India’s economy is expected to grow by 7.5% this year and it will be the highest among the world’s largest economies, Prime Minister Narendra Modi said today at the annual summit of the Shanghai Cooperation Organization ( OCS).
In his address at the summit in this historic Uzbek city, the Prime Minister also said that India is progressing towards becoming a manufacturing hub while highlighting various aspects of the country’s economy.
“We are making strides to make India a manufacturing hub. India’s young and talented workforce naturally makes us competitive,” he said.
“The Indian economy is expected to grow by 7.5% this year, which will be the highest among the largest economies in the world,” Prime Minister Modi said.
The Prime Minister made the remarks in the presence of Russian President Vladimir Putin, Chinese President Xi Jinping, Pakistani Prime Minister Shehbaz Sharif and other influential bloc leaders.
“We support innovation in all sectors. Today, there are over 70,000 start-ups in India, of which more than 100 are unicorns. Our experience can also be useful to many other SCO members” , did he declare.
“To this end, we are ready to share our experience with SCO member countries by establishing a new special working group on start-ups and innovation,” he said.
Prime Minister Modi said that India puts a lot of emphasis on the proper use of technology in the people-centered development model.
India remains one of the fastest growing economies.
Recently, the Reserve Bank of India (RBI) expected the economy to grow by 7.2% in the current financial year.
Yesterday, Fitch Ratings cut its projection for India’s economic growth to 7% for the current fiscal year, citing high levels of inflation and higher interest rates.
Fitch, which forecast in June that India’s GDP would grow 7.8% in 2022-23, also expected growth to slow to 6.7% in FY24 from its previous estimate. by 7.4%.
The summit of the influential group of eight nations took place amid growing geopolitical unrest largely sparked by Russia’s invasion of Ukraine and China’s aggressive military posture in the Taiwan Strait.
In his address, Prime Minister Modi also spoke of the need for the SCO to develop reliable and resilient supply chains to offset the disruptions caused by the Covid-19 pandemic and the Ukraine crisis.
The SCO was founded at a summit in Shanghai in 2001 by the presidents of Russia, China, the Kyrgyz Republic, Kazakhstan, Tajikistan and Uzbekistan.
Over the years, it has established itself as one of the largest transregional international organizations. India and Pakistan became its permanent members in 2017.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)