Overview

• Speaking at the ET World Leaders Forum, Narendra Modi said India is the fastest-growing major economy and is poised to become the world’s third-largest.
• He credited a decade of reforms for resilience, citing a projected 4.4% fiscal deficit, stronger banks, low inflation, a controlled current account deficit, and solid forex reserves.
• Modi said semiconductor facilities are coming up and that a domestically made chip will reach the market by the end of the year.
• He pledged to complete GST reforms by Diwali and said a simplified Income Tax bill has been prepared.
• He highlighted a technology and space push, noting over 60 space missions in 11 years, new docking capability, preparation for Gaganyaan, work on 6G, and recent data showing WPI inflation at -0.58% in July and a record 21.89 lakh EPFO net additions in June.