India is a ray of hope for global economic recovery |
India`s Prime Minister Narendra Modi said even as India is now the fastest growing economy and ranks at the top in terms of favoured investment destination, reforms will continue to be pursued in the right earnest. His agenda for reform to transform is yet to be finished. Addressing the "Advancing Asia” summit in New Delhi co-hosted by the International Monetary Fund (IMF) and the government of India, he said entrepreneurship is also booming, following a series of steps India has taken.With IMF Managing Director Christine Lagarde on the dias, Modi said reform of global institutions such as the World Bank and the IMF has to be an on-going process. But even now they don’t reflect the global economics realities. However, he was very happy that the IMF has decided to finalise the next round of quota changes by October 2017, a day after his government tabled a supplementary demand of grant of Rs.69,575 crore in parliament for increasing India’s quota in IMF with higher voting rights.India has also dispelled the myth that democracy and rapid economic growth cannot go together, Modi said, adding his country has also shown the world that a large, diverse country like India can be managed in a way that can promote economic growth and maintain social stability.
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