Narendra Modi addresses third edition of Kautilya Economic Conclave in New Delhi

Narendra Modi addressed the Kautilya Economic Conclave in New Delhi today. Organized by The Institute of Economic Growth in partnership with the Ministry of Finance, the Kautilya Economic Conclave will focus on themes such as financing the green transition, geo-economic fragmentation and the implications for growth, and principles for policy action to preserve resilience among others.

Addressing the gathering, the Prime Minister expressed gratitude for being present in the third edition of the Kautilya Economic Enclave. He underlined that the conclave will hold multiple sessions for the next three days where various issues related to the economy are going to be discussed. Shri Modi expressed confidence that these discussions will prove helpful in accelerating India's growth.

Noting that the conclave is being organized at a time when two major regions of the world are engaged in a war, the Prime Minister pointed out the importance of the regions for the global economy, especially in terms of energy security. “Amidst such a huge global uncertainty, we are here discussing the Indian Era”, the Prime Minister remarked, highlighting the increase in trust towards India and its self-confidence today.

“India is the fastest growing major economy in the world today”, exclaimed the Prime Minister. He added that currently India is the fifth largest economy in terms of GDP. Shri Modi highlighted that today, India is number one in terms of global FinTech adoption rate as well as in terms of smartphone data consumption. He said India is number two in the world in terms of internet users while nearly half of the world's real-time digital transactions are happening in India. Shri Modi highlighted that at present India has the world's third largest start-up ecosystem and also ranked number four in terms of renewable energy capacity. Speaking on manufacturing, the Prime Minister pointed out that India is the world's second largest mobile manufacturer, the largest manufacturer of two-wheelers and tractors. “India is the youngest country in the world”, emphasized Shri Modi. He emphasized that India has the third largest pool of scientists and technicians in the world and be it science, technology or innovation, India is clearly present at a sweet spot.

“Government is following the mantra of Reform, Perform and Transform and continuously taking decisions to move the country forward”, the Prime Minister said as he credited its impact for the reelection of a government for the third consecutive time after 60 years. He said that people get the confidence of the country moving on the right path when their lives are transformed for good. This feeling, the Prime Minister said, is visible in the mandate of the people of India and the confidence of 140 crore countrymen is a huge asset of this government. The Prime Minister underlined the Government's commitment to carrying out structural reforms to make India developed and highlighted the work done in the first three months of the third term. He gave examples of bold policy changes, strong commitment towards jobs and skills, focus on sustainable growth and innovation, modern infrastructure, quality of life and continuity of fast growth. “This is a reflection of our policies of the first three months”, the Prime Minister said, informing that decisions worth more than Rs 15 trillion or 15 lakh crore rupees have been taken during this period. He further added that work has started on many mega infrastructure projects in India including the creation of 12 industrial nodes in the country and the approval for construction of 3 crore new houses.

Shri Modi emphasized that the inclusive spirit of India, was another notable factor in India's growth story. While it was earlier believed that inequality increases with growth, however the opposite, that is, inclusion is increasing along with growth in India, he added. Consequently, 25 crore or 250 million people have moved out of poverty in the last decade, the Prime Minister highlighted. He said along with India’s rapid progress, the Government was also ensuring that there is reduction in inequality and the benefits of development reach everyone.