New Delhi: Arguing that his government’s track record must be viewed in context of the ‘policy paralysis’ during the UPA government’s tenure, Prime Minister Narendra Modi said the whole world is once again excited and enthusiastic about India’s economic potential.

In an interview to Time Magazine, PM Modi said that governance had come to a standstill during UPA tenure as there was no leadership. “… The whole world is, once again, excited and enthusiastic about India and the opportunities that India represents. Whether it is the IMF, the World Bank, Moody’s or other credit agencies, they are all saying in one voice that India has a great economic future.”

The PM said that India is progressing at a fast pace and has again become a factor of growth and stability in the international economic system. “India is now one of the fastest growing economies in the world,” he said.

When asked whether he would like to posses authoritarian powers like that of China’s leaders, Modi said that democracy was in the DNA of India and strongly rejected the idea of dictatorship.

“So if you were to ask me whether you need a dictatorship to run India, No, you do not. Whether you need a powerful person who believes in concentrating power, No, you do not. If you were to ask me to choose between democratic values and wealth, power, prosperity and fame, I will very easily and without any doubt choose democratic values,” he stressed.

The Prime Minister also opened up on the US President Barack Obama’s remarks that for India to succeed, the nation should not splinter on religious lines and on the controversial statements by members of his cabinet and the BJP on minority rights.

Modi said that respect for all religious beliefs was ingrained in India’s cultural ethos.

“All religions and all communities have the same rights and it is my responsibility to ensure their complete and total protection. My government will not tolerate or accept any discrimination based on caste, creed, and religion. So there is no place for imaginary apprehensions with regard to the rights of the minorities in India,” he said.

He was also probed on what Hinduism meant to him as India’s leader. He replied: “Religion and faith are very personal matters. So far as the government is concerned, there is only one holy book, which is the Constitution of India.”

“In fact, if I look at the definition of Hinduism, the Supreme Court of India has given a beautiful definition; it says that Hinduism is not a religion, it is actually a way of life. If one looks at my own belief, I think I have grown up with these values which I mentioned earlier, that religion is a way of life. We also say ‘Vasudhaiv Kutumbkam’ – the entire world is one family, and respect for all religions. Those are the values I have grown up with,” he said, adding that he steadfastedly believes in the philosophy of ‘Sabka Sath, Sabka Vikas’.

Speaking on India’s relations with world powers, Modi described India and US as natural allies. On China said that both sides are showing greater maturity and a commitment to economic cooperation.

The Prime Minister spoke at length on the issue of terrorism and highlighted the need to the pass the UN’s Comprehensive Convention on International Terrorism as it will be an important step in delinking terrorism from religion.

“We should not look at terrorism from the nameplates—­which group they belong to, what is their geographical location, who are the victims. These individual groups or names will keep changing. Today you are looking at the Taliban or ISIS; tomorrow you might be looking at another name,” he added.