Prime Minister Narendra Modi emphasised that India will be among the fastest-growing economies in the G20 group this year, during his inaugural address at the Global Investors Summit, which is taking place in Indore, on January 11 and 12. Modi also credited India’s strong macroeconomic fundamentals.
He also said: “Every institution and expert in the world seems to be confident about India’s future.” The Prime Minister made the address via a video message on Wednesday. Extending a warm welcome to all the investors and entrepreneurs, he also highlighted the role of Madhya Pradesh in building a ‘developed India’. “From faith and spirituality to tourism, from agriculture to education and skill development, Madhya Pradesh is a wonderful destination,” PM Modi mentioned.
He also added that the IMF sees India as a ‘bright spot’ in the global economy while the World Bank had expressed earlier that India is in a better position to deal with global headwinds than many other countries. Also, hailing India as an ‘attractive destination for investment’, PM Modi said his government’s work on key economic reforms despite global challenges had led to India being seen ‘as a bright spot’ in the world.
Talking about India’s self-resilience (Atmanirbharta) campaign, the Prime Minister noted that India has become an attractive destination for investment where the path of ‘Reform, Transform and Perform’ has been undertaken by the country since 2014. “Even during a once-in-a-century crisis, we took the path of reforms,” the PM said. “A stable government, a decisive government, a government running with the right intentions, shows development at an unprecedented pace,” he also mentioned.
Reforms related to recapitalisation and governance in the banking sector, creating a modern resolution framework like IBC, creating a system like ‘One Nation One Tax’ in the form of GST, making corporate tax globally competitive, exempting sovereign wealth funds and pension funds from tax, allowing 100 per cent FDI through the automatic route in many sectors, decriminalising minor economic mistakes, and getting rid of hurdles in the path of investment through such reforms, the Prime Minister emphasised.