December 20, 2019 / 7:36 AM / a month ago

India will emerge stronger from economic slowdown, Modi says

FILE PHOTO: Indian Prime Minister Narendra Modi speaks to Russian President Vladimir Putin during their meeting on the sideline of the 11th edition of the BRICS Summit, in Brasilia, Brazil November 13, 2019. Pavel Golovkin/Pool via REUTERS

NEW DELHI (Reuters) - Indian will emerge stronger from an economic slowdown, Prime Minister Narendra Modi said in a speech on Friday, reassuring investors about their long-term bets on Asia’s third-biggest economy.

India, once the poster child of economic growth in the developing world, grew at the slowest pace in six years during the July-September quarter.

“India has witnessed such ups and downs previously as well,” Modi said in a Hindi speech to businesses leaders in capital New Delhi. “And each time, we have emerged even stronger. That’s why even now India will forge its path ahead with firmer determination and confidence.”

The federal government will spend 100 trillion rupees ($1.4 trillion) in the coming years to develop the country’s infrastructure further, Modi said.

Reporting by Nidhi Verma and Mayank Bhardwaj; Editing by Tom Hogue

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