Prime Minister Narendra Modi asserted on Saturday that India is positioned to propel the world out of its current phase of slow economic growth. Addressing the Economic Times World Leaders Forum, Modi highlighted India's trajectory to becoming the world's third-largest economy and its ambition to achieve developed nation status by 2047.

Modi stated that experts predict India's contribution to global growth will soon reach approximately 20%. He attributed this economic resilience to the macroeconomic stability achieved over the past decade. He pointed to the expected reduction of the fiscal deficit to 4.4% as evidence of this stability.

The Prime Minister outlined several factors underpinning India's strong economic fundamentals. Indian companies are raising unprecedented funds from capital markets, and the banking sector is robust. Inflation is low, interest rates are also low, and foreign exchange reserves are strong. Furthermore, domestic investors are actively participating in the market through Systematic Investment Plans (SIPs).

Modi emphasized his government's commitment to reform, performance, and transformation. He announced that the next phase of Goods and Services Tax (GST) reform, aimed at simplifying the law, would be completed before Diwali, leading to lower prices. He also mentioned that the government continued to implement reforms during the monsoon session of Parliament, despite disruptions.

The Prime Minister highlighted advancements in technology and manufacturing. He announced that the first "Made in India" chip would be available by the end of the year, and progress is being made on developing indigenous 6G technology. He acknowledged that India had missed previous opportunities in semiconductor manufacturing but is now catching up.

Modi stressed that global experts are confident in India's rapid growth, even amidst global uncertainty. He cited India's large and skilled youth population, the expanding neo-middle class, and the stability and continuity in governance as reasons for this confidence. He also noted the continuous growth of Assam's economy as an example of India's overall economic progress.