India's GDP growth is 10 years' transformative reforms reflection: PM Modi

Prime Minister Narendra Modi on Saturday said India’s GDP growth of 7.7 per cent in the first six months of the current fiscal year is a reflection of the country’s strengthening economy and the transformative reforms carried out in the last 10 years.

Addressing the ‘Infinity Forum 2.0’ conference at the GIFT City here via video link, Modi expressed confidence that in the next few years, India will become the world’s third largest economy, and by 2047 it will become a developed country. He also said his government wants to turn the Gujarat International Finance Tec (GIFT) City into a global nerve centre of the new age global financial and technology services.

“In the first six months of this financial year, India has achieved a GDP growth of 7.7 per cent...Today, the entire world has pinned its hopes on India, and this did not happen just on its own. This is a reflection of India’s strengthening economy and also the transformative reforms carried out in the last 10 years,” Modi said in his inaugural address.

"These reforms have strengthened the economic foundations of the country. During the pandemic, when most countries were focusing only on fiscal and monetary relief, we focused on long-term growth and expansion of economic capacity,” he said.

In September this year, the International Monetary Fund (IMF) forecast that global growth will be 16 per cent owing to India, he said.

The World Bank also said that there are high expectations from India in the midst of global challenges. The World Economic Forum has said that red-tapism has gone down in India, and the Prime Minister of Australia said India is in a strong position to provide leadership to the global south, he added.