'Indian era' is here despite huge global uncertainty, Says PM Modi

Amidst a huge global uncertainty, the "Indian Era" is here which shows trust in Bharat today is unique and demonstrates that self-confidence of the nation is exceptional, Prime Minister Narendra Modi said on Friday. While addressing the third 'Kautilya Economic Conclave 2024' here, PM Modi said that this event is being held at a time when two major regions of the world are in a state of war.

These are important areas in terms of energy security for the global economy, the Prime Minister said addressing the gathering, adding that geo-political conditions notwithstanding, the Indian economy is undergoing a great transformation at present with strong fundamentals. Urging the business community to engage in accepting digital payments, PM Modi reminded them that India is the world's fastest-growing major economy and is today the fifth largest economy in terms of GDP. "We are number one in the world in terms of global fintech adoption rates, number one in smartphone data consumption, and the second largest internet user base globally," PM Modi said on Sunday.

Today, nearly half of the world's real-time digital transactions are happening in Bharat. Today, the world's third-largest ecosystem for start-ups is Bharat. When it comes to renewable energy capacity, Bharat stands at the fourth place. If one looks at manufacturing, Bharat is the second largest mobile phone manufacturer. When it comes to the production of two-wheelers, Bharat holds the first position. Likewise, Bharat has the leadership when it comes to tractor manufacturing," Mr. Modi said while addressing the gathering.

By the mantra of "Reform, Perform, and Transform", "we are continuously making decisions to drive the nation forward at a rapid pace. This is the impact that has led the people of Bharat to elect the same government for the third consecutive time after 60 years," said PM Modi. The commitment of government is further structural reforms so as to bring Bharat into the family of developed nations, he said. And that is precisely what can be seen in the work that we have done in the first three months of our third term, ".

Bold policy changes, strong jobs and skills commitment, sustainable growth and innovation, modern infrastructure, quality of life, and continuity in rapid growth are some of the facets of the policies of our first three months,PM Modi noted. Decisions totalling Rs 15 lakh crore have been taken during this period with work beginning on myriad mega infrastructure projects.

We have also decided to create 12 industrial nodes across the country. We have approved the construction of 3 crore new houses. Along with growth, inclusion is also taking place in Bharat. So, over the last 10 years, 25 crore people have been lifted out of poverty, PM Modi said. That has got much better today, he said, adding that the economy did much better last year than any prediction. "Whether it's the World Bank, the IMF, or Moody's, all have upgraded their forecasts for Bharat.
This means all these institutions are saying that despite global uncertainty, Bharat will continue to grow at a 7+ rate, said PM Modi. The country mainstreamed process reforms into the functioning of the government, did away with more than 40,000 compliances, and decriminalised the Companies Act. "Now, we are motivating state governments to take process reforms forward at the state level as well," PM Modi said. Many sectors have seen transformative change under the Production Linked Incentive scheme. PLI has brought in investments of around Rs 1.25 lakh crore over the last three years.

This has ensured a production and sales of about Rs 11 lakh crore. "Bharat's progress in the space and defence sectors is also remarkable. These sectors had opened up only recently, yet more than 200 start-ups have already emerged in the space sector.".

Today, our private defence companies account for 20 per cent of the country's total defense manufacturing, said PM Modi. The Ministry of Finance has conceptualized the 'Kautilya Economic Conclave' and is being organized by the Institute of Economic Growth (IEG). This three-day event happens for the third time this year.