E-Paper
Modi highlights economic performance despite challenges
Prime Minister Narendra Modi cited the first quarter GDP numbers and said India has again performed better than every expectation and estimation
Prime Minister Narendra Modi on Tuesday highlighted India’s latest economic performance, pointing to GDP growth of 7.8% in the first quarter of the year “despite challenges driven by economic self-interest.” The comment was seen as a veiled reference to rising protectionist measures worldwide, particularly US tariff moves.
Modi cited the first quarter GDP numbers and said India has again performed better than every expectation and estimation. “...many issues are playing out in almost every economy, and challenges are stemming from self-interest. In that environment, India has shown a progress of 7.8% GDP,” he said.
Modi said the pace of growth was particularly notable when many other economies are grappling with slower growth. He attributed India’s momentum to broad-based gains across manufacturing, services, agriculture, and construction.
Modi said the energy from this performance is visible across industries and among citizens. He added that this momentum was energizing industries and creating optimism. Modi reiterated that India is on track to become the world’s third-largest economy.
Modi, who was speaking at the Semicon India 2025 a day after returning from China, described chips as the “digital diamonds” of the 21st century, drawing a parallel with oil in the previous century. He said that petroleum once shaped global fortunes, and semiconductors now hold similar importance for global progress.
Modi said the global semiconductor market, worth around $600 billion, is projected to surpass $1 trillion. He expressed confidence that India would secure a significant share of this expanding market given its current trajectory in the sector.
