India will continue to grow at 6-8% for next 5 years: Ashwini Vaishnaw

India will continue to grow at 6-8 per cent for the next five years due to the transformative changes ushered in by Prime Minister Narendra Modi in the face of global turmoil and geopolitical tensions, Information and Broadcasting Minister Ashwini Vaishnaw said on Friday.

Addressing the NDTV Indian Of The Year Awards function, Vaishnaw said India's growth story was based on four pillars of massive public investments, focus on manufacturing and innovation, inclusive growth and simplification of laws.

Vaishnaw said the world saw India as a ray of hope in times of global turmoil, two wars, disruption of supply chains and the hit taken by the world economy due to the Covid-19 pandemic.

The minister credited Modi's "considered thought process" and "clearly laid out plans" for India's sustained economic growth.

"We can say with a very high degree of confidence that India will continue to grow at 6-8 per cent real growth, 10-14 per cent nominal growth and a very moderate inflation for the coming five years and this confidence is due to the change that has happened in people's lives," Vaishnaw said.

The minister said the policies pursued by Modi have led to the re-election of his government for the third consecutive term at a time when world over governments are facing anti-incumbency.

"But in such a big, vibrant and vocal democracy, people have reelected a government for the third consecutive time. This is because people have witnessed transformative change in their lives," Vaishnaw said.