New Delhi [India]: Prime Minister Narendra Modi on January 11 highlighted India as an attractive destination for investment, and said optimism for the country is driven by strong democracy, young demography and political stability.
Prime Minister Narendra Modi virtually inaugurated the 7th edition of ‘Invest Madhya Pradesh-Global Investors Summit’, a flagship State Government event, in Indore. Addressing global investors, PM shed light on the increasing confidence of global institutions and experts on India’s growth.
Addressing the Global Investors’ Summit via video conferencing, PM Modi said, “Optimism for India is driven by strong democracy, young demography and political stability. Due to these, India is taking decisions that boost the ease of living and ease of doing business. India has been on the path of reform, transform and perform since 2014. India has become an attractive destination for investment.” The Prime Minister said institutions and credible voices that track the global economy have unprecedented confidence in India.
Come and invest in Madhya Pradesh! My remarks at the Global Investors' Summit being held in Indore. https://t.co/BLbKGUoZmZ
— Narendra Modi (@narendramodi) January 11, 2023
“Not just we, the Indians but every institution and expert in the world seems to be confident about this. The IMF sees India as a bright spot in the global economy. The World Bank says India is better positioned to deal with global headwinds than many other countries. This is because of India’s strong macroeconomic fundamentals,” PM Modi said.
PM Modi also said he had continuously worked on increasing reforms’ speed over the last eight years. “Over the last eight years, I have been continuously working on increasing speed of reforms. We have even opened strategic sectors like defence, mining and space for private companies and have removed almost 40,000 compliances in last few years,” PM Modi said.
The Prime Minister also said India’s focus on strengthening multimodal infrastructure is opening up new possibilities for investment in the country.
“Today’s New India is going ahead by also trusting its private sector. We have opened several strategic sectors like Defence, Mining and Space for the private sector,” PM Modi said.
Quoting Organisation for Economic Co-operation and Development (OECD), PM said that this year, India’s economy would be among the G-20 nations with the fastest growth rates. According to Morgan Stanley, Prime Minister said India is moving towards becoming the world’s third-largest economy in the next 4-5 years. “The CEO of McKinsey has said that this is not only India’s decade but India’s century,” he said.
“We are all working together to build a developed India,” PM Modi added.