged, so that all people have better opportunities and living conditions.