PM Modi also said that India is working hard to become a manufacturing hub while highlighting various aspects of the country’s economy
New Delhi: Speaking at the regional SCO Summit, Prime Minister Narendra Modi said that the Indian economy is expected to grow by 7.5% this year. It will be the highest among the world’s largest economies PM added.
In his address, he also said that India is working hard to become a manufacturing hub while highlighting various aspects of the country’s economy.
“India’s economy is expected to grow by 7.5% this year, which will be the highest among the world’s largest economies,” PM Modi said.
These remarks were made by PM Modi in presence of Russian President Vladimir Putin, Chinese President Xi Jinping, Pakistan Prime Minister Shehbaz Sharif, and other leaders of the influential bloc.
“We are supporting innovation in every sector. Today, there are more than 70,000 Startups in India, of which more than 100 are unicorns. Our experience can also be useful for many other SCO members,” he said.
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“For this purpose, we are ready to share our experience with SCO member countries by establishing a new Special Working Group on Start-ups and Innovation,” he said.
PM Modi said that India is focusing on the proper use of technology in the people-centric development model.
India has one of the fastest-growing economies. Recently, the Reserve Bank of India (RBI) expected the economy to grow by 7.2% in the current fiscal year.
On Thursday, Fitch ratings for the current fiscal year slashed its projection of India’s economic growth to 7%. It cited elevated inflation levels and higher interest rates.
In June, it projected India’s GDP to grow by 7.8% in 2022-23, also forecast a slowdown in growth to 6.7% in FY24 from its earlier estimate of 7.4 %.
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