Asserting that Asia is the ray of hope for global economic recovery, Prime Minister Narendra Modi on Saturday said that India has dispelled the myth that democracy and rapid economic growth cannot go together.
Addressing MOF-IMF Conference on ‘Advancing Asia: Investing for the Future’, Prime Minister Narendra Modi stated that reform of global institutions has to be an on-going process, adding, it must reflect changes in the global economy, and the rising share of emerging economies.
“India has always had great faith in multi-lateralism. All of us need to pursue policies that provide a stable macro economy, enhance growth and further inclusion,” said Modi
Stating that Asia is the ray of hope for global economic recovery, Modi added, “India has a special place in Asia. It has historically contributed to Asia in several ways. India has dispelled the myth that democracy and rapid economic growth cannot go together.”
“India has also shown that a large, diverse country can be managed in a way that can promote economic growth & maintain social stability. Our rapid economic growth is also very distinct in Asia. We have never tried to gain in trade at expense of our partners. We have achieved major gains in macro economic stability,” he added.
Prime Minister Modi in his speech also recalled India’s 70 years old association with IMF.
Meanwhile, IMF Managing Director Christine Lagarde, said, it was a proud moment as India joined China and Japan in the list of the top 10 members of IMF, adding that it was ‘overdue’.
“India in next decade may become the largest global economy in the world,” Lagarde added.
IMF chief Lagarde and Finance Minister Arun Jaitley also exchanged MoUs to establish the IMF Assistance Centre in India.