Govt to continue undertaking policy reforms: PM Modi
India wishes to contribute exponentially to the economic development of Asia, a continent which has been seen to lead from the front of the global economic growth during 21st centuryThe Dollar Business Bureau
Prime Minister Narendra Modi at the MOF-IMF Conference on “Advancing Asia: Investing for the Future”, in New Delhi on Saturday. Finance Minister Arun Jaitley, Christine Lagarde Managing Director, IMF and other dignitaries are also seen.
Dismissing the prolonged myth that democracy and rapid economic growth cannot go together, Prime Minister Narendra Modi on Saturday asserted that even though India is currently the world’s fastest growing major economy, the government will continue to undertake policy reforms.“India has dispelled the myth that democracy and rapid economic growth cannot go together,” Prime Minister Narendra Modi said at the “Advancing Asia” summit co-hosted by the International Monetary Fund (IMF) and the government of India, adding that India, a country which has been a vibrant democracy, continues to achieve a growth rate of over 7%.India has for long been able to maintain a high economic growth momentum and social stability, mainly through cooperative and competitive federalism and the country’s micro-economic policies.“My agenda for reform to transform is yet to be finished,” the Prime Minister said at the summit which was also attended by IMF Chief Christine Lagarde and Finance Minister Arun Jaitely. “Entrepreneurship is booming, following a series of steps we have taken,” he added. India now ranks fourth, only behind the US, the UK and Israel, in the number of technical start-ups.Modi underscored that India wishes to contribute exponentially in the economic development of Asia, a continent which is believed to lead from the front the global economic growth during the 21st century.Since the NDA-led government came into power in May 2014, the Prime Minister has kept Asia in the centre of its foreign policies. He has transformed the ‘Look East Policy’ to an ‘Act East Policy, besides enhancing cooperation with India’s neighbours in South Asia, ASEAN, Singapore, Japan and Korea.Earlier this week, India had agreed to establish the South Asia Regional Training and Technical Assistance Centre (SARTTAC) with SAARC’s member nations i.e. Bangladesh, Bhutan, Maldives, Nepal and Sri Lanka and the IMF. The institution envisages to provide skill-enhancement training to government and public sector employee.Lagarde, who also addressed the conference, had earlier reiterated that with the Indian government making promises of more reforms, the country’s stars are shining bright.“With an unprecedented opportunity for transformation and important reforms, for example, Make in India and Digital India, and, with the promise of even more reforms to come, India’s star shines bright,” the IMF chief said.Lagarde pitched for multilateral trade liberalistion through inclusive trade agreements specific to the region, among the Asian neighbours and said it could enhance welfare of the people across the world. She exhorted India to play a pivotal role in the economic development of the region through improving infrastructure, enhancing the efficiency of product markets and encouraging private investment.