India is at the threshold of becoming the world’s largest, most digitised economy, Prime Minister Narendra Modi said on Tuesday, adding that it was also the world’s fastest growing major economy. “We are working to adopt and absorb newer technologies, to bring about transparency, and to end discretion,” he said, while addressing a gathering at the Vibrant Gujarat Global Summit 2017 in Gandhinagar.
Modi further said India has become the sixth largest manufacturing company in the world. Earlier, the country was placed at the ninth position. “Our Gross Value Added in manufacturing has recorded a growth of 9% in 2015-’16. This is much higher than the 5-6% growth in the previous three years,” Modi said, adding that Make In India has become the biggest brand in the country. “Despite global slowdown we have registered excellent growth. Today, India is seen as the engine of global growth.”
A substantial improvement in key macro-economic indicators like GDP growth, fiscal deficit, and inflation has been seen, he said, adding that his government is strongly committed to continuing the reform of the Indian economy. “It is our vision and mission to bring a paradigm shift in the ways of our polity and economy,” he said.
Modi also said that India has moved up 19 positions in the World Bank’s “Logistics Performance Index of 2016”. “The total FDI inflows in the last two and a half years have touched one hundred and thirty billion USD...and it has been the highest ever,” he said.
The prime minister said despite the global slowdown, India has registered excellent growth and has contributed about 12.5% of global growth in 2014-’15. “A number of global reports and assessments over the last two years have shown that India has improved its policies, practices and hence its economic profile,” he said.
On Monday, Modi had inaugurated India’s first international stock exchange in Gujarat at the Vibrant Gujarat Summit. “This exchange is set to be among the fastest exchanges in the world with the most modern trading, clearing and settlement systems,” he had said.