India stands on the pillars of economic opportunity for all: Modi at AIIB meet

New Delhi: Prime Minister Narendra Modi on Tuesday said that India has emerged as a bright spot in the global economy.

Addressing the third annual meeting of the Asian Infrastructure Investment Bank (AIIB) in Mumbai, Modi said, “A new India is rising. Now, India stands on the pillars of economic opportunity for all.”

Modi emphasised on the government's commitment towards fiscal consolidation, adding that, the government debt as percentage of GDP is consistently declining.

"Our macroeconomic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range," he said.

Stating that India has achieved a rating upgrade after a long time, he further added that India is one of the most investor-friendly economies.

“Investors look for growth and macro-economic stability. They want political stability and a supportive regulatory framework to ensure protection of their investment,” he said.

The theme for this year`s AIIB annual meeting is "Mobilizing Finance for Infrastructure: Innovation and Collaboration."

AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.

China is the largest shareholder with 26.06 percent voting shares in the bank. India is the second largest shareholder with 7.5 percent followed by Russia 5.93 percent and Germany with 4.5 percent.

With Agency Inputs