Prime Minister Narendra Modi has expressed confidence that India’s economy will outperform the already projected 7% growth rate for 2024. During his address at the Kautilya Economic Conclave, PM Modi highlighted the positive economic predictions from leading global financial institutions like the World Bank, IMF, and Moody’s.
According to PM Modi, India has not only met but exceeded global expectations despite external challenges. “Last year, our economy outperformed all predictions. Whether it was the World Bank, IMF, or Moody’s, all these institutions recognized India’s resilience,” he stated.
Global Institutions Recognize India’s Growth Potential
With the economy growing at more than 7%, PM Modi reiterated that global uncertainties have not been able to slow down India’s progress. International financial institutions have consistently upgraded their forecasts for India’s GDP growth, signaling a positive outlook for the future.
In 2024, India continues to be a global outlier in terms of growth. The Indian economy is not only recovering from the aftereffects of the pandemic but also showing signs of long-term strength. Factors like increased industrial production, rising foreign investments, and government-backed reforms have propelled the country toward sustained growth.
Structural Reforms Driving Economic Growth
One of the key reasons behind India’s continued economic success is the implementation of structural reforms. According to PM Modi, programs such as the Goods and Services Tax (GST), Make in India, and the Production-Linked Incentive (PLI) Scheme have played an instrumental role in driving the economy forward.
The Prime Minister also stressed the importance of digital transformation under the Digital India initiative. With fintech and e-commerce thriving, India’s digital economy is expected to grow exponentially in the coming years. The rapid expansion of digital infrastructure has enabled financial inclusion, which is helping to increase domestic demand and stimulate the overall economy.
Reducing Inequality and Inclusive Growth
Addressing the issue of inequality, PM Modi highlighted the government’s efforts to ensure that economic gains are distributed fairly across society. He underscored the importance of schemes like the Pradhan Mantri Garib Kalyan Yojana, which aim to uplift vulnerable populations.
Modi emphasized, “Economic growth is not only about figures but about improving the quality of life for every Indian. Reducing inequality remains one of our key goals.”
A Bright Future for the Indian Economy
Despite challenges like global inflation, fluctuating oil prices, and geopolitical tensions, PM Modi expressed optimism about India’s future economic performance. He credited the country’s strong economic fundamentals, which include a growing middle class, a young workforce, and a thriving technology sector, for helping India stay resilient in the face of adversity.
With the right policies, a robust industrial base, and continued focus on innovation, India is set to not only meet but also exceed the projected 7% growth rate.
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