Prime Minister Narendra Modi on Tuesday projected India's robust economic trajectory, asserting the nation is firmly on course to become the world's third-largest economy. Addressing a business gathering with Jordan, he positioned India's growth as a significant opportunity for global partners.
Economic Momentum and Partnership Opportunities
Speaking at the India-Jordan Business meet, PM Modi underscored the strong fundamentals propelling India's expansion. He stated that India's growth rate is currently above 8%, driven by enhanced productivity, effective governance, and policies fostering innovation. "You all know that India is moving towards becoming the world's third-largest economy," he told the audience, directly addressing Jordanian investors and businesses. He emphasized that this momentum opens up a multitude of opportunities across various sectors for international collaboration.
Reviving Historic Ties for Future Prosperity
The Prime Minister linked India's contemporary ambitions with deep historical trade connections. He noted that India is already Jordan's third-largest trading partner and stressed the intent to build a long-term relationship beyond mere numbers. Recalling the ancient trade route from Gujarat to Europe via Jordan's Petra, Modi said, "We will need to revive our old links for our future prosperity." This historical context framed the practical plans laid out during the visit.
The two nations agreed on a concrete roadmap to substantially enhance their economic engagement. A key target is to double bilateral trade to $5 billion over the next five years. Furthermore, they outlined deeper cooperation in strategic areas, with a specific focus on fertilisers, particularly phosphates, according to the Ministry of External Affairs (MEA).
A Landmark Visit and Broader Economic Confidence
MEA Secretary (South) Neena Malhotra described the high-level visit as historically significant, marking the first full-fledged bilateral visit in 37 years. She added that the timing coincides with the 75th anniversary of diplomatic relations between India and Jordan, lending further weight to the discussions.
PM Modi's optimistic outlook aligns with recent statements from the government defending India's economic health. Earlier on Monday, Finance Minister Nirmala Sitharaman, addressing the Lok Sabha, rejected narratives of a faltering economy. She cited sustained growth and recent improvements in India's sovereign credit ratings as evidence of strength, arguing such upgrades would not occur in a weak economy. She highlighted that India remains the world's fastest-growing major economy, having registered a growth rate of 8.2% in the July-September quarter. Sitharaman also emphasized that over the past decade, the economy has transitioned "from external vulnerability to external resilience."
The combined messaging from the Prime Minister and the Finance Minister presents a unified front of confidence in India's economic direction, using the platform of the Jordan visit to invite global investment and partnership in the nation's growth story.
