'World has huge expectations from India at this time of global crisis'

Bengaluru: In the times of a "global crisis," India was being called a "bright spot" by economic experts and analysts across the globe and the world has huge expectations from the country, Prime Minister Narendra Modi said on Wednesday.

He also said that by ending the policy level crisis, his government has created an atmosphere of "red carpet" for investments, instead of pushing investors into the "web of red tape".

Delivering inaugural address at the three-day Global Investors' Meet, 'Invest Karnataka 2022', via video conferencing, while pitching the state as the destination for investors, he said Karnataka also has the power of "double engine", with the same party in the government at both the State and Centre.

"Last year India got about 84 billion (US) dollars of record FDI. This is an achievement amid post COVID and war-related situations across the globe," Modi said.

Despite the impact of covid-19 and war (in Ukraine), the whole world is looking at India with a huge expectation, he said adding that at the time of global economic uncertainty the whole world is confident that the Indian economy's fundamentals are strong.

"This is the time of market fluctuation, but the expectation of 130 crore Indians is a guarantee of our domestic market's strength. This may be the time of global crisis, but experts across the world, analysts and those with knowledge of the economy, are calling India a bright spot," the PM said.

India is continually working on its fundamentals, so that the economy becomes much stronger, he said. "The free trade deals that we have done in recent times, shows the world our preparedness."

'Invest Karnataka' is said to be the first such large scale investors' meet in the country after COVID.

Claiming the country was suffering from a crisis at the policy level 9-10 years ago, Modi said, "there was a need to change our approach to bring the country out of it. Instead of pushing investors into the web of red tape, we created an atmosphere of red carpet."

Rather than making new laws that may lead to more confusion, the government rationalised things, he said. "Instead of running the business ourselves, we prepared the ground for others to come forward to do business. We allowed youth to increase their capability."

Building a New India is possible only with "bold reforms, big infrastructure, and best talent."