PM Modi: India Emerges as Global Model with 7% Growth Rate Despite International Economic Challenges

Prime Minister Narendra Modi emphasized that states should concentrate on development and engage in competition regarding business-friendly environments.

New Delhi:

On Monday, Prime Minister Narendra Modi declared that India represents not only an emerging market but also serves as an emerging global model, with the nation forging a path toward a dynamic and optimistic future.

While presenting the sixth Ramnath Goenka Lecture in New Delhi, PM Modi also addressed the NDA government's decisive victory in the Bihar assembly election, noting that citizens had cast their votes supporting development-focused politics.

He highlighted that during 2022, the European crisis severely disrupted international supply chains and energy markets, negatively impacting economies worldwide. Despite these difficulties, India's economy exhibited remarkable strength, achieving substantial growth throughout 2022-23.

Throughout 2023, even as conditions worsened in West Asia, India's economic growth remained strong. This year, despite persistent global instability, India continues to sustain an impressive growth rate of approximately seven percent.

"While the world confronts uncertainty and fears disruption, India is creating a pathway toward a vibrant and promising future. India isn't merely an emerging market, it's also an emerging model," stated PM Modi.

"Ramnath Ji was frequently characterized as impatient, not negatively, but positively. His impatience was the kind that generates transformation, the type that creates movement in stagnant waters. Similarly, today's India embodies this constructive impatience. India is eager for advancement, restless to achieve development, and determined to become self-reliant," PM Modi further remarked.

PM Modi encouraged states to prioritize development and compete in areas such as ease of doing business.

"Whether it's the central government or state governments led by regional parties, their primary focus should be on development. I strongly urge state governments to cultivate healthy competition by attracting investments and fostering growth. Organizing competitions to enhance the ease of doing business could be an excellent initiative in this direction," he said.

"Following BJP's victory in the Bihar elections, certain media outlets have revived claims that BJP and Modi are constantly in 'Election Mode'. However, winning elections isn't about being in 'Election Mode'; it's about being in 'Emotional Mode', connecting with people's sentiments and understanding their aspirations," he added.