India to grow faster than 7.5% in coming years: PM

In Malaysia, Prime Minister Narendra Modi projected India as a bright spot amid global slowdown, and said Indian economy is set to grow faster than 7.5% in the coming years.

Kuala Lumpur: Projecting India as a bright spot amid global slowdown, Prime Minister Narendra Modi today said the country is "running at" 7.5 per cent and will grow "even faster" in the coming years.

"India is today the fastest growing major economy in the world...We are running at 7.5 per cent per year, but will grow even faster in the coming years," he said while addressing the Indian diaspora on the second day of his three-day visit to Malaysia.

"Every major global institution has placed its bets on India growing strongly," Modi said.

He said India is witnessing growth even when rest of the world, including parts of Asian region, are experiencing a slowdown.

Indian economy witnessed a growth of 7.3 per cent in the last fiscal. During the first quarter of 2015-16, the growth was 7 per cent.

Talking about the 18 months of his government, Modi said, there is also a change in the way government is working. "We are making government transparent and accountable. We are eliminating corruption at all levels. We are making governance driven by policies and systems, not by discretion of individuals," he said.

"There is change in the cities. There is momentum in the villages. And, there is confidence in our citizens, especially our youth. And, there is change in the way government is working," he added.

On the cooperative federalism, Modi said, "we are changing the way government and citizens interact with each other. And, Central and State Governments work with each other. States compete with each other now. That is healthy."

At the same time, he noted that the world is inter-dependent and "our national progress will depend on the strength and success of our international partnerships... What happens in a far off country can affect the livelihood of workers in another place."

Modi said the decision that may be taken in a conference room in the UN or WTO can affect the life of a farmer in a village in India and the lifestyle in one part of the world affects climate and agriculture in another part of the world.

"We need each other's markets and resources...We don't have to look far to find friends and partners. Southeast Asia is our neighbour on land and sea. This is one of the most dynamic and peaceful regions of the world. This is a region of culture, talent, enterprise and hard work," he said.

He said India has excellent relations with all Southeast Asian countries.