India seen as bright spot with growth projected to be highest in world: PM Modi

Prime Minister Narendra Modi during his visit to Maharashtra state on Saturday said that India is being seen as a bright spot with growth projected to be highest in the world, PTI reported. 

"This is time of slowdown in global economy. India is being seen as a bright spot with growth projected to be highest in world," the news agency said quoting Modi as saying during the inaugural ceremony of new campus of National Institute of Securities Markets in Mumbai.

Modi is on his day visit to the state in order to lay foundation stone for the grand memorial of Maratha warrior king Chhatrapati Shivaji Maharaji and the metro rail projects in Mumbai and Pune. 

On the country's economy, Modi said, "In less than three years, government has transformed economy, cut fiscal deficit, current account deficit (CAD) and foreign exchange reserves have grown, inflation is lower." 

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Meanwhile, the Prime Minister Office of India's (PMO India) Twitter handle tweeted Modi as saying,"Financial markets can play an important role in the modern economy." 

Financial markets can play an important role in the modern economy: PM @narendramodi

— PMO India (@PMOIndia) December 24, 2016

"However, history has shown that financial markets can also do damage if not properly regulated," he added.

Modi further said, "For financial markets to function successfully, participants need to be well informed." 

For financial markets to function successfully, participants need to be well informed: PM @narendramodi

— PMO India (@PMOIndia) December 24, 2016

The minister expressed the government's willingness to support the start-up ecosystem in the country.

"Government is very keen to encourage start-ups. Stock markets are essential for the start-up ecosystem," PMO India tweeted Modi as saying. 

Government is very keen to encourage start-ups. Stock markets are essential for the start-up ecosystem: PM @narendramodi

— PMO India (@PMOIndia) December 24, 2016

"Our markets should show that they are able to successfully raise capital for projects benefiting the vast majority of our population," he added. 

Our markets should show that they are able to successfully raise capital for projects benefiting the vast majority of our population: PM

— PMO India (@PMOIndia) December 24, 2016

Modi said that the true measure of success is the impact in villages, not the impact in Dalal Street or Lutyens’ Delhi. 

He added, "SEBI should work for closer linkage between spot markets like e-NAM and derivatives markets to benefit farmers." 

SEBI should work for closer linkage between spot markets like e-NAM and derivatives markets to benefit farmers: PM @narendramodi

— PMO India (@PMOIndia) December 24, 2016

"Those who profit from financial markets must make a fair contribution to nation-building through taxes," he said.

Those who profit from financial markets must make a fair contribution to nation-building through taxes: PM @narendramodi

— PMO India (@PMOIndia) December 24, 2016

"My aim is to make India a developed country in one generation," he added. 

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