Indian will emerge stronger from an economic slowdown, Prime Minister Narendra Modi said in a speech on Friday, reassuring investors about their long-term bets on Asia’s third-biggest economy.
India, once the poster child of economic growth in the developing world, grew at the slowest pace in six years during the July-September quarter.
“India has witnessed such ups and downs previously as well,” Modi said in a Hindi speech to businesses leaders in capital New Delhi. “And each time, we have emerged even stronger. That’s why even now India will forge its path ahead with firmer determination and confidence,” he was quoted by Reuters as saying.
“I want to tell everyone associated with the banking and corporate sector that the old weaknesses have been ironed out. Take decisions bravely, invest openly, and spend well and keep moving ahead,” said Modi in an event hosted by industry lobby Assocham.
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The government will spend Rs trillion ($1.4 trillion) in the coming years to develop the country’s infrastructure further, Modi said.
India’s GDP grew at a 4.5 per cent in the September quarter, official data released showed in November. It was the sixth straight fall in quarterly GDP growth and also the first time in almost seven years that it has fallen below the psychologically important 5 per cent mark.
Source: Business Standard