PM Modi Highlights India’s $700 Billion Forex Reserves

Prime Minister Narendra Modi has highlighted India’s economic strength, growing global confidence and reform-driven development while addressing the Bloomberg New Economy Forum.

The Prime Minister noted that India’s foreign exchange reserves have crossed $700 billion, while the country’s banking system ranks among the strongest in the world. He also pointed to upgrades in India’s sovereign credit ratings as a reflection of the country’s economic progress.

Highlighting key economic reforms, Modi said the Goods and Services Tax (GST) has transformed a complex tax structure into a unified national market, helping streamline the country’s taxation system.

He also emphasised the introduction of an insolvency law and the consolidation of 29 labour laws into four simplified labour codes. According to the Prime Minister, the government has further liberalised hundreds of minor business-related provisions to improve the ease of doing business in India.

Modi said India is advancing reforms with a clear vision and a well-defined policy direction, reflecting growing confidence in the country's economic future.
The remarks underscored the government's focus on strengthening India's financial system, simplifying regulations and creating a more conducive environment for businesses and investment.