Amid global economic turmoil, PM Modi says India’s economic and banking systems are strong
Narendra Modi
Indian economic and banking systems are strong and won't be affected by the turmoil currently rocking global markets, said Prime Minister Narendra Modi on Saturday during a conclave.
"Amidst a global crisis, today India's economic system is strong, the banking system is strong. This is the power of our institutions," Modi said at an India Today gathering.
His comments were made amid global economic turmoil after the recent collapse of two American banks—Signature Bank and Silicon Valley Bank.
The authorities have rescued lenders on the edge but the collapse caused a sharp decline in banking stocks worldwide and also led to massive concerns over the global financial system.
In a veiled reference to the ongoing Bharatiya Janata Party (BJP)'s intense attack on Congress leader Rahul Gandhi for his criticism during a lecture in a UK university, PM Modi further said that the success of India's democracy and its institutions is hurting some people and that is why they are attacking it.
&im=FitAndFill=(700,400))
Why Russian tanks are much lighter compared to US tanks
)
What’s happening in Nepal? How did a local clash turn into communal violence? WION Decodes
)
Why did FSSAI ban the sale of Old Monk, Antiquity Blue and other liquor brands?
)
Punjab Assembly passes resolution against Centre's mandatory E20 petrol rollout
)
Scientists find descendants of ancient sea creatures trapped under Antarctica's Blood Falls
&im=FitAndFill=(700,400))
Meet top 5 batters in latest ICC Test rankings 2026 - check who sits at the top
&im=FitAndFill=(700,400))
Who is Sujatha Vijayakumar? The producer defending daughter Aarti in Ravi Mohan divorce battle
)
Who is Devendra Nath Mahto, Jharkhand’s 'Sonam Wangchuk' fasting for protesting students?
)
'World's most beautiful village' with only 627 people generated Rs 58 lakh in traffic fines in 2025
)
Indian vessel sinks after Red Sea attack off Yemen; all crew rescued
&im=FitAndFill=(700,400))
7 longest flights in the world - Singapore, Qantas, Qatar and others
)
Tamil Nadu leader Udhayanidhi Stalin draws severe backlash over derogatory remark against Trisha
&im=FitAndFill=(700,400))
Meet top 5 bowlers in latest ICC ODI rankings 2026 - check who sits at the top
)
Another assassination attempt? Armed man arrested at Trump's golf course ahead of presidential visit to LA
)
Munir-protege Mohsin Naqvi’s claim of unearthing huge scam triggers tremors in Pakistan’s power corridors
&im=FitAndFill=(700,400))
Why are iPhones so expensive compared to Android phones?
)
'I was almost trafficked in Paris,' says Australian woman, shares terrifying ordeal - 'I am on the black market'
&im=FitAndFill=(700,400))
Can an S-400 detect a bird?
)
India avoids higher US tariff, secures lower 10% rate. Here's how
)
WMO warns Super El Niño is set to become monstrous between Aug-Oct - This was 'only a warm-up act'
)
Why did India turn down the US offer for F-35 fighter jets? EXPLAINED
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
‘India’s FCRA bill an attack on Christians, could hit bilateral ties,’ says US lawmaker
&im=FitAndFill=(700,400))
New OTT releases this week (August 3-9, 2026): Main Vaapas Aaunga, Uyir, Operation Safed Sagar- 6 titles coming on Netflix, Prime Video and more
)
Trump, Putin kissing in Amsterdam? Pride parade’s ‘couple’ goes viral | WATCH
)
'Should not be bullied': CJP says movement will expand beyond protests. Politics, or something bigger?
)
Did military GPS jamming cause a plane to crash in New Mexico? Here's what a report says
)
Trump goes 'bing bing bing' 11 times within 5 seconds at Iran war briefing
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Influencer killed on livestream: Mexican cartel boss' son asked dad to kill woman who broke up with him
)
Ghajini villain Pradeep Rawat passes away at 74 after battle with cancer
WATCH |S Jaishankar says 'Situation stands fragile' on India-China relationship
The Indian prime minister also hailed the strength of the country's various institutions. He said that this strength has led to increasing participation of people in elections, the successful conduct of many polls during COVID-19, a strong economy and banking system amid a global crisis, and the administration of more than 220 crore vaccine doses against the coronavirus.
During the conclave, he said, "Whatever India is achieving today, it is due to the power of our democracy, the power of our institutions. It seems to me that this success is hurting some people and that is why they are attacking our democracy and institutions."
(With inputs from agencies)
WATCH WION LIVE HERE
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.