India is witnessing record-breaking FDI inflows, said Prime Minister Narendra Modi, while addressing the investors virtually at the 7th edition of the Invest Madhya Pradesh – Global Investors Summit on Wednesday in Indore. “The optimism for India is driven by strong democracy, young demography and political stability. Not just we the Indians but every institution & expert in the world seems to be confident about this,” he added. The IMF sees India as a bright spot in the global economy. The World Bank says that India is in a better position to deal with global headwinds than many other countries. This is because of India’s strong macroeconomic fundamentals, Modi said.
The OECD (Organisation for Economic Cooperation and Development) has said that India will be among the fastest-growing economies in the G20 groups this year, Modi pointed out. According to Morgan Stanley, India is moving towards becoming the world’s 3rd largest economy in the next 4-5 yrs. The world is following India’s production-linked incentive scheme, Modi said, alluding to the positive response to the government’s scheme to boost manufacturing. We have recently approved Mission Green Hydrogen. It has prospects of great developments with a budget of Rs. 8 lakh crore. It will fulfil the needs and demands of not only India but also of the world, he said.
The government has launched 14 PLI schemes since April 2020. The ramp-up of mobile phone exports is seen as a major success of the government’s flagship smartphone PLI scheme. The scheme propelled the shifting of Apple’s supply chains – one of the world’s largest and most complicated – in the middle of the pandemic. Recently government approved incentives worth Rs 357 crore under the PLI scheme for Foxconn. Samsung has also expanded its manufacturing in the country under the same scheme.
The seventh edition of the Invest Madhya Pradesh – Global Investors Summit, the flagship biennial investment promotion event of the Department of Industrial Policy and Investment Promotion is held from January 11 to Jan 12, 2023. A total of 447 international delegates from 84 countries, 401 international buyers, more than 5,000 industrialists and representatives of various international industry associations, and representatives of all G20 countries took part in the event. The key objectives of the event are – showcasing the industrial ecosystem of the state, promoting the state policies, consulting with industrial organisations to formulate industry-friendly policies, collaboration opportunities, promoting export potential and buyer-seller meets and vendor development.