India undergoing transformational changes to sustain high growth: PM

NEW DELHI: Describing India as a sweet spot amid global uncertainty, Prime Minister Narendra Modi on Friday said the country is undergoing transformational changes to sustain its high economic growth trajectory.

Speaking at the 3rd edition of the Kautilya Economic Conclave here, Modi committed to continuing structural reforms to help India become a developed nation by 2047.

Jobs, skills, sustainable growth and continuing rapid expansion are the focus of Modi 3.0, he said.

"Today, amid a global emergency, we are here discussing about the ‘Indian Era', this shows how the world trusts India...India is the world’s fastest-growing and the 5th largest economy. In terms of fintech adoption rate, we stand as the top nation," he noted.

India is the largest manufacturer of two-wheelers and tractors, and the second largest manufacturer of mobile phones, he said.

Stressing that 'Reform, perform and transform’ is the guiding mantra of his government, Modi said, "When the lives of people are transformed, they start believing in their country. The same then gets reflected through their mandate. The confidence of 140 crore Indians is our strength. We are committed to bringing more structural reforms for the betterment of India".

'Inclusive spirit' is yet another notable factor of India's growth story, he said, adding that the growth is accompanied by inclusion.

As a result, he added that 25 crore people have moved out of poverty over the last 10 years.

Listing his government's achievements, Modi said the government has strengthened the banking system, rolled out GST, introduced the Insolvency and Bankruptcy Code, opened up mining and defence sector for private investment, further liberalised FDI and reduced compliance burden.