India Looks Out

India today occupies a special position in today's world. Whereas many countries – advanced and developing economies alike – are experiencing a growing sense of economic anxiety and even gloom, India is a beacon of hope, positive change, and economic dynamism.

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NEW DELHI – Today more than ever, to paraphrase the poet John Donne, “no country is an island entire of itself.” India, too, has recognized this, becoming fully integrated into the world economy by way of trade in goods and services, as well as flows of capital, technology, and ideas. And, of course, India’s uniquely large and widespread diaspora is playing a unique role in strengthening its ties with the world.

It is a world in which India today occupies a special position. Whereas many countries – advanced and developing economies alike – are experiencing a growing sense of economic anxiety and even gloom, India is a beacon of hope, positive change, and economic dynamism.

Our economy has stabilized: inflation has fallen, the rupee’s exchange rate is steady, and our commitment to fiscal discipline is solid. Economic growth, now the fastest among the major economies, is poised to accelerate further. Investors, not surprisingly, are flocking to our markets.

As proud as we are of our achievements, we also recognize our responsibilities. I am keenly aware that the Indian people have given the government in which I serve a mandate for decisive economic change and political reform. We will honor that mandate, which, in a globalized world, requires us to achieve inclusive growth domestically and engage constructively internationally.