Prime Minister Modi signals country won’t join forex devaluation race to boost trade

India’s Prime Minister Narendra Modi speaks during the Yusof Ishak Institute’s 37th Singapore Lecture in Singapore November 23, 2015. REUTERS/Ray Chua/Files

aid at the same IMF conference on Saturday.

Despite devaluation of currencies by some countries and global economic challenges, Modi said India was a “haven of macro-economic stability and a beacon of hope”, with the country boosting its growth projection for the fiscal year ending March 31 to 7.6 percent.

However, he said public investment was essential to further bolster economic growth.

“In addition to agriculture, we have increased public investment in roads and railways. This will improve the productivity of the economy and the connectivity of our people,” Modi said.

“Public investment is also essential at a time when private investment remains weak.”

Private capital investment has been dormant for the past four years, despite efforts by Modi’s government to stimulate it through debt-fuelled higher public spending.

[Source:- Reuters]