“Asia is the ray of hope for global economic recovery”: Narendra Modi

Prime Minister Shri Narendra Modi today said that India has historically contributed to Asia in several ways and is the beacon of hope, dynamism and opportunity in the world.

Speaking at the 'Advancing Asia' Conference in New Delhi today jointly organised by the Government of India and the International Monetary Fund , the Prime Minister said that Asia is the ray of hope for global economic recovery and that we all want Asia to succeed.

"India has dispelled the myth that democracy and rapid economic growth cannot go together," said Shri Modi, highlighting how his government has opened up nearly all sectors to foreign direct investment, while pointing out how India has achieved the highest ever rank in the World Bank's 'ease of doing business' indicators-2015.

Terming India a haven of macroeconomic stability, the Prime Minister vowed to continue 'reform-to-transform' process and pursue policies that will enhance growth and further inclusion.
India's rapid economic growth that is now the fastest among big economies in the world is very distinct in Asia, he said. "We have never tried to gain in trade at the expense of our partners. We do not follow 'beggar thy neighbour' macroeconomic policies. We have never undervalued our exchange rate," said Shri Modi.

The Centre has also increased investment in rural & agriculture sector, because that is where a majority of India still lives, said the Prime Minister.

Corruption and interference in the decisions of banks and regulators are now a thing of the past, said Shri Modi. He also mentioned that reform of global institutions has to be an on-going process.

The Budget 2016-17, said the Prime Minister, provides a roadmap for future plans and ambitions.

"Our underlying philosophy is clear: To create the climate for wealth generation and for that wealth to be spread to all Indians, especially the poor, vulnerable, farmers, and disadvantaged communities."

International Monetary Fund MD Christine Lagarde who was also at the event addressed the gathering.

"India faces an unprecedented opportunity for transformation," said Lagarde, referring to the country's rising population, which will have the largest and the youngest workforce in the near future.

She pointed out the various promising economic reforms undertaken by PM Modi and said that in the upcoming festival of Holi, India's "flying colours" - the country's achievements should be celebrated.

India needs to invest in infrastructure and push greater trade access said the IMF MD, suggesting 6 points to unleash India's potential.

(With Agency inputs)