We look forward to making India third largest economy in the world: PM Modi
We look forward to making India third largest economy in the world: PM Modi
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New Delhi: On Saturday, PM Narendra Modi took the centre stage at the Global Business Summit and said, "We look forward to making India a $10 trillion economy, third largest in the world". He talked about the Indian economy, economic growth and India's perception globally.  The PM said, "In 2013 & early 2014, inflation was breaking the back of every household. Increasing CAD was threatening macroeconomic stability. The country was in total policy paralysis. We took over in these circumstances & now change is visible". He added "There was a perception that a developing economy cannot sustain a higher rate of growth without facing the problem of inflation, India proved them wrong. It is reported that during 2014-2019, average growth seen at 7.4% and average inflation at less than 4.5%".

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However, Modi further mentioned that issues have been replaced by initiatives in the country. PM also said, "Ranking are mostly lagging indicators." Speaking about India's ranking in tourism and world travel, he said, "Since 2014, India has made a significant improvement in all international rankings. India's ranking in world travel and tourism has grown impressively in the last couple of years". He also talked about India's ease of doing business ranking improving to 77 globally which is a historic high.

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The Prime Minister also mentioned that there has been a surge in innovation which is clearly visible. Modi said that one easily see improvement in culture as well. "The number of patents and trademarks filed also shows a great increase. Friends, the change is due to a new style of governance and is visible in interesting ways". He added.

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