EconomyGS-III· 1 min read
India's Growth Story: "With and For the World", Says PM Modi
Why in news?
Prime Minister Narendra Modi, addressing the Bloomberg New Economy Forum, asserted that India's growth is inclusive and not at the expense of other nations, positioning India as a reliable global pillar.
Key points
- India's economic growth is described as being 'with the world and for the world'.
- India is presented as a steady and trusted pillar in an uncertain global economic landscape.
- The Prime Minister highlighted India's strong economic fundamentals, including a 7.8% growth rate in Q1 FY24, low current account deficit, and high foreign exchange reserves.
- Reforms in India are driven by conviction, not compulsion.
Background & context
India has been implementing various economic reforms aimed at boosting growth, attracting foreign investment, and improving its ease of doing business. The country's economic performance is closely watched globally, especially in the context of global economic uncertainties and the rise of developing economies.
★ Prelims fact capsule
India's growth rate in the first quarter of the ongoing financial year was 7.8%.
✎ Mains relevance
GS Paper III: Indian Economy, Growth and Development, International Trade.