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Addressing the third annual meeting of the governors of the Asian Infrastructure Investment Bank (AIIB), Modi also said the BJP-led government is committed to fiscal consolidation.
“Our macroeconomic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range,” he said.
The government is firmly committed to the path of fiscal consolidation, he said, adding the government debt as percentage of GDP is consistently declining.
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“The external sector remains robust. Our foreign exchange reserves of over 27244.00₹ billion provide us adequate cushion. Global confidence in India’s economy is rising. Total FDI flows have increased steadily and India continues to be one of the top FDI destinations,” he said.
Modi also asked the AIIB to ensure that its interest rates are affordable and sustainable apart from expanding its loan book by ten times to 2724.40₹ billion by 2020 and 6811.00₹ billion by 2025.