Prime Minister Narendra Modi who was on a two-day state visit to South Korea, stated that India was on track to become a $5 trillion economy in the coming years and was currently the fastest growing large economy in the world.
“India today, a country of 1.25 billion people, is going through a great transition...The fundamentals of our economy are sound. We are well set to become a $5 trillion dollar economy in the near future,” he had said.
“No other large economy in the world is growing at over 7 per cent year after year. Hard policy decisions such as the introduction of Goods and Services Tax have been taken,” said Modi while addressing an ‘India-ROK Business Symposium' in Seoul on Thursday (21 February).
“In India, we are also focused on making our growth inclusive...In the course of the past three years, we have opened over 300 million bank accounts for those who never had a bank account. Now, 99 percent of Indian households have a bank account and more than 12 billion dollars have been deposited in them,” the PM said.
He added, “They now have access to affordable pensions and insurance. Under the Mudra scheme, we have extended micro credit worth more than 90 billion dollars to 128 million persons over the past three years. Seventy-four per cent of these loans have gone to women,” said the Prime Minister.
Trade Relations With South Korea
Commenting on India’s strong economic relations with South Korea, the PM added that India was among the top 10 trade partners of Korea and India was the sixth largest export destination for Korean goods.
He also asserted that South Korean companies like Hyundai, Samsung, LG electronics had become trustworthy brands in India. And that Kia will soon to join this club. “Over 600 Korean companies have invested in India,” he noted.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.