India's economy grew by over 20 per cent in the first quarter
Foreign Secretary Harsh Vardhan Shringla highlighted that the Indian economy has returned to the high growth path and the country's gross domestic product (GDP) grew by over 20 per cent in the first quarter of current fiscal.
In his address at the Annual Session of the Indian Chamber of Commerce held in Kolkata titled ''Bharat@75: Empowering India: Today for Tomorrow'', the foreign secretary also said that economic shifts are taking place in the midst of what has been described as "rebalancing."
''Very high growth rates in Asian countries, including India, have moved the centre of economic gravity of the world towards Asia, " the foreign secretary said.
"This has geopolitical and geoeconomic consequences. The Indo-Pacific region, which extends from the shores of America to the east coast of Africa, and includes the Indian Ocean region, is now a major focus of global attention. It generates almost 60 per cent of the world's economic output. It also contributes 70 per cent of the global economic growth," said Mr Shringla.
He also noted India's expanding role in the Indo-Pacific including its role as a net security provider in the region.
The foreign secretary emphasized India's economic growth trajectory despite challenging times, adding that the post-pandemic economy that will differ significantly from the present one.
"That India would have a role in world affairs would have been little more than an aspiration at the time this Chamber was founded. India was still a subject nation and independence, a distant dream. Independence, the trauma of Partition, and the struggles of emerging nationhood were in the future," said Mr Shringla.