On 12th March 2016, Prime Minister Shri Narendra Modi addressed MOF-IMF Conference on Advancing Asia, which was organized by the International Monetary Fund and the Government of India in Delhi. The other members: Most popular movement politician and the Managing Director, Madam Lagarde and Cabinet Minister Mr. Arun Jaitley were also present there.

While addressing at the Conference, PM Modi described India as a harbor of macroeconomic stability and he affirmed to continue “reform-to-transform” process and follow policies which will support development in our country. According to him, IMF quotas of emerging the countries will have a great effect on the world economy and increasing share of the nations. He mentioned the change in quotas as a serious issue of legitimacy and fairness which is not related to the increasing power of certain countries. He said that our nation has a strong belief in multilateralism. He also mentioned the time of Bretton Woods Conference when India was represented to initiate IMF (International Monetary Fund). Our nation is the founding member of the New Development Bank and the Asian Infrastructure Investment Bank. We have shared a strong relationship of more than 70 years and we are the confident that these banks will play a major role in Asia’s Development.

PM Modi praised the decision of IMF to finalize the next round of quotas change by October 2017. According to him, the funds can provide great assistance to enhance growth for stable macro economy, and further inclusion. All the members can take advantage of this IMF for development and for that we need to pursue certain policies and regulations.

Apart from this, IMF can also help to build capacity for the policies. PM Modi said the new partnership or members of India will be Nepal, Bangladesh, Maldives, Sri Lanka, and Bhutan. Along with this, South Asia Regional Training and Technical Assistance Center will also be set up to provide ease with the plans and procedures. These will also increase the skills and improve the quality of policy inputs by providing technical assistance to public and government institutes.

PM Modi described the theme of the conference as Investment for the Future”. He said that the ray of hope for the global economic recovery has been rising in many regions of Asia. It is observed that the global FDI has 40% share, which has led our nation to become one of the most dynamic regions of the world. He also mentioned that people in Asia save more as compared to the other parts of the world and the saving ethics of Asian countries will help them effectively for future years. There are many countries in Asia that depend on the banks and developmental financial institutions rather than the capital markets which provide them an alternative mode for the financial sectors.

For the past many years, India has shared a special place in Asia and it had introduced a long last lasting influence on the continent’s culture as well. We have set an example for the whole world that freedom from colonial rule can be achieved without any violent activity.

In the worlds of Shri Narendra Modi – वसुधैव कुटुम्बकम्”

It means that the world is one family- and it refers to the sense of oneness of all identities. In this way, Prime Minister Shri Narendra Modi described the sense of nationhood which could be inclusive and broad.

According to PM Modi, our country has improved the economic governance. The transparency in the systems and processes help us in many ways. Nowadays, we have one of the most successful and largest programs of direct benefit transfers in different sectors like food, living facilities etc. Our government has been planning to extend the programs on a large scale and we have become successful to connect two hundred million people to the banking systems. In 2015, India was ranked on the top position in the World Bank Doing Business Indicators. Along with this, many physical indicators have been targets, including the production of electricity, coal, fertilizers, motor vehicles etc.

Entrepreneurship in India has increased the investment in several regions like IT industries, companies, and small and large scale business. Along with this, the investment in the rural and agricultural has also increased because of which a majority of people in India has been contributing their skilled efforts and innovative ideas. The Agenda of Reform to transform will be achieved very soon in the future years. We aim to enhance the income of farmers by different modes like: water management, increasing productivity, creating rural assets, improving the marketing process, reduction in the margins of middlemen and increasing irrigation. We have also introduced major crop insurance programs and agricultural marketing processes. Along with this, investment in the public sectors like roads and railways will also be planned to improve the productivity of the economy and connectivity of the people.

According to PM Modi, India is a diverse country that has been managing its ways to maintain social stability and to promote the economic growth with cooperative and competitive federalism. We do not follow” Beggar thy Neighbour” as the states and the center community in our country work together for the common objectives. Despite of many difficulties such as external environment, less rainfall etc. we have become successful to achieve the growth rate of 7.6% which is the highest among the major economies of the world. The initiatives likeStart Up India and Stand Up India and Make in India programs are the perfect example of the development and improving economic status. Along with this, we have also played a major role at the COP 21 Summit to ensure development in various sectors. Solar Energy Plants, Carbon Sink Build up etc. are the perfect example of the innovative programs.

PM’s Vision: Prime Minister Shri Narendra Modi has a dream of transformed India and to achieve that, he has considered all parameters and sectors for the sustainable development and increased revenue stream. He has been leading our nation towards major objectives which are important for the rapid economic growth to a great extent.

Contributor: Sunpreet Kaur