India’s GDP growth hit new all-time high, PM Narendra Modi vows

NEW DELHI: Prime Minister Narendra Modi on Monday promised to help the country turn its fortunes around, with an ambitious growth target of 6.3 per cent for the year from 2021.

“Our growth will not come from mere luck or chance,” Modi said.

“It is a matter of the will and determination of our people to get a better life for the next generation,” he added.

The economy is expected to grow 6.2 per cent in 2021 from an estimated 3.8 per cent the year before.

The Indian economy will be in good shape with an annualized growth rate of 6 per cent.

The government will also spend about ₹2,500 crore in 2021 on infrastructure projects, including road and railway projects and roads, railways and ports, he said.

The economy is likely to expand by at least 6.4 per cent this year, and by more than 7 per cent next year.

Modi, who has been on a visit to Europe, said he was also in Germany to attend a conference on the economy.

He had a bilateral meeting with German Chancellor Angela Merkel on Monday and was expected to hold talks with German President Joachim Gauck and German Chancellor Sigmar Gabriel on Tuesday.

The growth target will make it easier for India to meet its commitments to boost infrastructure spending, Modi said in the speech, adding that it was essential that we focus on making India a good and prosperous country.