No Impact Of Global Crisis On Indian Economy

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Photo: Bloomberg

Prime Minister Narendra Modi has claimed that the Indian economy has not been affected by the global financial crisis.

Photo: Bloomberg
Photo: Bloomberg

Speaking at an event in New Delhi a couple of days back, the premier said that his government helped the South Asian country overcome the global crisis by successfully implementing some key policies. He also said that even some global lenders, like the World Bank (WB) and the International Monetary Fund (IMF), congratulated India for taking bold steps to safeguard its economy. Prime Minister Modi explained his government’s success in a different way, saying that India is making progress at a rapid pace when the world is going through an economic crisis and it is a unique situation.

The PM, who believes that only rapid economic growth can free the Indian people from various problems (such as poverty and lack of education), stressed that he would try hard to maintain India’s status as the fastest growing economy in the world. Modi further assured his countrymen that the government would implement more socio-economic programmes in the coming days to achieve its goal.

Meanwhile, the PM noted that 60% of the Indian population is below 35 years of age, saying that India is the “youngest nation” in the world. After monitoring India’s changing demographic landscape, the government has decided to use the power of the youth for ensuing economic development, he added. “We have not only launched a skill development programme for the youth, but also created a new ministry, with its own budget and a set of officers to take the programme forward,” Modi told the audience.

The prime minister was of the opinion that when population of many countries would grow old by 2030, India could power those nations with skilled and technically qualified manpower. “Apart from having certificates in their hands, our youth must be skilled,” he said. Modi also advised the youth to “pick up any one idea and work on it”, as the move would help India gain strength at the world stage later.

It is a fact that India has taken China’s crown as fastest growing economy in the world. India continued its economic expansion to become the fastest growing economy in 2015, despite the tough times for most emerging markets. By maintaining a growth rate of 7.5%, India outpaced China’s 6.9%. According to official figures, India’s economic growth rate was 7.3% in the last quarter of 2015. The country expects growth for the fiscal year ending March 2016 to accelerate to 7.6% – the highest for five years.

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