Agencies estimate India in top three economies of world: PM Modi

GANDHINAGAR: Addressing the delegates and participants at the Vibrant Gujarat Global Summit 2024, Prime Minister Narendra Modi made significant announcements regarding substantial investments in India's port infrastructure, underscoring the country's resilience and economic momentum.

PM Modi revealed that agreements worth billions of dollars had been signed with companies from the United Arab Emirates (UAE) for new investments in India's port infrastructure.

PM Modi said, "Agreements have been signed for new investments worth billions of dollars in India's port infrastructure by companies from the UAE."

These agreements are poised to bring transformative changes to India's maritime landscape, foster economic growth, and enhance global trade connectivity.

In his address, the Prime Minister acknowledged the challenging global circumstances but highlighted India's remarkable economic resistance and growth momentum.

He attributed this success to a decade of focused structural reforms, stating, "We are all aware of the global circumstances.

So, in times like these, if the Indian economy is displaying such resistance, if the growth in India is showing such momentum, a big reason behind this is our focus on structural reforms in the last 10 years.

These reforms have enhanced the capacity, capability, and competitiveness of India's economy."

PM Modi emphasised that India has evolved into the fifth-largest economy globally, a significant leap from the 11th position a decade ago.

PM asserted, "Today, India is the fifth largest economy in the world. 10 years ago, India was in the 11th position. Today, all major agencies estimate that India will be among the top three economies in the world in the coming years. Let people across the world do their analysis, but it is my guarantee that it will happen."

"The world looks at India as an important pillar of stability. A friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, a voice of the Global South, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth and a democracy that delivers..." the Prime Minister added.

The Prime Minister's optimistic vision and commitment to India's economic trajectory garnered applause from the summit attendees.

The focus on structural reforms and attracting substantial investments, especially in port infrastructure, aligns with the government's strategy to propel economic growth and strengthen India's position in the global economy.

As the Vibrant Gujarat Global Summit continues, the announcements made by PM Narendra Modi underscore the nation's determination to navigate challenges and capitalize on opportunities, positioning India as a key player in the evolving global economic landscape.