In light of the decade-long transformation changes, PM Narendra Modi on October 4 expressed confidence in the Indian economy, saying that the world was optimistic about an "Indian era," referring to the increasing regional tensions in Ukraine and West Asia.
"The two regions play a crucial role in the global economy and energy security. Amid such global uncertainty, we are discussing the Indian era,” said Modi at the Kautilya Economic Conclave.
“This shows that the confidence in India is different; this shows that India's self-confidence is also special," he added. top global economists in the audience.
Although Modi's remarks suggested that India is ready to maintain its growth trajectory despite the possibility of small conflicts turning into wider regional tensions, the country has mostly been unaffected by the intensifying military clashes.
He did not say whether he also meant that the situation presented an opportunity for India.
The prime minister pledged to forcefully pursue reforms and said officials are striving to guarantee that India not only secures the top position but maintains it.
"Last year, we did better than all projections. Whether it is the World Bank, IMF, or Moody's, all of them have upgraded their projections. All of them are saying that India will grow at over 7%, despite global uncertainty,” said Modi.
“Indians are confident that we will perform much better than this. There is a strong reason behind this confidence; whether manufacturing or service sector, the world is looking at a favorite destination to invest,” he added.
Following the implementation of the Insolvency and Bankruptcy Code (IBC), bank cleanup, Goods and Services Tax (GST), and Foreign Direct Investment (FDI) liberalization, Modi said the government was collaborating with the states to enhance procedures; he has already discussed this matter with chief ministers.
He identified the green economy as one of the industries with the most investment potential.
Tensions in Ukraine arise from Russia's 2014 annexation of Crimea and ongoing clashes with pro-Russian separatists.
In West Asia, conflicts are fueled by territorial disputes, sectarian divides, and geopolitical rivalries, especially between Iran and Saudi Arabia. These tensions lead to instability, affecting foreign direct investment and regional economic development.
