NEW DELHI: India has become an attractive destination for global investment, where the path of 'Reform, Transform and Perform' has been undertaken by India since 2014 said Prime Minister Narendra Modi claiming that even during a once-in-a-century Covid-19-induced lockdown crisis, India continued on the path of reforms.
Addressing the inaugural function of the 7th edition of Madhya Pradesh-Global Investors Summit in Indore on Wednesday through video-conferencing, the PM said that a stable and strong government in India has accelerated the development to a great extent.
“A stable government, a decisive government, a government running with the right intentions shows the development and the present government in the country in the last eight years picked up the pace of development and reforms."
Quoting the International Monetary Fund (IMF), PM Modi said that the interest of global organisations in the Indian economy has increased by many times because of a slew of reforms and other financial growth opportunities.
“The IMF sees India as a bright spot in the global economy and the World Bank has expressed earlier that India is in a better position to deal with global headwinds than many other countries," he said.
He also exuded confidence that India will be among the fastest-growing economies in the G-20 countries. The PM also quoted Morgan Stanley to say that India is moving towards becoming the world's third-largest economy in the next 4-5 years.
“Institutions and credible voices that track the global economy have unprecedented confidence in India," the PM said, adding that global investors also carry on the same kind of optimism for India’s ongoing economic growth.
Highlighting India as an emerging destination for investments, he further informed the investors attending the summit that a survey conducted by a prestigious international bank has found that a majority of the investors preferred India.
“Seeing a bright spot emerging here for investments, now India is receiving record-breaking FDI. Even your presence among us reflects this sentiment," he remarked.
He gave credit to the bright future for investment in India to the strong democracy, young population and political stability of the country. Speaking about the role of private sectors in India’s growing economy, he said that the many strategic sectors like defence, mining and space have opened up their doors for private players.
Citing data, he said: “With the launch of the National Single Window System, about 50000 approvals have been given under this system so far. As far infrastructures are concerned, the speed of construction of National Highways has doubled in the last 8 years along with the number of operational airports in the country."
He also elucidated the country’s growth adding that dedicated freight corridors, industrial corridors, expressways, logistic parks and other logistics supports are outshining New India’s global destination for investors.
India has implemented the ‘National Logistics Policy’ (NLP) that has started propelling the country as the world's most competitive logistics market, he said.
PM Modi also cited as how India has excelled in the digital infrastructure and has been ranked the number one in smartphone data consumption. He dwelt upon massive optical data fibre network expansion to cover all villages and launch of 5G network.
He also outlined the industrial potential of Madhya Pradesh in all sectors of production and industrialisation. “I request the investors coming to MP to take maximum advantage of the PLI scheme," he appealed while pointing out how India's aspirations regarding green energy.
“The government approved Green Hydrogen Mission a few days ago which will usher investment possibilities of about Rs 8 lakh crore. This will not be just an opportunity for India to attract investments but also to meet global demands for green energy," the PM remarked.