August 14, 2026 03:02 pm (IST)
Follow us:
India shows co-existence of democracy and rapid growth: PM Modi
New Delhi, Mar 12 (IBNS) Prime Minister Narendra Modi on Saturday said India has dispelled the myth that democracy and rapid economic growth cannot go together.
"India’s growth rate of over seven per cent is being achieved in a country that is also a vibrant democracy. It is sometimes assumed that democracy is a colonial gift to India. But historians tell us that India had produced forms of democratic self governance, many centuries ago, when democracy was unknown in many parts of the world," he said at the MOF-IMF (Ministry of Finance and International Monetary Fund) Conference on "Advancing Asia: Investing for the Future."
"India has also shown that a large, diverse country can be managed in a way that can promote economic growth and maintain social stability. One way in which we are doing this is through cooperative and competitive federalism," he said.
"The states and the Centre come together to pursue common objectives. States which pursue good policies and deliver essential services for the poor, induce others to follow," he said.
"Our rapid economic growth is also very distinct in Asia. We have never tried to gain in trade at the expense of our partners. We do not follow 'beggar thy neighbour' macro-economic policies. We have never undervalued our exchange rate. We add to world and Asian demand by running current account deficits. We are therefore good Asian and good global economic citizens, and a source of demand to our trading partners," he said.
Modi said: "We all want Asia to succeed. I firmly believe that India can contribute to Asian prosperity and development by being economically strong. Amid global problems, I am happy to say that India is a haven of macro-economic stability and a beacon of hope, dynamism and opportunity."
"Madam Lagarde [IMF Director Christine Lagarde], you have referred to India as the 'bright spot' in the global economy. I view this as a great privilege and, at the same time, a major responsibility. Let me outline our achievements in the last few months and our priorities for the period ahead," he said.
IMF Managing Director Christine Lagarde said earlier that "with the promise of more reforms, India's stars are shining bright."
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
‘Who are they to interfere?’: CJI Surya Kant slams Bar Council of India over NALSAR students’ enrolment row
Fri, Aug 14 2026
'Shows how low Congress has sunk': BJP slams Rahul Gandhi over Modi foreign policy jibe
Fri, Aug 14 2026
Uttarakhand tunnel horror: 7 dead, 14 injured after flash surge traps worker, rescue operation ongoing
Fri, Aug 14 2026
Nagpur joyride turns fatal: Two teenagers killed, father booked for letting minor drive
Thu, Aug 13 2026
Sukhbir Singh Badal attacked with kirpan at Nanded gurdwara, security guard injured
Thu, Aug 13 2026
Netaji statue vandalised in Kolkata hours after CM Suvendu Adhikari's warning over disrespect
Thu, Aug 13 2026