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"India’s growth rate of over seven per cent is being achieved in a country that is also a vibrant democracy. It is sometimes assumed that democracy is a colonial gift to India. But historians tell us that India had produced forms of democratic self governance, many centuries ago, when democracy was unknown in many parts of the world," he said at the MOF-IMF (Ministry of Finance and International Monetary Fund) Conference on "Advancing Asia: Investing for the Future." 

 

"India has also shown that a large, diverse country can be managed in a way that can promote economic growth and maintain social stability. One way in which we are doing this is through cooperative and competitive federalism," he said. 

 

"The states and the Centre come together to pursue common objectives. States which pursue good policies and deliver essential services for the poor, induce others to follow," he said. 

 

"Our rapid economic growth is also very distinct in Asia. We have never tried to gain in trade at the expense of our partners. We do not follow 'beggar thy neighbour' macro-economic policies. We have never undervalued our exchange rate. We add to world and Asian demand by running current account deficits. We are therefore good Asian and good global economic citizens, and a source of demand to our trading partners," he said.

 

Modi said: "We all want Asia to succeed. I firmly believe that India can contribute to Asian prosperity and development by being economically strong. Amid global problems, I am happy to say that India is a haven of macro-economic stability and a beacon of hope, dynamism and opportunity."

 

 

"Madam Lagarde [IMF Director Christine Lagarde], you have referred to India as the 'bright spot' in the global economy. I view this as a great privilege and, at the same time, a major responsibility. Let me outline our achievements in the last few months and our priorities for the period ahead," he said.