EXCLUSIVE: PM Narendra Modi speaks about India’s growth potential; says economy will ‘deliver unprecedented opportunities’

Prime Minister Narendra Modi said that he is confident about the Indian economy’s strong growth and performance, as well as its ability to deliver unprecedented performance. PM Modi, in an exclusive interview with Business Today, spoke to editors Rahul Kanwal, Sourav Majumdar and Siddharth Zarabi, at his office in 7, Lok Kalyan Marg. 

When asked about India’s potential to be the fastest growing economy as per IMF’s estimates of 6.1 per cent, and whether he expects the economy to do better than anticipated this fiscal on the back of robust macroeconomic indicators, PM Modi said that the current government has a track record of performing better. 

“The experience of the last few years suggests that India has performed better than predicted. This is our track record. Today, we are growing faster than most countries and our people deserve credit for it. Now, when we aspire to grow even faster, our people have a big responsibility. Our national character will play a big role as we take the next leap of growth. Just like the Swadeshi Andolan gave great strength to our freedom movement, today’s mass movements will power the next wave of growth,” said PM Modi. 

The prime minister listed out the initiatives that could propel the country’s growth. He said that Vocal for Local, Aatmanirbhar Bharat, Zero Defect & Zero Effect in manufacturing, Zero Import, Maximum Export in agriculture, and Self-Sufficiency in energy needs would drive the growth. 

He said that citizens are putting these principles into action. Global manufacturers are coming to India and an era of unprecedented job creation is unfolding, said PM Modi. “And when I say Vocal for Local, for me, anything which is made in India with the sweat and toil of Indians is local,” he told Business Today. 

PM Modi, recalling the journey of India’s economic growth, said that 10 years ago, the country was among the Fragile 5 countries. “India was seen as a country which was not living up to its full potential. In 10 years, India has moved from the 10th largest economy of the world to 5th largest economy of the world. In 10 years, India is now seen as a country with immense potential which is backed by impressive performance,” he added. 

The government’s infrastructure push in recent years leading to crowding-in of private capex, said the prime minister. PM Modi said that the gross fixed capital formation in India as percentage of GDP is at 34 per cent, which is the highest since 2013-14. “Credit growth in 2022-23 surged to almost 15 per cent, the strongest in almost a decade. These indicators point to the beginning of a new private capex cycle,” he mentioned. 

Talking about consumption, he said that domestic consumption in both rural and urban areas are strong, while inflation is on a downward path with strong forex flows. 

“With every indicator looking up, growth is bound to be strong. In the last nine years, FDI inflows have doubled, forex reserves have doubled, central government capex has increased more than five times, bank balance sheets have been repaired and they are profit making. I am quite positive that India’s economy will continue performing well and deliver unprecedented opportunities and prosperity for our people,” he said. 

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