Prime Minister Narendra Modi addresses the centenary celebrations of Shri Ram College of Commerce (SRCC), in New Delhi
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@NarendraModi
Prime Minister Narendra Modi on Saturday said India’s 7.8 per cent first quarter GDP growth reflected the country’s “economic strength and potential” as it came despite the ongoing West Asia conflict and several trade-related challenges.
He said he had full faith in India’s capabilities to become a Viksit and Atma Nirbhar nation while strengthening its position as a manufacturing and research & innovation hub, as well as an agriculture export super power.
Addressing students at centenary celebrations of Delhi’s Shri Ram College of Commerce (SRCC), Modi said India, once described as one of the world’s `fragile five’, was now being watched as the fastest-growing major economy. “In just the past week, there have been several positive developments regarding India’s economy. The 7.8 per cent quarterly growth (in GDP) has boosted the country’s confidence,” he said.
Modi also pointed to an upgrade in India’s rating by a Japanese credit rating agency, saying the growth was particularly significant given the difficult external environment.
“And this 7.8 per cent growth has come at a time when the war in West Asia is ongoing and there have been several trade-related barriers. Achieving such growth under these circumstances shows India’s economic strength,” he said.
Referring to rising purchase of cars and growth in steel and cement consumption, the Prime Minister said it reflected growth in construction, housing, infrastructure and industrial activity. This means that both consumer demand and commercial activity in the country is strengthening, he added.
Taking a swipe at critics of the government’s economic performance, Modi said those who had labelled India a member of the ‘fragile five’ were finding the latest numbers difficult to digest. He urged people to examine the data seriously. “… those for whom the glass was half empty in 2013 continue to think the same way even today. For them, the glass will always be half empty. I talk about the glass; I am not talking about anything remaining empty,” Modi said referring to his address in SRCC in 2013 when he was the Gujarat CM.
Referring to India’s ‘policy dynamism’, Modi pointed out that countries across the world are increasing their partnership with India and the country had signed trade agreements and FTAs with about 40 countries over the last decade. He added this opened new markets for various sectors including textiles, processed food, shrimp, new markets have opened up. “When new markets open and tariffs are brought down for India’s goods and services. This opens up new opportunities for India’s youth,” he added.
Stating that India is moving forward at a new pace, he added that if Indians can lead the world’s top companies then Indian companies can lead the world too.
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