Prime Minister Narendra Modi said in a program that today India is creating a new identity in the world and is moving forward with confidence. He said that long-term slavery had weakened India’s self-confidence, but now the country is coming out of this mentality and moving towards progress with new resolutions and new energy.

India is coming out of slavery mentality: PM Modi
Prime Minister Modi said that no country can move forward without self-confidence and India stands today on the strength of that self-confidence. He said that the mentality of slavery was the biggest obstacle in the path of India becoming a developed nation, but the government is continuously making efforts to free itself from this thinking. He said that India is now moving forward with the mindset of change and new history is being written in every field.

Mention of improvements in space sector
In his address, PM Modi mentioned the changes in the space sector. Speaking at the Hindustan Times Summit, he said that earlier the space sector was completely under government control, but the government made reforms and opened it for private companies. This decision has opened doors to new opportunities from space research to satellite launch and its results are clearly visible today.

Prime Minister spoke on the economy
Talking about the country’s economy, the Prime Minister said that the recently released GDP figures show that India is emerging as a strong player in the global economy. He said that the GDP growth rate in the second quarter was 8%, which is not just a figure but an indication of India’s strong economic condition. He said that today India is making an important contribution to the economic growth rate of the world.

India’s role in the global scenario
Prime Minister Modi said that when the world is talking about recession, India is writing the story of development. When there is a crisis of trust in the world, India is becoming a pillar of trust. And when the world is moving towards division, India is working to build bridges. He said that India has now become not just a watching nation but a nation giving direction to the world.

Baba Saheb Ambedkar remembered
In his message, the Prime Minister also paid tribute to the creator of the Constitution, Dr. Bhimrao Ambedkar. He said that today is Baba Saheb’s Mahaparinirvan day and without his thinking and his contribution, the democratic structure of India would have been incomplete.

Next 25 years will be decisive – PM Modi
At the end of the message, Prime Minister Modi said that we are standing in an era when a quarter of the 21st century has ended. He expressed confidence that the coming 25 years will be decisive for India and this is the time when India is taking the biggest steps towards becoming a developed nation. He said that our direction is clear, our pace is constant and our intention is India first.

Bulletin RBI: The Reserve Bank of India (RBI) has said in its November Bulletin that fiscal, monetary and regulatory measures are creating a favorable environment for increased private investment in India, which will accelerate economic growth in the coming years. In the article titled ‘State of the Economy’, it has been told that despite global uncertainties, the Indian economy is continuously showing signs of strength.

Strength in Indian economy

High-frequency indicators for the month of October—such as PMI, GST collections, electricity consumption and e-way bills—point to strength in both the manufacturing and services sectors, with festive demand and GST reforms playing a key role. According to the report, inflation is at historically low levels and remains well below target, while financial conditions are also favorable and resource flows are stable.

Despite uncertainties in global trade policies and external challenges, India’s economy is becoming stronger with time, thanks to strong services exports, rising remittances, cheap crude oil and increasing share of renewable energy.

Private investment will get a boost

The current account deficit also remained limited in proportion to GDP in the first quarter of the financial year 2025–26. The bulletin said that the improved macroeconomic framework has enhanced the efficiency of financial institutions and helped the RBI to further streamline financial intermediation and credit flows.

The article also mentions that policy steps taken this year will bring long-term economic strength through increased private investment and productivity. However, concerns remain about the sustainability of the euphoria in global stock markets and its impact on financial stability. RBI has clarified that the views published in the bulletin are personal to the authors and should not be linked to the official views of the bank.

Chief Economic Advisor on Indian Economy: Chief Economic Advisor (CEA) V. Ananth Nageswaran said on Friday that the country’s economic growth rate is expected to be more than 6.8% in the current financial year. He said that the main reason for this has been the increase in consumption due to reduction in GST rates and relief in income tax.

In the economic review presented in Parliament in January, the real GDP growth rate for the financial year 2025-26 was estimated to be between 6.3 to 6.8%. Addressing a private news channel’s program ‘Global Leadership Summit 2025’, Nageswaran said that he easily sees a growth rate above 6.8%.

The country’s economy will boom

He further said that in August there were concerns that the growth rate may remain at the lower end of the 6 to 7% range, but now it is clear that it will go above 6.5% and possibly even above 6.8%. However, before estimating 7%, we will have to wait for the second quarter data.

It is noteworthy that India’s GSP growth rate in the first quarter of the current financial year was 7.8%. This growth was mainly possible due to the better performance of the agriculture sector and the strength of sectors like trade, hotels, financial services and real estate. Earlier, the highest GDP growth of 8.4% was recorded in the January-March 2024 quarter. At the same time, China’s growth rate was 5.2% in the April-June quarter. Thus, India still remains the fastest growing large economy in the world.

India-US deal expected soon

Nageswaran said that if India-US bilateral trade agreement (BTA) is reached, it will provide additional impetus to economic growth. He said that if a solution is found on the trade front, the growth forecast may go higher. Also expressed hope that the agreement would be completed soon, although no deadline was given for this.

At present, America has imposed a high tariff of 50% on goods imported from India from August 27, with an additional penalty of 25% for purchasing crude oil from Russia. While imposing this customs duty on August 7, US President Donald Trump had said that India has harmed American interests by continuing to import oil from Russia and maintaining trade barriers.

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Moody on India Growth: US rating agency Moody’s says that the ongoing confusion over the trade deal with the US and the new tariffs announced by President Donald Trump will affect India’s economic growth. According to Moody’s ratings, India’s limited access to the US market will reduce the possibilities of increasing the country’s manufacturing sector, especially high value -added areas such as electronics. However, the agency also said that India’s domestic demand will remain strong towards these external pressures.

25 percent import duty announcement

President Trump has announced to impose 25 percent additional duty on products imported from India, which will be in addition to the current standard import duty. This tariff will be implemented from August 7. Apart from the tariff, Trump has also announced that India will be imposed ‘penalty’ due to trade with Russia. However, no clear information has been given about the amount or form of this possible penalty.

Negative effect of tariff

Christian D. Gujman, Senior Vice President of Moody’s Rating, said that the revised fee on Indian products is much higher than other major exporters in the Asia-Pacific region. While the import duty on other countries is between 15 to 20 percent, India is facing a much higher rate. “Due to limited access to the world’s largest economy (America), Gujman says,” India’s manufacturing sector- especially the possibility of growth of high price-added sectors, especially electronics may decrease. “

Growth may cause loss

India is trying to attract trade and investment from China, but high tariffs may affect its competitiveness. India and America are currently talking about a bilateral trade agreement.

Significantly, America is the largest trade partner in India and in the year 2024, America’s share in India’s total exports was 18 percent. Moody’s believes that India’s domestic demand will remain strong, as India’s economy is less dependent on international trade than other major economies in the Asia-Pacific region.

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Rbi downgrades gdp: After the MPC meeting, the Reserve Bank of India has projected to remain 6.5 per cent on Wednesday to reduce the economic speed for the financial year 2025-26. This is a shortage of 20 basis points in his estimate of 6.7% in February. Along with this, the central bank has reduced the rape rate by 25 basis points to 6%.

This was his second address after becoming RBI Governor in December 2024. In view of the tension due to the tariff and the status of the global market, the global uncertainty is being kept very closely.

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