New Delhi, 02 November (HS): Referring to the global outlook towards India, Prime Minister Narendra Modi said on Wednesday that in this time of global economic uncertainty, the whole world is confident that the fundamentals of the Indian economy are strong.
He said that economic experts and analysts across the world consider India to be a bright spot. Prime Minister Modi was addressing the inaugural function of 'Invest Karnataka 2022' Global Investors Meet through video conferencing. The Prime Minister said that Karnataka is a living example of tradition and technology, nature and culture, wonderful architecture and vibrant startups. Modi said, “Whenever it comes to talent or technology, ‘Brand Bengaluru’ comes first to mind. This name is well established not only in India but all over the world.”
The Prime Minister expressed happiness over the holding of investors' meet in Karnataka and said that it is a perfect example of competitive and cooperative federalism. He said that manufacturing and production are mainly dependent on the policies and control of the state government. “Through this Global Investors Meet, states can target specific sectors and partner with other countries,” he said. He expressed happiness that thousands of crores of participation are planned in this meeting, which will result in promotion of employment for the youth of the country.
The Prime Minister said that in the 21st century, India has to move forward continuously from where it is today. Last year, India received a record foreign direct investment (FDI) of around $84 billion. Referring to a sense of global optimism towards India, Modi said, These are uncertain times, yet most nations are confident about the fundamentals of the Indian economy. In this era of fragmentation, India is moving ahead with the world and insisting on working with the world. He said that India can assure the world about the supply of medicines and vaccines in the period of disrupted supply chain. The Prime Minister highlighted that even in times of global crisis, experts, analysts and economists have hailed India as a bright spot. We are continuously working towards strengthening our basic principles to further strengthen India's economy with every passing day, Modi said. He spoke about the change in approach from 9-10 years ago when the country was grappling with issues related to policy and implementation. He said that instead of trapping investors in red tape, we created red carpet environment for investment, and instead of enacting new complex laws, we rationalized them.
The Prime Minister said, “Building a New India is possible only with bold reforms, massive infrastructure and the best of talent. Today bold reforms are being carried out in every sphere of government.” He mentioned GST, IBC, banking reforms, UPI, scrapping of 1500 old laws and 40,000 unnecessary compliances. He also said that steps like de-criminalisation, faceless valuation, new avenues of FDI, liberalization of drone regulations, geospatial and space sector and defense sector are bringing in unprecedented energy. The Prime Minister said that the number of operational airports has doubled in the last 8 years and metro has expanded to more than 20 cities.
Highlighting the objective of PM-Gatishakti National Master Plan, the Prime Minister said that it aims to develop integrated infrastructure. He informed that a road map is prepared not only for infrastructure development but also for the existing infrastructure while the most efficient route in implementing the plan is discussed. Modi emphasized on last mile connectivity and ways to improve the product or service by making it world class. The Prime Minister highlighted the progress made by the youth in this journey and said that every sector in India is being inspired by the energy of youth power.
Regarding the same BJP government both in the state and at the Centre, Modi said that Karnataka has the power of a double engine. Due to this, many areas in the state are developing rapidly. Giving examples, the Prime Minister said that Karnataka has maintained its position among the top ranks in ease of doing business and credited it for being included in the list of top states in terms of FDI. He underlined, “400 out of Fortune 500 companies are here (in Karnataka) and out of over 100 unicorns in India, more than 40 are in Karnataka.” The Prime Minister mentioned that Karnataka is today counted as the largest technology cluster in the world which is home to industry, information technology, fintech, biotech, startups as well as sustainable energy. He further said, A new story of development is being written in every sector. He further said that many development parameters of Karnataka are challenging not only other states of India but also some countries. Highlighting that India is entering a new phase of manufacturing, the Prime Minister referred to the National Semiconductor Mission and said that its technological ecosystem will take chip design and manufacturing to new heights.
Hindusthan Samachar/Sushil/Indrani Sarkar
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