“With over 13.5 crore of our people coming out of multidimensional poverty in just 5 years, an aspirational neo-middle class is taking shape and this section of society is poised to push growth even further,” said Prime Minister Narendra Modi in an exclusive Moneycontrol interview.
Days before world leaders arrive in New Delhi for the G20 Leaders’ Summit, PM Modi spoke to Moneycontrol about his vision for India’s role in a world riven by geopolitical uncertainties, the need for credible global institutions and dangers from financially irresponsible policies.
India is currently the fifth-largest economy in the world. The nation is projected to become the third-largest economy in 2027. In the interview PM Modi addressed the implications for G20 and for the rest of the world of a stronger and more prosperous India.
He said that while it is important that India became the fifth-largest economy, but the way our country did it is as important: “It is a feat achieved because there is a government that is trusted by the people and in turn, the government too trusts the capabilities of the people.”
The PM said it is a privilege and honour for the government that the people have placed unprecedented trust in them. “They gave us a majority mandate not just once, but twice. The first mandate was about promises. The second, even bigger mandate, was about both performance and the future plan we had for the country. Due to this political stability, every other sector could see deep structural reforms. The economy, education, social empowerment, welfare delivery, infrastructure – I can keep on mentioning sectors that have seen reforms.”
As a result, he said, “foreign direct investment into India is breaking records year after year, export records are being broken in both services and goods, Make in India has taken off with great success across sectors, startups and mobile manufacturing have done wonders, infrastructure creation is happening at a pace never seen before and all of these adding up to a huge number of job opportunities for our youth. The benefits of growth are being taken to the last mile. A comprehensive social security net protects our poor while the government is assisting them at every step in their battle against poverty. With over 13.5 crore of our people coming out of multidimensional poverty in just 5 years, an aspirational neo-middle class is taking shape and this section of society is poised to push growth even further.”
PM Modi went on to specifically note that women are emerging as the driving force of India’s growth journey. “Many development initiatives are seeing them come to the forefront, be it financial inclusion, entrepreneurship or cleanliness. From space to sports, start-ups to self-help groups, every sector that is on an upswing is seeing women taking the lead. With the G20, now, the message of women-led development is making waves all over the world – this is the power of Indian women. The cumulative momentum building up from the empowerment of the poor, youth, women and farmers will certainly make India one of the top 3 economies of the world in the near future.”
India’s growth, he said, is not only good for Indians but also for the world.
He added, “India’s growth is clean and green growth. India’s growth is being achieved with a human-centric approach that can be replicated in other countries too. India’s growth helps further the interests of the Global South. India’s growth helps bring a sense of reliability and resilience to the global supply chain. India’s growth is for the global good.”