Reform-to-transform is the focus, says Modi at Advancing Asia conference

New Delhi: Terming India a haven of macroeconomic stability, Prime Minister Narendra Modi on Saturday vowed to continue ‘reform-to-transform’ process and pursue policies that will enhance growth and further inclusion.

“India's rapid economic growth that is now the fastest among big economies in the world is very distinct in Asia, he said addressing a conference on Advancing Asia, co-hosted by India and IMF here.

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On her part, IMF chief Christine Lagarde too said, “India’s star shines bright” amid global economic challenges and can deliver nearly two-thirds of the worldwide growth over the next four years despite a slowing momentum.

“We have never tried to gain in trade at the expense of our partners. We do not follow the macroeconomic policies, which say — beggar thy neighbour. We have never undervalued our exchange rate,” Mr Modi said in an oblique reference to China’s attempts to devalue its currency Yuan to boost her economy. Appreciating Indian reform process, IMF chief Christine Lagarde said “India's star shines bright”.

She said the world’s fastest-growing large economy is on the verge of having the largest and youngest-ever workforce and, in a decade, set to become the world's most populous country.

“So, India stands at a crucial moment in its history — with an unprecedented opportunity for transformation. Important reforms are already under way,” she said.

“Think, for example, of Make-in-India and Digital India. And with the promise of even more reforms, India’s star shines bright,” she added.