Global economic growth weak, need to enhance public investment: Modi

Prime Minister Narendra Modi on Sunday said global economic growth remained weak with slowdown in several major economies and there was a need to enhance public investment to stimulate growth.

In his intervention at the G20 working session on "Inclusive Growth: Global Economy, Growth Strategies, Employment and Investment Strategies", Modi said India was likely to grow at 7.5 percent this year and achieve a growth rate of 8 percent-plus next year.

He said India has reduced inflation and current account and fiscal deficits and its programmes of inclusive development, financial inclusion, universal access to basic needs, Make in India, Skill India, Digital India, Industrial Corridors and Smart Cities will boost growth and employment in the country.

"This will be a source of strength for the global economy," he said.

The prime minister said "global economic growth remains weak, with slowdown in several major economies, volatile financial markets and competitive devaluation of currencies".

"To stimulate growth, we need to enhance public investments, not just rely on monetary policy. G20's continued call to central banks for careful communication on monetary policy actions will be helpful in keeping financial and currency markets stable," Modi said.