Institutions, credible voices tracking global economy have unprecedented faith in India: PM Modi

On Wednesday, Prime Minister Narendra Modi stated that institutions and respected voices tracking the world economy had unprecedented trust in India. Global investors, he claims, share the same optimism.

Addressing the Madhya Pradesh Global Investors Summit virtually, the Prime Minister said, “Recently, a prestigious international bank conducted a survey and they found that a majority of investors preferred India.” The Prime Minister 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.”

PM Narendra Modi said, “This summit is taking place in MP (Madhya Pradesh) at a time when India’s Azadi ka Amrit Kaal has begun. Together, all of us are working for making a developed India. When we talk of a developed India, it’s not just our aspiration but the resolution of every Indian.” He said, “India took the path of reforms, transform and perform since 2014.”

The Prime Minister added that today’s New India was marching ahead and it trusts its private sector. “We have opened several strategic sectors like defence, mining, and space for the private sector,” PM Modi said.

To boost investors’ confidence, the Prime Minister said, “IMF (International Monetary Fund) sees India as a relative “bright spot” in the world economy and further implementation of reforms would help unlock its growth potential.” He also recalled that World Bank had said that India is better positioned to navigate global headwinds than other major emerging economies.

“OECD (Organisation for Economic Co-operation and Development) said India is set to be the second-fastest growing economy in the G20 in FY2022-23,” he added.

Morgan Stanley India was moving toward becoming the world’s third largest economy in 4-5 years, the Prime Minister said. He said, “The CEO (chief executive officer) of McKinsey’s has said that this is not only India’s decade but India’s century.”

Earlier in the day, Madhya Pradesh Chief Minister Shivraj Singh Chouhan had urged NRIs, who arrived for the ‘Pravasi Bharatiya Diwas’ convention in Indore, to participate in the Global Investors Summit.

Saying that the NRIs are the brand ambassadors of the state, he said, “Along with the Pravasi Bhartiya Sammelan, there is also a Global Investors Summit being hosted by the state. You must participate it that event as well. You are the brand ambassadors of Madhya Pradesh. You must invest in Madhya Pradesh and inspire others.”

He also mentioned that an executive committee would be formed for NRIs of Madhya Pradesh, who are also the “Friends of Madhya Pradesh”.

“The Global Investor Summit (GIS) is a global in true sense as representatives of 82 countries are participating and there are 10 partner countries in it. The President of two countries, several foreign ministers, finance ministers and mineral ministers of different countries will be participating in the summit. There are many international industries and trade organisations also participating in it,” CM Chouhan said.

The CM has left no stone unturned in order to ensure the Summit’s success. To encourage investors to the state, he organised road shows in Delhi, Mumbai, Pune, and Bengaluru. He had regular one-on-one meetings with businessmen and met with them once a week. He also talked with possible investors from several nations.

“There are buyers, sellers, over 5000 industrialists, and 70 big industrial houses are participating in the summit. There is immense enthusiasm for investment in Madhya Pradesh, not only among domestic investors but investors across the world. I feel our efforts will bear fruit. I have to make the state a $550-billion economy by 2026 and this summit will be a milestone in this direction,” Chouhan added.