Noting that the fundamentals of the Indian economy were strong despite global crises, Prime Minister Narendra Modi today sought greater investments in the country while reaffirming his government’s commitment to bold reforms.
“Investing in India means investing in inclusion, investing in democracy, investing for the world, and investing for a better, cleaner, and a safer planet,” he said addressing the inaugural function of Invest Karnataka 2022, the Global Investors Meet of the state via video conferencing.
Noting that the country’s domestic markets were strong due to the aspirations of its people, he declared that building a New India was possible only with bold reforms, massive infrastructure, and the best of talent.
“We are continuously working towards cementing our fundamentals to further strengthen India’s economy with each passing day,” he said.
Emphasising the need for understanding the trajectory of the Indian economy, the PM explained the change of approach from what it was 9-10 years ago when the country was grappling with policy and implementation-related issues. “Instead of trapping the investors in the red tape, we created an environment of the red carpet for investment, and instead of making new complicated laws, we rationalised them,” he added.
Modi noted that in the 21st century, India has only moved forward from its position. It received a record foreign investment of $84 billion last year.
Referring to the sense of global optimism towards India, the PM said, “These are uncertain times, still most of the nations are convinced about the fundamentals of the Indian economy. In this period of fragmentation, India is moving with the world and giving emphasis on working with the world. India could assure the world about the supply of medicines and vaccines in the period of the disrupted supply chain.”
The PM noted that bold reforms were carried out today in every sphere of the government. In this connection, he mentioned GST, IBC, Banking reforms, UPI, abolition of 1500 outdated laws, and 40000 unnecessary compliances.
He also stated that steps like decriminalisation of many company law provisions, faceless assessment, new avenues for FDI, liberalisation of drone rules, geospatial and space sector, and defence sector were bringing unprecedented energy. The number of operational airports has doubled in the last eight years and Metro has expanded in more than 20 cities.
The PM emphasised that goals of development could be achieved only by focusing on investment and human capital. ”Moving forward on this thinking, we promoted investments in the health and education sector. Our aim is also to increase productivity as well as to improve human capital,” he added.
The PM elaborated by mentioning simultaneous push on things like manufacturing incentives along with health assurance schemes; ease of doing business as well as health and wellness centres; highways network as well as provision of toilets and clean drinking water; futuristic infrastructure as well as smart schools.
On the environment-friendly growth of the country, he said “Our initiatives towards green growth and sustainable energy have attracted more and more investors.”
Highlighting the aim of the PM-GatiShakti National Master Plan, the PM remarked that it was aimed at integrated infrastructure development. He explained that a road map was prepared not just for developing infrastructure but also for the existing infrastructure. He laid stress on last-mile connectivity and ways to improve the product or service by making it world-class.
The PM stated that India has set a target of becoming a developed nation by 2047 and for this, it was very important that the investment and India’s inspiration come together as the development of an inclusive, democratic, and strong India would accelerate the development of the world.