Prime Minister Narendra Modi used the platform provided by the Vibrant Gujarat Global Summit to sell India as the fastest growing major economy in the world to an audience comprising a galaxy of international and domestic leaders, heads of state and captains of industry.
Making a strong and impassioned case for reforms which have been initiated during his two-and-a- half years at the helm and those on the anvil, Prime Minister Narendra Modi on Tuesday used the platform provided by the Vibrant Gujarat Global Summit to sell India as the fastest growing major economy in the world to an audience comprising a galaxy of international and domestic leaders, heads of state and captains of industry.
In a 40-minute speech delivered partly in English and Hindi, the PM outlined his government’s development goals: “Our development needs are huge. Our development agenda is ambitious. We want to provide a roof over every head by 2022. We want to provide jobs to every hand. We want to provide energy that is cleaner. We want to build roads and railways faster. We want mineral exploration to become greener. We want to build urban amenities that are sturdier. We want quality of life to get better and better.”
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The PM said India was being seen as “an engine of global growth, a bright spot with fastest growth among major economies”. In a veiled reference to the recent demonetisation move by his government, he said: “India is on the threshold of becoming the most digitised economy in the world.” Giving credit for this to the series of decisions taken by his government to shift from a relationship-based governance system to a system-based governance one and from an informal to a formal economy, Modi claimed that rationalising policies and procedures would make India the easiest place for doing business.
Stating that FDI in the last two fiscals was 60% higher than the previous two years, the PM revealed that India is a leading recipient of capital in the Asia Pacific region. “We are adopting and absorbing newer technologies to bring transparency and end discretion,” the PM said, adding that online processes brought speed and transparency. He kicked off the summit by promising to simplify procedures and create a business environment by rationalising policies.
Addressing the gathering, Modi said, “We are moving towards implementation of historic initiatives like GST, insolvency Act, company law tribunals and new IPR Acts which are already in place.” Calling India a ‘bright spot on the world economy’, Modi said: “Despite the global slowdown, we have registered growth. India’s contribution to global growth has been 12.5%.”
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