New Delhi/IBNS: Prime Minister Narendra Modi Friday said India is the fastest-growing major economy in the world today as he addressed the Kautilya Economic Conclave in the national capital on Friday.

He added that currently, India is the fifth largest economy in terms of GDP.

PM Modi highlighted that today, India is number one in terms of global FinTech adoption rate as well as in terms of smartphone data consumption.

He said India is number two in the world in terms of internet users while nearly half of the world's real-time digital transactions are happening in India.

“Government is following the mantra of Reform, Perform and Transform and continuously taking decisions to move the country forward," the Prime Minister said as he credited its impact for the reelection of a government for the third consecutive time after 60 years.

He said that people get the confidence of the country moving on the right path when their lives are transformed for good. This feeling, the Prime Minister said, is visible in the mandate of the people of India and the confidence of 140 crore countrymen is a huge asset of this government.

“This is a reflection of our policies of the first three months," the Prime Minister said, informing that decisions worth more than Rs 15 trillion or 15 lakh crore rupees have been taken during this period.

Modi emphasized that the inclusive spirit of India, was another notable factor in India's growth story. While it was earlier believed that inequality increases with growth, however the opposite, that is, inclusion is increasing along with growth in India, he added.

Consequently, 25 crore or 250 million people have moved out of poverty in the last decade, the Prime Minister highlighted. He said along with India’s rapid progress, the Government was also ensuring that there is a reduction in inequality and the benefits of development reach everyone.

Highlighting the predictions related to India's growth today, the Prime Minister said that their confidence points to the direction in which India is headed and it can also be supplemented by the data of the last few weeks and months.

Underlining that India’s economy performed better than every prediction last year, the Prime Minister said all institutions, be it the World Bank, IMF or Moody's, have upgraded their forecasts related to India.

“All these institutions are saying that despite global uncertainty, India will continue to grow at a rate of seven plus. However, we Indians have full confidence that India will perform even better than this," Modi added.

“Today, the world looks to India with great expectations when it comes to green jobs and a sustainable future,” the Prime Minister remarked, highlighting the vast opportunities it presents.

Referring to the success of India’s G20 Presidency, Prime Minister Modi mentioned the new momentum for green transition that emerged from the summit and proudly announced India’s initiative in launching the Global Biofuel Alliance during the Summit receiving wide support from member nations.