India's economic system strong amid global crisis, claims PM Modi

New Delhi: After two mid-size US banks collapsed under the pressure of the economic crisis, Prime Minister Narendra Modi said India's economic and banking systems are strong amid the global crisis. "This is the power of our institutions."

Bank stocks across the world have been hit hard by the collapse of American banks and some suspect that it might be the beginning of a crisis for the wider global financial system.

He further said that India is now the fastest-growing economy in the world. It is number one among smartphone data consumers. It is the second biggest mobile manufacturer and has the third biggest startup ecosystem. "Leading economists, analysts, and thinkers of the world are saying in one voice that it is India's moment."

Speaking at the India Today Conclave, he also took a dig at Congress leader Rahul Gandhi and said some people are hurt by the success of India's democracy and its institutions. "When the country is full of confidence and resolve, and intellectuals of the world are optimistic about India, talk of pessimism, showing the country in poor light and hurting the morale of the country also takes place."

"When something suspicious is happening, there is a tradition to apply 'kaala tika', so when so many auspicious things are happening, some people have taken the responsibility to apply this 'kaala tika'," he added but did not name anyone.