New Delhi, February 13: Noting that India today accounts for 16% of global growth, Prime Minister Narendra Modi on Friday said that the country is poised to drive the world's economic growth and emerge as a new engine of global progress.

 

Addressing the ET Now Global Business Summit here, PM Modi said that amid numerous disruptions, this decade has been one of unprecedented development for India, marked by strong delivery and by efforts that have strengthened India's democracy.

 

"Today, India accounts for 16% of global growth, and I am confident that our contribution will continue to increase in the future. India is poised to drive the world's economic growth and emerge as a new engine of global progress," he said.

 

The Prime Minister also said the world is moving towards a new world order. 

 

"The system established then was based on the idea of 'one size fits all'. It was then assumed that the world economy would be at the core... In this system, nations were viewed solely as contributors. But today, this model is being challenged... Today, every nation is realising that it has to build its own resilience. What the world is discussing today, India made that its policy in 2015 itself. India had made its vision clear in the founding document of 'Niti Aayog', that India will not import even a single development model from any other nation."

 

He said that the government is carrying out reforms with conviction, not compulsion.

"Today, in this decade of the 21st century, India is riding on the Reform Express, and the biggest specialty of this Reform Express is that we are accelerating it not out of compulsion, but with conviction and with reform commitment," he said.

 

The Prime Minister said that the government has made the Union Budget not only outlay-focused but also outcome-centric.

 

"Global pandemics, tensions across the globe, wars, and supply chain breakdowns: the world has seen a lot in just a decade. It is said that a nation's strengths are revealed in times of crisis. And I am very proud that, despite many setbacks, this decade has been one of development, excellent delivery, and strengthening of democracy for India," he said.

 

"It is often said that a country's true potential emerges during times of crisis. I am proud that, despite numerous disruptions, this decade has been marked by unprecedented development, remarkable delivery, and the strengthening of our democracy," he added.

The Prime Minister said his government has regarded technology and innovation as the core drivers of growth.