India dispels myth that democracy and economic growth can’t go together: PM Narendra Modi

Zee Media Bureau

New Delhi: Prime Minister Narendra Modi on Saturday said India has dispelled the myth that democracy and rapid economic growth cannot go together.

India has dispelled the myth that democracy and rapid economic growth cannot go together: PM @narendramodi https://t.co/Eyb66wFITJ

— PMO India (@PMOIndia) March 12, 2016

"My agenda for reform to transform is yet to be finished," the prime minister told the "Advancing Asia" summit here co-hosted here by the International Monetary Fund (IMF) and the government of India. "Entrepreneurship is also booming, following a series of steps we have taken."

With IMF Managing Director Christine Lagarde on the dias, Modi said reform of global institutions such as the World Bank and the IMF has to be an on-going process. But even now they don`t reflect the global economics realities.

Key Highlights of PM Modi's address:

-India's ties with the IMF are more than 70 years old.

-But our help to the farmers is not based on giving hand-outs. We aim to double farmer incomes.

-We have increased investment in the rural and agriculture sector, because that is where a majority of India still lives.

-Entrepreneurship is booming, following a series of steps we have taken.

-Corruption and interference in the decisions of banks and regulators are now behind us.

-Our rapid economic growth is also very distinct in Asia. We have never tried to gain in trade at expense of our partners.

-India has also shown that a large, diverse country can be managed in a way that can promote economic growth & maintain social stability.

-India has dispelled the myth that democracy and rapid economic growth cannot go together.

-India has a special place in Asia. It has historically contributed to Asia in several ways.

-Asia is the ray of hope for global economic recovery.

-Many knowledgeable people have said that the twenty first century is and will be the Asian Century.

-Apart from advice the IMF can help in building capacity for policy making.

-All of us need to pursue policies that provide a stable macro economy, enhance growth and further inclusion.

-The Fund has built up an immense stock of economic expertise. All its members should take advantage of this.

-India has always had great faith in multi-lateralism.

-I am, therefore very happy that the IMF has decided to finalize the next round of quota changes by October 2017.

-Even now IMF quotas do not reflect the global economic realities.

-It must reflect changes in the global economy, and the rising share of emerging economies.

-Reform of global institutions has to be an on-going process.

-Madam Lagarde the long pending quota revisions agreed in 2010 have finally come into effect.