Scripting growth story in global slowdown era
Addressing the Hindustan Times Leadership Summit here, Modi said India was brimming with confidence at a time when the world was full of uncertainties and was scripting the story of growth in the era of global slowdown.
He asserted that no country can move forward without self-confidence and every sector today was shedding the colonial mindset and aiming for new achievements with pride.
“This colonial mentality has become a major barrier in achieving the goals of a developed Bharat. That is why today’s Bharat is working to free itself from this mindset,” Modi said.He said such was the impact of this colonial mentality that even today, when many around the world describe India as a global growth engine, very few speak proudly about this achievement.
“Has anyone ever referred to it as the Hindu rate of growth,” he asked, and reminded the audience that the term was used at a time when India struggled even to reach a growth rate of two to three per cent.
Modi said the country’s economic performance was linked to the faith of its people and an entire society was reduced to a synonym for poverty.“The message being pushed was that India’s slow growth was somehow the consequence of Hindu civilisation itself. And those who now communalise every issue had no objection to this term then. This term became part of books and research papers,” the prime minister said.
“The policy of Macaulay, which sowed the seeds of mental slavery in India, will complete 200 years in 2035. This means there are 10 years left. Therefore, in these very 10 years, we all must come together to free our country from the slave mentality,” he said.
Asserting that India is a model of high growth and low inflation, he 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.
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.“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 slowdown, India writes the story of growth. When there is 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 the 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. (PTI)
