Global buzz around high growth rate of Indian economy, says PM Modi

PM inaugurates 800 MW Unit 2 of NTPC's thermal power project in Peddapalli district of Telangana

With the present pace of economic growth, India is set to become the world’s third-largest economy, said Prime Minister Narendra Modi on Monday. There is also a global buzz around the high growth rate of the economy, he said addressing an event in Telangana.   

The Indian economy has the world’s attention because it was the only major economy to achieve an 8.4 per cent growth in the last quarter. “With this speed, India will become the world’s third-largest economy,” he said, adding that it will lead to high growth for the economy of Telangana as well.

Modi was in Chennai to lay the foundation stone of multiple developmental projects related to power, rail, and road sectors worth more than Rs 56,000 crore in the state.

The key to the nation’s development lies in the development of the states, he said, emphasizing that with a stronger economy, trust in the country increases, leading to benefits for states through increased investment.

The Prime Minister inaugurated an 800-megawatt capacity NTPC Unit 2, which will further boost the power generation capacity of Telangana. He also announced the completion of the electrification of Ambari - Adilabad - Pimpalkhuti railway lines and laid the foundation stone for two major National Highway projects in Adilabad, Bela, and Mulugu.

He said the modern rail and road projects will add momentum to the development of Telangana as well as the entire region. They will reduce travel time, encourage tourism, and create employment opportunities.

Recalling the past neglect of the Telangana region, Modi highlighted the increased budget allocation for the state’s development during the past 10 years. “Development for us entails uplifting the most marginalised – the Dalit, tribals, backwards, and deprived,” he said. Crediting welfare schemes of the government for lifting 250 million people out of poverty, he announced such initiatives will be further expanded in the next five years.