'Indian era' is here despite huge global uncertainty: PM Modi

In the midst of a huge global uncertainty, the "Indian Era" is here which shows that trust in Bharat today is unique, and demonstrates that the nation's self-confidence is exceptional, Prime Minister Narendra Modi said on Friday.

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 regions are crucial for the global economy, especially in terms of energy security," the Prime Minister told the gathering, adding that despite the geo-political conditions, the Indian economy is currently undergoing a significant transformation with strong fundamentals.

Stressing that India is the fastest-growing major economy in the world and currently the fifth largest economy in terms of GDP, PM Modi said: "We are number one in terms of global fintech adoption rates, number one in smartphone data consumption, and the second largest internet user base globally."

"Nearly half of the world’s real-time digital transactions are taking place in Bharat today. Bharat now has the world’s third-largest start-up ecosystem. In terms of renewable energy capacity, Bharat is ranked fourth. When it comes to manufacturing, Bharat is the second-largest mobile phone manufacturer. Bharat is also the largest producer of two-wheelers and tractors," the Prime Minister told the gathering.

By following 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 government’s commitment is to continue making structural reforms to make Bharat a developed nation, he said.

"You can see this commitment in the work we have done in the first three months of our third term. Bold policy changes, a strong commitment to jobs and skills, a focus on sustainable growth and innovation, modern infrastructure, quality of life, and the continuity of rapid growth are reflected in the policies of our first three months," PM Modi noted.

During this period, decisions amounting to Rs 15 lakh crore have been made, as work on numerous mega infrastructure projects has begun.

"We have also decided to create 12 industrial nodes across the country. Additionally, we have approved the construction of 3 crore new houses. Along with growth, inclusion is also taking place in Bharat. As a result, 25 crore people have been lifted out of poverty in the last 10 years," PM Modi emphasised.

The Indian economy is faring better today, he said, adding that last year, the economy performed better than any prediction.

"Whether it’s the World Bank, the IMF, or Moody’s, all have upgraded their forecasts for Bharat. All these institutions are saying that despite global uncertainty, Bharat will continue to grow at a 7+ rate," said PM Modi.

The country has integrated process reforms into the government’s ongoing initiatives, eliminating over 40,000 compliances and decriminalised the Companies Act. "Now, we are encouraging state governments to accelerate process reforms at the state level," PM Modi said.

The Production Linked Incentive (PLI) scheme has transformed many sectors. Over the past three years, PLI has attracted investments of approximately Rs 1.25 lakh crore. This has resulted in the production and sales amounting to about Rs 11 lakh crore.

"Bharat's progress in the space and defence sectors is also remarkable. These sectors have only recently been opened up, 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 defence manufacturing," PM Modi said.

The ‘Kautilya Economic Conclave' has been conceived by the Ministry of Finance and is organised by the Institute of Economic Growth (IEG). The three-day event is in its third edition this year.