India breaks the myth that democracy , economic growth cannot go together- PM Modi

International Monetary Fund

Even though India is now a fast developing economy ranking the top in terms of favoured investment destination, reforms will continue to be chased in the right path.

“My agenda for reform to transform is yet to be finished,” the prime minister told the “Advancing Asia” summit partnered up by the International Monetary Fund (IMF) and the Government of India. “Entrepreneurship is also booming, following a series of steps we have taken.”

Christine Lagarde, IMF Managing Director seated on the dias, Modi said reform of global institutions such as the World Bank and the IMF has to be an on-going process. But even now they don’t reflect the global economics realities.

“I am very happy that the IMF has decided to finalise the next round of quota changes by October 2017,” he said, a day after his government tabled a supplementary demand of grant of Rs.69,575 crore in parliament for increasing India’s quota in IMF with higher voting rights.

Modi said many scholars have said that the 21st century is and shall remain the Asian Century, where India takes a special place. “We are a ray of hope for global economic recovery,” he said.

“India has also dispelled the myth that democracy and rapid economic growth cannot go together,” Modi said, adding India has also shown the world that a large, diverse country like India can be managed in a way that can promote economic growth and maintain social stability.

The Prime Minister said along with focus on macro economic stability, removing corruption and also interference in decisions of banks and regulators, Indian government is also helping the agro sector but not based on giving hand-outs.

“We aim to double farmer incomes,” he said, adding: “We have increased investment in the rural and agriculture sector, because that is where a majority of India still lives.”