PM Modi asserts India is fastest-growing major economy in the world, counters Trump's 'dead economy' jibe (Ld)

Bengaluru, Aug 10 (IANS) Countering US President Donald Trump's recent jibe that India is a dead economy, Prime Minister Narendra Modi, on Sunday, asserted that India is the fastest-growing major economy in the world.

He was addressing a gathering at the International Institute of Information Technology Auditorium in Bengaluru, after laying the foundation stone for the Metro Phase-3 project.

"In the last 11 years, our economy has moved from the 10th position to the fifth position, and we are marching at a speed to become the third-largest economy," he underlined.

"How did we achieve this speed? We got it from the spirit of reform, perform, and transform -- through sheer honesty and commitment," PM Modi said.

He highlighted that economic growth is driving the country's progress.

"Before 2014, India's total exports were worth $480 billion. Today, they have reached $850 billion. Earlier, we used to import mobile phones, but now we are among the top five exporters of mobile handsets. Bengaluru plays an important role in this," PM Modi added.

"Before 2014, our electronic exports were around $6 billion; now they stand at $38 billion. Automobile exports in 2014 were $16 billion, and today that figure has doubled. India has become the fourth-largest exporter of automobiles. This growth strengthens our 'Atmanirbhar Bharat' vision," he said.

The Prime Minister emphasised that "The journey of New India is intertwined with Digital India. Our country is moving towards global AI leadership and gaining momentum in the semiconductor space. India will soon have its own 'Made in India' chip. We have also become a global example of low-cost, high-tech space missions. India is advancing in futuristic technology, and at the core of this progress is the empowerment of the poor."

He said digitalisation has reached even the villages.

"Through UPI, more than 50 per cent of the world's real-time transactions take place in India. Technology is bridging the gap between people and the government. About 2,200 government services are available on mobile phones. Through the 'Umang' app, citizens can get their work done from home," he added.

"We are also investing in AI-powered theft detection technology. Our aim is to ensure that even the last person in society benefits from the digital revolution. Bengaluru is playing an active role in this effort," PM Modi said.

PM Modi appealed to the country's tech companies, saying that instead of focusing on developing software and products for other countries, it is now time to prioritise India's needs in this area.

He elaborated: "Considering the present scenario, our next priority should be 'Tech Atmanirbhar Bharat'. Indian tech companies have made their mark on the global stage. They have built software and products for the world. The time has come to give greater priority to the needs of India. We must move forward in manufacturing new products. Today, software and apps are used in every domain, and India should aim to be at the top. This is of great significance."

"In emerging fields, we must work towards securing a leading position. In the 'Make in India' sector, Bengaluru and Karnataka should strengthen their presence in manufacturing. My appeal is that our products should meet the 'zero defects, zero effect' standards -- meaning no defects in the products and no negative impact on nature during production. I am confident that Karnataka's talent will lead the vision of an 'Atmanirbhar Bharat'," the Prime Minister said.

PM Modi added that "the journey of New India is intertwined with Digital India. Our country is moving towards global AI leadership and gaining momentum in the semiconductor space. India will soon have its own 'Made in India' chip. We have also become a global example of low-cost, high-tech space missions. India is advancing in futuristic technology, and at the core of this progress is the empowerment of the poor".

--IANS

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