India model of high growth, low inflation: PM Modi

New Delhi: Asserting that India is a model of high growth and low inflation, Prime Minister Narendra Modi on Saturday said the country’s 8.2 per cent growth in the second quarter of this fiscal shows that it is becoming the growth driver of the global economy.

He also said India’s self-confidence had been shaken by the “mentality of colonialism” but now we are moving ahead of it.

Modi said that at a time when the world is full of uncertainties, India is seen in a different league.

The changes happening in India are not just about possibilities but are a saga of changing thinking and direction, he said, addressing the Hindustan Times Leadership Summit.

“We are standing at a juncture where one fourth of the 21st century has passed. The world has seen many ups and downs: financial crisis, global pandemic, technological disruptions, world falling apart, we are seeing wars; these situations, in one way or the other, are challenging the world,” Modi said.

The world is full of uncertainties, but India is being seen in a different league altogether, he said.

“India is full of self-confidence. When there is talk of a slowdown, India writes the story of growth. When there is a trust deficit in the world, India is becoming a pillar of trust; when the world is moving towards fragmentation, India is becoming a bridge builder,” Modi said.

Pointing out Q2 GDP figures being more than 8 per cent, he said it is a symbol of our pace.

“This is not just a number but is a strong macroeconomic signal. It is a message that India is becoming the growth driver of the global economy,” Modi said.

Global growth is around 3 per cent while G7 economies are growing at an average of about 1.5 per cent, he pointed out.

“At such a time, India is a model of high growth and low inflation,” Modi said.

There was a time when people, especially economists in our country, used to express concern over high inflation, but the same people now talk of inflation being low, he said in his address.

India’s achievements are not ordinary; it is not about numbers but about fundamental change brought about in the last decade, Modi asserted.