PM Modi urged states to focus on development and compete in parameters such as ease of doing business.

Prime Minister Narendra Modi on Monday said that India is not just an emerging market but an emerging economy, and the country is charting a path toward a vibrant and promising future.

Delivering the sixth Ramnath Goenka Lecture here, PM Modi also referred to the ruling NDA's sweeping success in the Bihar assembly election and said people had given their verdict in favour of development.

He said in 2022, the crisis significantly disrupted global supply chains and energy markets, affecting economies worldwide. Despite these challenges, India's economy demonstrated strong momentum, achieving robust growth in 2022-23.

In 2023, even as the situation in West Asia, India's growth rate remainders resilient. This year, amidst ongoing global instability, India continues to maintain a growth rate of approximately seven per cent.

At a time when the world grapples with uncertainty and fears of disruption, India is charting a path toward a vibrant and promising future. India isn't just an emerging market," PM Modi said, also an emerging economy.

"Today’s India embodies this constructive impatience. India is eager for progress, restless to achieve development, and determined to become self-reliant," PM Modi added.

PM Modi urged states to focus on development and compete in parameters such as ease of doing business.

"Whether it's the central government or state governments led by regional parties, their primary focus should be on Development. I strongly encourage state governments to foster a spirit of healthy competition by attracting investments and promoting growth. Organising competitions to improve the ease of doing business could be a great step in this direction," he said.