NEW DELHI: Prime Minister Narendra Modi on Friday said India is clearly the fastest growing economy with a slowdown affecting China and Eurozone but sought to cool expectations of rapid change, saying a shift in governance could not be brought about suddenly.

“Some of the industrialists here had one foot out of the country and were preparing to move the second in the same direction. If you keep this in mind, you would say ‘yes there is considerable change’ and see the global and domestic situation,” Modi said at a summit organized by a newspaper group.

The PM said the formation of a “stable government” was in itself a big contributor to enhanced confidence. “However good a set of leaders or a party, a fractured mandate creates a sense of uncertainty,” he said.

“When a government brings about change, it does not do so suddenly. It has to undertake an arduous and long effort,” he said, adding that implementation of the 14th Finance Commission report changed the traditional view of Delhi as a “giver” and states as “receivers”.

Pointing to the need to synergize Centre and state priorities, the PM asked whether the states shared the urgency to promote exports. “Are there incentives for states? Is there an effort to promote production, quality packaging and branding?” he asked.

Modi drew attention to a pilot project to eliminate kerosene use from Chandigarh. He said the prevalence of LPG gas usage as well as consumption of kerosene meant something was amiss. Chandigarh consumes 30 lakh litres of kerosene and Rs 3.50 crore subsidy. “It has come to light that 80% of the kerosene never reached households,” he said.