Sydney: Today the International Monetary Fund considers India a bright spot in the global economy and the World Bank believes that if anyone is challenging global headwinds, it is India, said Prime Minister Narendra Modi in Sydney, Australia, on Tuesday.

PM Modi was addressing a community event in Sydney during the second day of his visit. He also noted that India made record exports in 2022 amid the once-in-a-100-year crisis.

Earlier this year in February, IMF Managing Director Kristalina Georgieva said that at a time of heightened uncertainties for the global economy, India's strong performance remains a bright spot.

PM Modi also said that at a time when the banking system of several countries was in trouble today, the strength of India's banks is being appreciated everywhere.

"Amid the once-in-a-100-years crisis, India made record exports last year," the Prime Minister added.

PM Modi also highlighted that forex reserves are scaling new heights. "You are well aware of India's FinTech revolution," he said.

Meanwhile, the PM also highlighted the bilateral ties between India and Australia. PM Modi said that he believes the relationship between the countries is beyond this and it is mutual trust and mutual respect.

PM Modi also credited the Indian diaspora in Australia as being a force behind mutual respect and trust between the two countries.

"Earlier, it was said that India and Australia's relationship is defined by 3Cs- Commonwealth, Cricket and Curry. Then it was said that our relationship is defined by 'Democracy, Diaspora and Dosti. Some people also said that our relationship depends on Energy, Economy and Education. But I believe that the relation between India-Australia is beyond this, it is mutual trust and mutual respect," he said to a packed arena at Sydney Olympic Park.

"Mutual trust and mutual respect have not developed only due to the diplomatic relations of India-Australia. The real reason, the real power is - all of you Indians who live in Australia," he added.

PM Modi and his Australian counterpart Anthony Albanese shared a hug as the former concluded his address to the Indian diaspora in Sydney.

PM Modi and Australian PM Albanese also greeted the members of the Indian diaspora at Qudos Bank Arena in Sydney.

People clicked selfies with PM Modi and PM Albanese as the two leaders met them after the event.

PM Modi had arrived in Sydney on Monday as part of the third and final leg of his three-nation visit after concluding his visit to Papua New Guinea.