Prime Minister Narendra Modi on Saturday India has become a hope for the world because of its resilience, adding that experts are saying the country's contribution to world economy will soon be 20 per cent.
Speaking at Economic Times World Leaders Forum, Modi highlighted India's ambitions in chip, space and electric vehicles sectors.
"First made in India chip will be out by the end of this year," the prime minister said.
Speaking of India's ambitions in the space sector, Modi said several space missions are in the pipeline in the coming years, adding that the government has established a venture capital fund worth Rs 1000 crore for space startups this year.
"Today, India is home to more than 300 space startups, up from 1 such startup in 2014," Modi said.
On the occasion of National Space Day, Modi said that the day is not far when India will have its own space station.
India's resilient economy
Modi said that the growth and resilience that we see in Indian economy today is due to macro stability that it attained in the past decade even after the Covid-19 pandemic. "S&P Global Rating has updated India's Credit Rating after nearly two years."
The prime minister said that indicators suggest India's economy is strong, highlighting that the country's banks today are stronger than before, the inflation is low, the interest rates are low, Current Account Deficits are in control and Forex reserves are strong.
"When eco fundamentals are strong, the foundation is strong, the impact is also strong," Modi said, adding, "India’s retail inflation after 2017 is at lowest. our forex exchange reserves are nearing record high."
India kept missing the bus before 2014
Modi said previous governments left behind opportunities for technology and innovation and did not think beyond the results of elections.
"We kept missing the bus of development across various sections in India under previous governemnts. We were dependent on foreign companies for 2G, 3G and 4G," the prime minister said.
He said that India changed its approach post 2015 and decided not only to 'never miss the bus but to sit on the driving seat and take the gears of development in our own hands'.
Modi said that this is the reason India developed 'Made in India' 5G network and and expanded it across the country in record time.
Speaking at Economic Times World Leaders Forum, Modi highlighted India's ambitions in chip, space and electric vehicles sectors.
"First made in India chip will be out by the end of this year," the prime minister said.
Speaking of India's ambitions in the space sector, Modi said several space missions are in the pipeline in the coming years, adding that the government has established a venture capital fund worth Rs 1000 crore for space startups this year.
"Today, India is home to more than 300 space startups, up from 1 such startup in 2014," Modi said.
On the occasion of National Space Day, Modi said that the day is not far when India will have its own space station.
India's resilient economy
Modi said that the growth and resilience that we see in Indian economy today is due to macro stability that it attained in the past decade even after the Covid-19 pandemic. "S&P Global Rating has updated India's Credit Rating after nearly two years."
The prime minister said that indicators suggest India's economy is strong, highlighting that the country's banks today are stronger than before, the inflation is low, the interest rates are low, Current Account Deficits are in control and Forex reserves are strong.
"When eco fundamentals are strong, the foundation is strong, the impact is also strong," Modi said, adding, "India’s retail inflation after 2017 is at lowest. our forex exchange reserves are nearing record high."
India kept missing the bus before 2014
Modi said previous governments left behind opportunities for technology and innovation and did not think beyond the results of elections.
"We kept missing the bus of development across various sections in India under previous governemnts. We were dependent on foreign companies for 2G, 3G and 4G," the prime minister said.
He said that India changed its approach post 2015 and decided not only to 'never miss the bus but to sit on the driving seat and take the gears of development in our own hands'.
Modi said that this is the reason India developed 'Made in India' 5G network and and expanded it across the country in record time.
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