IMF sees India as 'bright spot' in global economy: PM Narendra Modi

Prime Minister Narendra Modi on Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy, and according to the World Bank, India is in a better position to deal with the global headwinds than many other countries.

This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of "Invest Madhya Pradesh-Global Investors Summit" in Indore. The theme of the two-day summit is 'Madhya Pradesh-The Future Ready State'.

Modi said the optimism for India is driven by its strong democracy, young demography, and political stability. Due to these, India is taking decisions that boost the ease of living and ease of doing business, he said.

"The IMF sees India as a bright spot in the global economy, while the World Bank says India is in a better position to deal with global headwinds than many other countries," Modi said. "When we talk about a developed India, it is not just our expression but it is the resolve of every Indian," he added.

India has been on the path of "reform, transform, and perform" since 2014," the PM said. The Aatmanirbhar Bharat Abhiyan has imparted greater momentum to it. As a result, India has become an attractive destination for investment, he said.

"In eight years, we have doubled the speed of construction of national highways. During this period, the number of operational airports in India has doubled. India's port handling capacity and port turnaround have improved phenomenally," he said.

The Organisation for Economic Co-operation and Development (OECD) has said India will be among the fastest-growing economies in the G20 group this year, he noted.

According to Morgan Stanley, India is moving towards becoming the world's third-largest economy in the next four-five years, while the CEO of McKinsey has said this is not only India's decade, but India's century, the PM added.

The key objectives of the Global Investors Summit are—showcasing the industrial ecosystem of the state, promoting the state policies, consultation with industrial organisations to formulate industry-friendly policies, collaboration opportunities, promoting export potential and buyer-seller meets, and vendor development, an official earlier said.