India is poised to become the world's third-largest economy and contribute about 20% to global economic growth, Prime Minister Narendra Modi said at a media event in New Delhi on Saturday, citing experts.Modi noted that India's growth story is driven by macroeconomic stability and policy predictability, with its fiscal deficit likely to remain around 4.4% of gross domestic product (GDP).
Modi said his government will push for next-generation reforms.
"For us, reform is neither forced nor crisis-driven, but a matter of commitment and belief," Modi said.
Modi said that the proposed changes in tax laws will benefit people and businesses, increase productivity and promote economic development.