The world is going through an economic crisis except India

Prime Minister Narendra Modi on Sunday said India is the fastest developing country among the "larger economies of the world"."When most of the world powers are in doldrums, everyone is looking up to us who are developing at the fastest pace. India is the fastest growing among the larger economies," Modi said.

Modi said India is the only economy which has not been affected by the global economic crisis that has hit the world.

Prime Minister was addressing the Swami Dayanand Saraswati Janmotsav, an event to mark the 192nd birth anniversary of Hindu reformer and Arya Samaj founder Swami Dayanand Saraswati in the capital.

The 'Naya Sankalp' event, organised by the DAV group of educational institutions, also marked the 130th foundation ceremony of the Arya Samaj Hindu reform movement.

"Everyone is saying this... the World Bank, the IMF... The world is going through an economic crisis, but it is India alone that is progressing at a rapid pace. This is a unique situation when the whole world is slipping and India is growing," Modi said.

Calling India the "youngest nation in the world", Modi said the power of youth will be used for nation's development.

"The government's focus is on how to convert the power of the youth which can used for development of the nation. Therefore, we not only launched a skill development programme for the youth but also created a new ministry, with its own budget and a set of officers to take the programme forward," the prime minister said.

By 2030, when the population of many countries will grow old and when they require a work force, India can power these nations with skilled and technically qualified manpower, Modi said.

The prime minister also said that the central government's policies and programmes, such as Skill India, Start up India, Stand up India, Digital India and Mudra scheme of loans, have contributed immensely to the development of the country.

"For the youngsters, we initiated start up India, Stand up India campaign. So that if someone has an innovative idea, he can take a loan under Mudra scheme and set up his own business. Our people from backward classes, Scheduled Caste and Scheduled Tribe are among those who benefitted the most from these government schemes," Modi said.

"Our government does not believe in show off. We believe in delivering results. We have already disbursed over Rs.1 lakh crore under Mudra scheme and over two crore families have been benefitted from it," he added.

The Mudra scheme is a micro-finance initiative under which loans are provided to small and medium entrepreneurs without bank guarantee.

Paying tribute to Swami Dayanand Saraswati in his address, Modi said the Arya Samaj founder continues to inspire everyone even today. He added that the Arya Samaj, which was founded in the backdrop of the 1857 uprising for Independence, fought against superstition, and has been a force advocating reform.

The prime minister said the new resolve for Arya Samaj should be to raise India’s stature globally. This, he said, would be their true homage to Swami Dayanand.

The prime minister noted that the DAV College Management Committee had offered to support his Clean Ganga initiative. Welcoming this, Modi said that this was an initiative that could only succeed through people’s involvement.