India’s economy will sustain growth of 7.5 to 8% per year, says PM Modi

India’s economy will sustain a growth of 7.5 to 8% per year, Prime Minister Narendra Modi said in Singapore on Friday.

The Indian government has kept its economic growth forecast for the current fiscal unchanged at 7.5%, buoyed by turnaround in manufacturing and pick up in investment.

“We will sustain a growth of 7.5 to 8% per year,” Modi said while delivering a keynote address at the Shangri-La Dialogue.

As India’s economy grows, its global and regional integration will increase, he said.

“A nation of over 800 million youth knows that their future will be secured not just by the scale of India’s economy, but also by the depth of global engagement.

“More than anywhere else, our ties will deepen and our presence will grow in the region. But, the future we seek to build needs a stable bedrock of peace. And, this is far from certain,” the Prime Minister said.

There are shifts in global power, change in the character of global economy and daily disruption in technology, he said.

“The foundations of the global order appear shaken. And, the future looks less certain. For all our progress, we live on the edge of uncertainty, of unsettled questions and unresolved disputes; contests and claims; and clashing visions and competing models,” Modi added.

India’s GDP grew at the fastest pace in seven quarters at 7.7% in January-March, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output, the Central Statistics Office (CSO) said in its national accounts data released yesterday in New Delhi.

India’s economic expansion at 7.7% was significantly higher than China’s 6.8% in the January-March period, it said.