India, a growth engine: PM |
The two most crucial factors for the Indian government`s performance over the past three years have been banking reforms and Aadhaar, which has already yielded savings of $4 billion in cooking gas subsidies, Prime Minister Narendra Modi said in Gandhinagar on May 23. Modi expressed satisfaction over the improvement in “all macro-economic indicators” under his watch, but said he remained focused on the many challenges that lay ahead to fulfill his aim of making India a global growth engine and an example of climate-friendly development. The Jan Dhan Yojana helped India achieve universal banking and banks “normally associated with helping businesses and the rich” have been enlisted for helping the development of the poor. The fiscal deficit, balance of payments deficit, and inflation are down. The GDP growth rate, foreign exchange reserves and public capital investment are up. At the same time,India has made big strides in development. Thanking the Bank`s president Akinwumi Adesina for describing India`s recent steps as “as textbook chapters for other developing nations” and calling the country “a development beacon”, Modi said India must be an engine of growth as well as an example in climate friendly development in the years to come.
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