STOCK MARKET BSE NSE

Public Investment Essential to Boost Growth: Prime Minister Modi

Modi on Saturday said even as India is now the fastest growing economy, reforms will continue to be pursued in the right earnest.

Published: 12th March 2016 10:23 AM  |   Last Updated: 12th March 2016 10:54 AM   |  A+A-

CdUfcjQUsAAswKq
By IANS

NEW DELHI: Prime Minister Narendra Modi on Saturday said even as India is now the fastest growing economy and ranks at the top in terms of favoured investment destination, reforms will continue to be pursued in the right earnest.

"My agenda for reform to transform is yet to be finished," the prime minister told the "Advancing Asia" summit here co-hosted here by the International Monetary Fund (IMF) and the government of India. "Entrepreneurship is also booming, following a series of steps we have taken."

With IMF Managing Director Christine Lagarde on the dias, Modi said reform of global institutions such as the World Bank and the IMF has to be an on-going process. But even now they don't reflect the global economics realities.

"I am very happy that the IMF has decided to finalise the next round of quota changes by October 2017," he said, a day after his government tabled a supplementary demand of grant of Rs.69,575 crore in parliament for increasing India's quota in IMF with higher voting rights.

Modi said many knowledgeable people have said that the 21st century is and shall remain the Asian Century, where India has a special place. "We are a ray of hope for global economic recovery," he said.

"India has also dispelled the myth that democracy and rapid economic growth cannot go together," Modi said, adding his country has also shown the world that a large, diverse country like India can be managed in a way that can promote economic growth and maintain social stability.

The prime minister said along with focus on macro economic stability, removing corruption and also interference in decisions of banks and regulators, his government is also helping the farm sector but not based on giving hand-outs. 

"We aim to double farmer incomes," he said, adding: "We have increased investment in the rural and agriculture sector, because that is where a majority of India still lives."



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp