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PM Modi Says Global Organisations Trust India As A Growing Economy, Global Investors Too Optimistic About It
While addressing the inaugural ceremony of the Madhya Pradesh Investors Summit, Modi cited OECD data and said India will be among the fastest-growing economies in the G-20 group this year
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PM Modi virtually addressed the inaugural ceremony of the MP Investors Summit
The Prime Minister Narendra Modi has said that global organisations have shown trust in India as a growing economy. “The IMF sees India as a bright spot in the global economy, while the World Bank has expressed that India is in a better position to deal with global headwinds than many other countries. CEO of McKinsey has declared that not just the present decade but the century itself belongs to India,” the PM said.
He was virtually addressing the inaugural ceremony of the two-day Madhya Pradesh Investors Summit that kick started at Indore today. Talking about how the world sees India, Modi said that OECD has claimed that India will be among the fastest-growing economies in the G-20 group this year. Quoting Morgan Stanley, the Prime Minister said that India is moving towards becoming the world's third-largest economy in the next 4-5 years.
“Institutions and credible voices that track the global economy have unprecedented confidence in India. Global investors also share the same optimism,” the PM said. He further spoke about a survey conducted by a prestigious international bank which found that a majority of the investors preferred India as their investment destination. “Today, India is receiving record-breaking FDI. Even your presence among us reflects this sentiment”, he added. He credited the strong democracy, young demography and political stability of India for the strong optimism that is shown towards the nation and highlighted India’s decisions that boost ease of living and ease of doing business.
Modi further spoke about the much talked about ‘Atmanirbhar Bharat’ campaign and said that India has now become an attractive destination for investment where the path of 'Reform, Transform and Perform' has been undertaken by India since 2014.
“A stable government, a decisive government, a government running with the right intentions, shows development at an unprecedented pace”, Modi remarked. The Prime Minister gave examples of reforms related to recapitalization 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% FDI through the automatic route in many sectors.
He also spoke about India’s equal reliance on the strength of its private sector and informed that many strategic sectors like defence, mining and space have opened up for private players. “With the onset of the National Single Window System, about 50 thousand approvals have been given under this system so far”, Modi added.
Talking about PM Gatishakti, Modi remarked that it is a national platform for infrastructure building in India which has taken the form of the National Master Plan. “We have implemented our National Logistics Policy with an aim to make India the world's most competitive logistics market”, he added.
Earlier, MP Chief Minister Shivraj Singh Chouhan welcomed the investors to the state. Union Minister Piyush Goyal also addressed the inaugural ceremony.