Rising crude prices have not resulted in spike in inflation: PM Modi at AIIB
Modi
PM Modi said, 'Our macroeconomic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range'
While addressing the third annual meeting of the governors of the Asian Infrastructure Investment Bank (AIIB) in Mumbai, PM Modi said that the rising crude prices have not resulted in a spike in inflation and the macroeconomic fundamentals of the country remain strong.
He said, "Our macroeconomic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range".
He further added that the BJP-led government is committed to fiscal consolidation and that the government debt as the percentage of GDP is consistently declining."
"Government is firmly committed to the path of fiscal consolidation. Government debt as percentage of GDP is consistently declining. India has achieved a rating upgrade after a long time", he said.
He added that the country emerged as a "bright spot" in the global economy, driving global growth with a $ 2.6 trillion GDP. He further said that the GDP is expected to grow at 7.4 per cent this year.
"India is one of the most investor-friendly economies. Investors look for growth and macroeconomic stability. They want political stability and a supportive regulatory framework to ensure the protection of their investment".
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"A New India is rising. Now, India stands on the pillars of economic opportunity for all, knowledge economy, holistic development, and futuristic, resilient and digital infrastructure".
"India and AIIB are both committed to make economic growth more inclusive and sustainable. In India, we are applying novel Public Private Partnership (PPP) models, Infrastructure Debt Funds and Infrastructure Investment Trusts".
"The external sector remains robust. Our foreign exchange reserves of over $ 400 billion provide us adequate cushion. Global confidence in India's economy is rising. Total FDI flows have increased steadily and India continues to be one of the top FDI destinations," he said.
(With inputs from Agencies)