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Prime Minister Narendra Modi on Wednesday said that despite many global challenges, India is the fastest growing major economy today.

In his virtual address at the leader-level plenary of the second Summit for Democracy, PM Modi said that this itself is the best advertisement for democracy in the world.

"This itself says that democracy can deliver," he quipped.

"Democracy is not just a structure, it is also a spirit. It is based on the belief that the needs and aspirations of every human being are equally important," he added.

The Prime Minister added: "Whether it is our effort to fight climate change through life-style changes, to conserve water through distributed storage, or provide clean cooking fuel to everyone, every initiative is powered by the collective efforts of the citizens of India.