Global economic revival relies on India’s growth: PM Modi

By: |
Published: July 10, 2020 7:01 AM

“This is a India that is reforming, performing and transforming,” he said addressing the inaugural address at the India Global Week 2020.

Referring to the country’s agricultural sector, the PM said that reforms in this domain have opened up opportunities to invest in storage and logistics.Referring to the country’s agricultural sector, the PM said that reforms in this domain have opened up opportunities to invest in storage and logistics.

Prime Minister Narendra Modi on Thursday said the world’s economic revival from the current crisis will be linked to the growth of India and the country is ready to do whatever it can to further global good and prosperity. “This is a India that is reforming, performing and transforming,” he said addressing the inaugural address at the India Global Week 2020.

Highlighting that India has played a leading role in reducing the cost of medicines, especially for developing countries, Modi said that the country will have an important role in scaling up production of the Covid-19 vaccine once it is discovered. “Vaccines made in India are responsible for two-thirds of the vaccination needs of the world’s children,” the PM said.

Referring to the country’s agricultural sector, the PM said that reforms in this domain have opened up opportunities to invest in storage and logistics. “We are opening the doors to investors to come and invest directly in the hard work being done by our farmers,” Modi said. Citing the defence sector, the PM said that “with relaxed FDI norms, one of the world’s biggest militaries invites you to come and make products for it”. Modi also talked about the scope of private investment in the MSME and space sectors.

The PM said that “AtmaNirbhar Bharat is not about being self-contained or being closed to the world” and “India remains one of the most open economies in the world”. “Very few countries will offer the kind of opportunities India does today,” Modi added. Invoking the contribution of Indian professionals around the world, Modi said that “India is a powerhouse of talent, and is eager to contribute, ever ready to learn and there is two-way synergy that is greatly beneficial.”

Modi said that gains from reforms in areas such as financial inclusion, housing and infrastructure construction, ease of doing business, GST and Ayushman Bharat “have set the foundations for the next round of development initiatives”.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Govt wants RBI help again to fill budget gap, but even RBI money may not help cover revenue shortfall
2PM hints at ‘fundamental reforms’ in tax structure, unveils taxpayers’ charter
3CPI inflation soars to 6.93% in July