Indian economy is expected to grow by 7.5 per cent this year

Economy expected to grow 7.5% this year: Prime Minister at Regional SCO Summit

Prime Minister Modi said India is supporting innovation in all fields.


India’s economy is expected to grow 7.5% this year and this will be the highest among the world’s largest economies, Prime Minister Narendra Modi said at the annual summit of India. The Shanghai Cooperation Organization (SCO) on Friday.

In his speech at the summit in this historic Uzbek city, the Prime Minister also said that India is making progress towards becoming a manufacturing hub while highlighting different aspects of its economy. country economy.

“We are making progress in making India a manufacturing hub. India’s young and talented workforce makes us naturally competitive,” he said.

The Indian economy is expected to grow by 7.5% this year, the highest among the world’s largest economies.

The Prime Minister spoke in the presence of Russian President Vladimir Putin, Chinese President Xi Jinping, Pakistani Prime Minister Shehbaz Sharif and other leaders of the influential bloc.

“We are supporting innovation in every sector. Today, there are more than 70,000 startups in India, of which more than 100 are unicorns. Our experience can also be useful to others. many other SCO members,” he said.

“For this purpose, we are ready to share our experience with SCO member countries by establishing a new Special Working Group on Entrepreneurship and Innovation,” he said.

Prime Minister Modi said India is focusing heavily on the proper use of technology in its human-centered development model.

India remains one of the fastest growing economies.

Recently, the Reserve Bank of India (RBI) expected the economy to grow 7.2% in the current financial year.

Fitch Ratings on Thursday cut India’s economic growth forecast to 7% for the current financial year, citing rising inflation and higher interest rates.

Fitch, which in June had forecast India’s GDP to grow 7.8% in 2022-23, also forecast a slowdown in growth to 6.7% in FY24 from its previous estimate of 7.4%.

The summit of the group of eight influential nations comes amid growing geopolitical uncertainty, largely triggered by Russia’s invasion of Ukraine and its aggressive military action. China in the Taiwan Strait.

In his speech, Prime Minister Modi also talked about the need for the SCO to develop reliable and flexible 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 emerged as one of the largest trans-regional international organisations. India and Pakistan became permanent members in 2017.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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