Economy: GDP growth reflects transformative reforms in the last 10 years, says PM Modi
Virendra Pandit
New Delhi: Prime Minister Narendra Modi on Saturday said India’s GDP growth of 7.7 percent in the first six months of the current financial year (2023-24) reflects the country’s strengthening economy and the transformative reforms carried out in the last 10 years of the NDA government.
Addressing the Infinity Forum 2.0 conference at the GIFT City in Gandhinagar, via video link, he said his government wants to turn the Gujarat International Finance Tec (GIFT) City into a global nerve center of the new age of international financial and technology services.
“In the first six months of this financial year, India has achieved GDP growth of 7.7 percent…Today, the entire world has pinned its hopes on India. This did not happen on its own but is a reflection of India’s strengthening economy and also the transformative reforms carried out in the last 10 years,” PM Modi said in his inaugural address.
Emphasizing that the GIFT City should become a global fintech laboratory, he said the GIFT IFSCA has already formulated 27 regulations and created 10 frameworks amid global economic turmoil. It has the potential to become a gateway to a global fintech world.
PM Modi said the GIFT IFSCA is currently hosting some 580 operational entities, three exchanges, 25 banks, 29 insurance entities, two foreign universities, and over 50 professional service providers.
Today’s India is among the fastest growing fintech markets in the world and the GIFT International Financial Services Centre (IFSC) is emerging as its center, the PM said.
He urged experts to share their ideas on developing a market mechanism for green credits.
On the occasion, PM Modi congratulated the people of Gujarat on the inclusion of the state’s traditional Garba dance in UNESCO’s “Representative List of the Intangible Cultural Heritage of Humanity.”
Two days ago, the Indian-Americans, especially the Gujaratis, celebrated this recognition by organizing a mass Garba at Times Square in New York amid freezing temperatures.
