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India fastest growing economy among G-20 countries: PM

India fastest growing economy among G-20 countries: PM
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Hyderabad: Owing to continuous political instability during the last three decades, the country suffered from a lack of political willpower and stayed away from implementing reforms and important decisions, Prime Minister Narendra Modi said on Thursday. However, the nation is now seeing political determination and reforms also being implemented continuously since 2014, he said.

Modi, addressing the graduating students of the Indian School of Business (ISB) here, said India is the fastest-growing economy among the G-20 nations besides boasting of several other achievements, including in the start-up environment and attracting the highest-ever FDI.

"Due to the continuous political instability in the last three decades, the country has seen a lack of political willpower for a long time. Because of this, the country stayed away from reforms and from taking big decisions. Since 2014, our country is seeing political will and also, reforms are being implemented continuously," Modi said.

Public and popular support is assured when reforms are undertaken with determination and political will, he said.

Listing the achievements, the Prime Minister said in the case of Smartphone Data Consumers, India is at the number-one position and also it has occupied the second slot when it comes to internet users. "India is in the second position in the global retail index. India has the third-largest start-up ecosystem in the world," he said.

India is emerging as a major centre of growth today and the world is realising that India means business, Modi said.

Pointing out that often Indian solutions are being implemented globally, he called upon the graduating students of ISB to link their personal goals with that of the country.

He said the resilience and strength of the health sector were proved during the Covid pandemic and India developed its own vaccines.

More than 190 crore doses of Covid vaccines have been administered across the nation and India has also sent vaccines to more than 100 other countries, he said.

The Prime Minister also noted that bureaucracy has also made firm contributions to the reform process. He credited the people's participation in the successful implementation of government schemes. He said that when people cooperate, quick and better results are assured.

In the system now, government reforms, bureaucracy performs and people's participation leads to transformation, he said and asked the ISB students to study this mechanism of reform, perform and transform.

The Prime Minister further cited the biggest reason that after 2014 the country is witnessing a phenomenal performance in every sport due to the confidence of the country's athletes.

Confidence comes when the right talent is discovered, when there is handholding of talent, when there is a transparent selection and a better infrastructure is available for training, competition. We can see transformation in sports due to reforms like Khelo India' and the TOPS scheme right in front of our eyes, he said.

Similarly, he cited the Aspirational District Programme as a great example of performance, value addition, productivity and motivation in the public policy sphere.

Modi further stressed the need to give more opportunities to grow small businesses and help them in connecting with the new local and global markets. Underlining their immense potential, the Prime Minister said to make India future-ready, we have to ensure that India becomes self-reliant.

"All you business professionals have a big role in this. And this will be a great example of service to the country for you," he added.

Modi also recalled that former Prime Minister Atal Bihari Vajpayee dedicated this (ISB) institution to the country in 2001. Since then, more than 50,000 executives have passed out from ISB. Today, ISB is among the top business schools in Asia. Professionals passed out from ISB are helming top companies and giving momentum to the county's business, he said.

Students from here have created hundreds of start-ups and played a role in creating unicorns, Modi said adding that this is an achievement of ISB and a cause of pride for the entire country.

Modi, who participated in the celebration of the completion of 20 years of ISB-Hyderabad and addressed the graduation ceremony of the PGP Class of 2022, also gave away medals to some of the meritorious graduates.

Telangana Governor Tamilisai Soundararajan, Union Minister of Tourism, Culture and Development of North Eastern Region G Kishan Reddy, were among other dignitaries present.

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