India is the fastest growing major economy in the world today and be it manufacturing or service sector, the world is considering India as a preferred place for investment, Prime Minister, Narendra Modi stated in his address at the latest Kautilya Economic Conclave in New Delhi. Organized by The Institute of Economic Growth in partnership with the Ministry of Finance. He added that currently India is the fifth largest economy in terms of GDP. Shri Modi highlighted that today, India is number one in terms of global FinTech adoption rate as well as in terms of smartphone data consumption. He said India is number two in the world in terms of internet users while nearly half of the world's real-time digital transactions are happening in India.
Modi highlighted that at present India has the world's third largest start-up ecosystem and also ranked number four in terms of renewable energy capacity. Speaking on manufacturing, the Prime Minister pointed out that India is the world's second largest mobile manufacturer, the largest manufacturer of two-wheelers and tractors. He emphasized that India has the third largest pool of scientists and technicians in the world and be it science, technology or innovation, India is clearly present at a sweet spot.
Government is following the mantra of Reform, Perform and Transform and continuously taking decisions to move the country forward, the Prime Minister noted. Highlighting the predictions related to India's growth today, the Prime Minister said that their confidence points to the direction in which India is headed and it can also be supplemented by the data of the last few weeks and months. Underlining that India's economy performed better than every prediction last year, the Prime Minister said all institutions, be it the World Bank, IMF or Moody's, have upgraded their forecasts related to India.
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