World Economy

India to Grow Faster Than 7.5%

India to Grow Faster Than 7.5%India to Grow Faster Than 7.5%

Projecting India as a bright spot amid global slowdown, Prime Minister Narendra Modi Sunday said the country is running at 7.5% and will grow “even faster” in the coming years.

“India is today the fastest growing major economy in the world…We are running at 7.5% per year, but will grow even faster in the coming years,” he said while addressing the Indian diaspora on the second day of his three-day visit to Malaysia, NDTV reported.

“Every major global institution has placed its bets on India growing strongly,” Modi said.

He said India is witnessing growth even when rest of the world, including parts of Asian region, is experiencing a slowdown. India’s economy witnessed a growth of 7.3% in the last fiscal year. During the first quarter of 2015-16, the growth was 7%.

Talking about the 18 months of his government, Modi said, there is also a change in the way government is working. “We are making government transparent and accountable. We are eliminating corruption at all levels. We are making governance driven by policies and systems, not by discretion of individuals,” he said.

At the same time, he noted that the world is inter-dependent and “our national progress will depend on the strength and success of our international partnerships… What happens in a far off country can affect the livelihood of workers in another place.”

Modi said the decision that may be taken in a conference room in the UN or WTO can affect the life of a farmer in a village in India and the lifestyle in one part of the world affects climate and agriculture in another part of the world.

“We need each other’s markets and resources…We don’t have to look far to find friends and partners. Southeast Asia is our neighbor on land and sea. This is one of the most dynamic and peaceful regions of the world. This is a region of culture, talent, enterprise and hard work,” he said.

The prime minister also said that India intends to set up an ASEAN-India innovation platform to facilitate commercialization of low-priced technologies, technology transfer and collaborative research and development projects.

“On social security funds, we have launched innovative and attractive scheme for insurance and pension”, he told the Indian diaspora at the hotel Shangri La.

“In these hard times, India and ASEAN are bright spots of optimism”, Modi told the 13th ASEAN-India Summit.