India has dispelled myth that democracy and economic growth can't go together: PM Modi

Asserting that India is pursuing growth through co-operative federalism, Prime Minister Narendra Modi on Saturday said the country has dispelled the myth that democracy and rapid economic growth cannot go together.

"India has also shown that a large, diverse country can be managed in a way that can promote economic growth and maintain social stability. Our rapid economic growth is also very distinct in Asia. We have never tried to gain in trade at the expense of our partners," Prime Minister Modi said, while speaking at the International Monetary Fund-Ministry of Finance conference on 'Advancing Asia: Investing for the Future'.

"Entrepreneurship is booming in the country following a series of steps we have taken. We have achieved major gains in macroeconomic stability," he added.

Prime Minister Modi has said that India has historically contributed to Asia in several ways and everybody wanted the Continent to succeed.

He stated that his government has increased investment in the rural and agriculture sector as that's where a majority of the population resides.

"But our help to farmers is not based on giving hand-outs as we aim to double their incomes," he added.

In his speech, PM Modi also recalled India's 70-year-old association with IMF.

Meanwhile, Christine Lagarde, the Managing Director of IMF, said it was a proud moment as India joined China and Japan in the list of the top 10 members of IMF, adding that it was "overdue".

"India in the next decade may become the largest global economy in the world," Lagarde added.

IMF chief Lagarde and Finance Minister Arun Jaitley also exchanged MoUs to establish the IMF Assistance Centre in India.

-ANI