India fastest growing economy among G-20 nations: PM

The Prime Minister spoke of India’s achievements while addressing the graduating students at the Indian School of Business (ISB)

May 27, 2022

India ranks second for the number among the countries with the most internet users

The country has also earned the second position in the global retail index

India has the third-largest start-up ecosystem in the world

"Reform, Perform, Transform" mantra redefined the country’s governance: PM Modi

India is the fastest-growing economy among the G-20 nations, according to Prime Minister Narendra Modi, while addressing graduating students at the Indian School of Business (ISB).

The G20, or Group of Twenty, is a multilateral forum made up of 19 countries and the European Union (EU). It focuses on significant global economic challenges such as international financial stability, climate change mitigation, and sustainable development. 

Fintech

India’s financial technology (fintech) sector accounts for 40% of global digital transactions, said PM Modi while addressing at ISB. According to recent data, India made 48.6 billion real-time payments through FY21. The rise was cited due to an increase in Unified Payments Interface (UPI) and Quick Response (QR) code-based merchant payments, along with a boost in cashless payments.

Healthcare

While speaking about the pandemic, he mentioned that the country has distributed 1.9 billion doses of Covid-19 vaccines domestically, and has also sold them to over 100 countries.

He cited other examples of the country’s healthcare achievements, such as the rise of 1,100 new Personal Protective Equipment (PPE) manufacturing kit makers manufacturers, and also said that the number of medical colleges also increased from 380 before 2014 to over 600 now.

FDI inflow

Speaking about the country’s Foreign Direct Investment (FDI) inflow, PM Modi also said that despite the ongoing global challenges—which have caused supply chain disruptions around the world—India has been a center of growth. 

According to the Ministry of Commerce and Industry, India reported its highest FDI inflow to the tune of US$ 83.57 billion for FY22. This was US$ 1.6 billion higher than the previous fiscal year.

Way forward

Recalling the country’s achievements in a number of aspects, the Prime Minister mentioned that India is the fastest developing economy among the G-20, as it is in the second position when it comes to internet users, the second position in the global retail index, and also that India has the third-largest start-up ecosystem in the world. 

PM Modi also said that the “Reform, Perform, Transform” mantra redefined the country’s governance.

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