India is one of the world economy’s brightest spots: PM Modi

Addressing a gathering in Bloomberg India Economic Forum 2016, the Prime Minister hailed India's growing economy.

He said, "The world expects much from India, in terms of contributing to global growth."

"India is one of the world economy’s brightest spots. We have low inflation, low balance of payments current account deficit," he said.

He also spoke about the country's fiscal growth.

The PM said, "Let me emphasise (on) fiscal consolidation. We have met ambitious fiscal targets in each of the previous two fiscal years. We have reduced the deficit even while increasing capital expenditure."

"Our growth rate is acknowledged as the highest among major economies," he said.

Highlighting the other achievements, Modi said, "There has been a smart pick-up in credit growth after September 2015. Credit off-take between February 2015 and February 2016 increased by eleven point five per cent."

The Prime Minister also spoke about the Make in India project, his pet initiative.

"Make in India policy is having effect in employment intensive sectors," he said.

Stating growth rate in other sectors, the PM said that the consumer purchasing power of the average Indian has increased.

"Motor vehicle production, a strong indicator of consumer purchasing power & economic activity has grown at seven point six per cent," he said.

"The employment-intensive wearing apparel sector has grown at eight point seven per cent."

"Manufacturing of furniture has grown by fifty seven per cent, suggesting a pick-up in sales of flats and houses," Modi said.

Speaking on the subject of agriculture, the PM said that a large percentage of population is dependent on the farmers, and hence doubling of farmer's income will help other sectors.

"Large share of our population depends on agriculture. Doubling of farmers’ incomes will have strong benefits for other sectors too," he said.

"We are creating a national agricultural market and removing distortions."

He also said that his big focus is on irrigation.

Modi said, "We have introduced a big focus on irrigation with a large increase in budgets."

Modi said that he is confident of achieving his target of doubling farmer's income.

"Confident we will achieve targeted doubling of farmers’ income," he said.