Prime Minister Modi says India’s political stability and robust democracy are the twin positive factors fuelling optimism and making everything possible.
Prime Minister Narendra Modi said on Wednesday that – as an analogy– ideal conditions exist for investment in the country. In his inaugural address – via virtual mode – at the two-day Global Investors Summit in Madhya Pradesh’s commercial capital, Mr. Modi said, “India awaits investment in health, agriculture, nutrition, and skill development. Routes have been cleared for funding in defense and other principal sectors; labor-related legislation witnessed simplification.”
He said, “Over the past eight years; banking, finance, economy, and related spheres saw numerous improvements thus removing hurdles vis-a-vis investment. Modern roads, airports, and other infrastructural facilities are constantly being added; we are numero uno vis-a-vis diverse conveniences. 5G and artificial intelligence services are witnessing expansion; the number of manufacturing units is on the upward swing.”
The IMF considers India a bright spot in the global economy and the WB opines that the nation is in a better position to deal with global headwinds than many other countries, the Prime Minister observed and gave credit for that to strong macroeconomic fundamentals.
“According to Morgan Stanley, India is moving towards becoming the world’s third-largest economy. This is not only our decade but also our century. The same optimism is shared by global investors and that is evidenced by the record-breaking stake being received. This Summit is being conducted during the Amrit Kaal of our Independence,” he pointed out. Referring to the pandemic, the Prime Minister said that even during a “once-in-a-century crisis,” India chose the path of reform and has been transforming.
In the context of this state, he suggested that Investors entering Madhya Pradesh should benefit from the PLI Scheme and work in the green energy sector.
The PM highlighted that India has undertaken far-reaching reforms to make business easier and red-tapism lesser. He noted that for challenges in India, “you have a government that believes in delivering results”, for which ease of living is as important as ease of doing business. “You are looking at a young country with a 65 percent population less than 35 years old,” said PM Modi.
The PM said that India is becoming a major attraction for foreign investments adding that “we have received USD 20 billion in foreign investment in 2020”.
Earlier, he attributed India’s successive strides due to the NRIs.