Why is India being viewed as a global growth engine according to Prime Minister Modi's statement at the Vibrant Gujarat Global Summit
Understand the reasons behind India being considered as a global growth engine, as stated by Prime Minister Modi during the Vibrant Gujarat Global Summit.
According to Prime Minister Modi's statement at the Vibrant Gujarat Global Summit, India is being viewed as a global growth engine for several reasons:
- Demographic Advantage: India has a youthful population, with a median age of around 29, which provides a strong workforce and consumer base, driving economic growth.
- Economic Reforms: The Indian government has implemented various economic reforms, such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC), making it easier to do business and attracting foreign investments.
- Infrastructure Development: Significant investments have been made in infrastructure development, including the construction of roads, railways, airports, and the development of smart cities, enhancing India's connectivity and competitiveness.
- Digital Transformation: India's push towards digitalization has created a strong technology ecosystem, including e-commerce, fintech, and digital payments, driving innovation and economic growth.
- Start-up Culture: India's vibrant start-up ecosystem has been recognized globally, fostering entrepreneurship, innovation, and job creation, leading to sustained economic growth.
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