India became the engine of growth in a decade of global turmoil – PM
At the Global Business Summit, the Prime Minister said that the past decade was marked by pandemics, wars, and supply-chain crises for the world, but proved to be a period of unprecedented growth for India. He said that India, moving from the 11th largest economy, is soon going to become the world's third largest economy and is contributing more than 16% to global growth.
The Prime Minister stated that the government has implemented reforms not out of compulsion but with confidence, transforming policy, process, and delivery. He described the digital payment system UPI, infrastructure investment, the startup ecosystem, and free-trade agreements as the strengths of New India.
He said that the budget has been transformed from output-based to outcome-based, and that a significant increase has been given to the states in their tax share. Reiterating the goal of a developed India by 2047, the PM said that India will become the new growth engine of the global economy and will also lead in areas like AI.
