India's resilience and economic strength are now a hope for the world: PM Modi

New Delhi, Aug 23 (IANS) Prime Minister Narendra Modi on Saturday said that the growth and resilience the world sees in the Indian economy is owing to macro-stability and robust reforms across the spectrum.

Speaking at a media event by The Economic Times in the national capital, PM Modi said that today, India is the fastest-growing major economy in the world and soon, “we will become the third largest economy in the world”.

“Last week, from the Red Fort, I spoke of next-generation reforms. Now, this forum is working as the multiplier of these incoming reforms,” he told the gathering.

According to reports, India’s contribution to global growth will account for 20 per cent and today, “our banks are much stronger than before,” emphasised the Prime Minister.

“Our banks are stronger, inflation is at its record low, interest rates are lower, and forex is at a strong level. Every month, several domestic investors are investing heavily through systematic investment plans (SIPs),” PM Modi highlighted.

India's annual rate of inflation based on the Wholesale Price Index (WPI) fell in the negative zone to a two-year low of (-) 0.58 in July this year, compared to the same month of the previous year -- primarily due to a decrease in the prices of food articles and fuels such as petrol, diesel and natural gas.

The Employees' Provident Fund Organisation (EPFO) recorded a net addition of 21.89 lakh members in June this year, marking the highest ever increase since payroll data tracking began in April 2018.

PM Modi said that India’s resilience and strength are now a hope for the world amid geopolitical uncertainties, and the latest rating upgrade by S&P Global is an example of that.

India's rating upgrade by S&P Global Ratings is a significant affirmation of the country's economic trajectory and prudent fiscal management. This marks the country’s first sovereign upgrade by S&P in 18 years, the previous one being in 2007 when India was elevated to investment grade at BBB-.

In May 2024, the agency revised its outlook on India from ‘Stable’ to ‘Positive’.

--IANS

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