Indore, Madhya Pradesh:
Prime Minister Narendra Modi said today that the International Monetary Fund (IMF) sees India as a “bright spot” in the global economy, which according to the World Bank is better equipped than many other countries to cope with the global against the wind.
This is because of India’s strong “macroeconomic fundamentals,” Prime Minister Modi said at the opening ceremony of the 7th Madhya Pradesh Invest Global Investor Summit in Indore.
The theme of the two-day summit is “Madhya Pradesh – Future Ready State”.
Prime Minister Modi said India’s optimism stems from its strong democracy, youthful demographics and political stability. For these reasons, he said, India is making decisions to improve the ease of living and the ease of doing business.
“The IMF sees India as a bright spot in the global economy, while the World Bank says India is better positioned than many other countries to weather global headwinds,” Prime Minister Modi said.
“When we talk about a developed India, it’s not just our expression but the determination of every Indian,” he said.
India has been on a path of “reform, transformation and execution” since 2014, the prime minister said.
Atmanirbhar Bharat Abhiyan gave it greater impetus. As a result, India has become an attractive investment destination, he said.
“In eight years, our national road construction rate has doubled. During this period, the number of airports operating in India has doubled. India’s port throughput and port turnover have improved significantly,” he said.
He noted that the Organization for Economic Co-operation and Development (OECD) said India would be one of the fastest-growing economies in the G20 group this year.
According to Morgan Stanley, India will become the world’s third largest economy in the next 4-5 years, while the McKinsey CEO said that this is not just India’s decade, but India’s century.
The main objectives of the Global Investor Summit are – to showcase the country’s industrial ecosystem, publicize national policies, negotiate with industry organizations to formulate industry-friendly policies, cooperation opportunities, promote export potential and buyer-seller meetings and supplier development, the official said earlier.
(Aside from the title, this story is unedited by NDTV staff and published via a syndicated feed.)
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