Even in global crisis, India considered as bright spot: PM Modi
Even though the world is going through a phase of ‘Global crisis’, the world considers India as a “bright spot”, said Prime Minister Narendra Modi during the Global Investors Meet of the state today in his virtual address.
The Prime Minister in his address said India received a record foreign investment of 84 billion dollars last year.
Referring to the sense of global optimism towards India, the Prime Minister said, “These are uncertain times, still most of the nations are convinced about the fundamentals of the Indian Economy.”
In this period of fragmentation, India is moving with the world and giving emphasis on working with the world, added PM Modi.
He said, “India could assure the world about the supply of medicines and vaccines in the period of the disrupted supply chain.”
Despite a climate of market saturation, our domestic markets are strong due to the aspirations of our citizens, said Modi.
The Prime Minister highlighted that even in times of a global crisis, experts, analysts and economists have hailed India as a bright spot.
“We are continuously working towards cementing our fundamentals to further strengthen India’s economy with each passing day,” Modi said.
The Prime Minister expressed delight at the organisation of the investors’ meeting in Karnataka and remarked that it is a perfect example of competitive and cooperative federalism.
“Through this Global Investors’ Meet, states can target specific sectors and forge a partnership with other countries”, he added.
The Prime Minister stressed the need to understand the trajectory of the Indian economy.
He also said that steps like decriminalisation of many company law provisions, faceless assessment, new avenues for FDI, liberalisation of drone rules, geospatial and space sector and defence sector are bringing unprecedented energy.
The Prime Minister elaborated by mentioning simultaneous push on things like manufacturing incentives along with health assurance schemes; ease of doing business as well as health and wellness centres; highways network as well as provision of toilets and clean drinking water; futuristic infrastructure as well as smart schools.
On the environment-friendly growth of the country, the Prime Minister said, “Our initiatives towards green growth and sustainable energy have attracted more and more investors. Those who want to return their cost and also want to fulfil their responsibility towards this earth, they are looking towards India with hope.”
He underlined, “400 of the Fortune 500 companies are here and out of 100 plus unicorns of India, more than 40 are in Karnataka.”
The Prime Minister mentioned that Karnataka is being counted as the largest technology cluster in the world today which is home to industry, information technology, fintech, biotech, startups as well as sustainable energy. “A new story of development is being written in every field”, he continued.
Highlighting that India is entering a new phase of the manufacturing domain, the Prime Minister mentioned the National Semiconductor Mission and pointed out that the tech ecosystem here will take chip design and manufacturing to new heights.
Drawing an analogy between the vision of India with that of an investor, the Prime Minister pointed out that as an investor moves forward with a medium and long-term vision, India also has an inspirational long-term.
He gave examples of nano urea, hydrogen energy, green ammonia, coal gasification and space satellites and underlined that today India is moving ahead with the mantra of development of the world.
“This is the Amrit Kaal of India, and in the Azadi Ka Amrit Mahotsav, the people of the country are taking a pledge to build a new India.”, he remarked.
While concluding his addresss, PM stated that India has set a target of becoming a developed nation by 2047 and it is very important that the investment and India’s inspiration should come together as the development of inclusive, democratic and strong India will accelerate the development of the world.
“Investing in India means investing in inclusion, investing in Democracy, investing for the world, and investing for a better, cleaner and a safer planet”, the Prime Minister concluded.