In the times of a “global crisis,” India was being called a “bright spot” by economic experts and analysts across the globe and the world has huge expectations from the country, Prime Minister Narendra Modi said on Wednesday.
He also said that by ending the policy-level crisis, his government has created an atmosphere of “red carpet” for investments, instead of pushing investors into the “web of red tape”.
Delivering the inaugural address at the three-day Global Investors’ Meet, ‘Invest Karnataka 2022’, via video conferencing, while pitching the state as the destination for investors, he said Karnataka also has the power of “double engine”, with the same party in the government at both the State and Centre.
“Last year India got about 84 billion (US) dollars of record FDI. This is an achievement amid post-COVID and war-related situations across the globe,” Modi said.
Despite the impact of covid-19 and war (in Ukraine), the whole world is looking at India with a huge expectations, he said adding that at the time of global economic uncertainty the whole world is confident that the Indian economy’s fundamentals are strong.
“This is a time of market fluctuation, but the expectation of 130 crore Indians is a guarantee of our domestic market’s strength. This may be the time of global crisis, but experts across the world, analysts and those with knowledge of the economy, are calling India a bright spot,” the PM said.
India is continually working on its fundamentals so that the economy becomes much stronger, he said. “The free trade deals that we have done in recent times, show the world our preparedness.” ‘Invest Karnataka’ is said to be the first such large-scale investors to meet in the country after COVID.
Claiming the country was suffering from a crisis at the policy level 9-10 years ago, Modi said, “There was a need to change our approach to bring the country out of it. Instead of pushing investors into the web of red tape, we created an atmosphere of red carpet for investment.”
Rather than making new laws that may lead to more confusion, the government rationalised things, he said. “Instead of running the business ourselves, we prepared the ground for others to come forward to do business. We allowed youth to increase their capability. Building a New India is possible only with “bold reforms, big infrastructure, and best talent.”
Listing out the measures taken, and achievements made towards reforms, infrastructure, and talent or skill, he said only with the focus on investment and human capital, progress can be achieved.
Suggesting India’s achievements in the renewable energy sector is an example for the whole world, the PM said steps taken by India in green growth and sustainable energy have attracted more investors.
Observing that Karnataka has the power of a “double engine”, with the same party (BJP) in the government at both state and Centre, Modi said that is one of the reasons why the state is growing at a fast pace in several areas and holds top position in ease of doing business and FDI inflow.
The state also has about 400 ‘fortune 500 companies, and more than 40 of the 100 plus unicorns in the country, he said. “Karnataka is today known as one of the world’s largest technology clusters. From industry to IT, fin-tech to biotech, startup to sustainable energy, new records of progress are being written here.”
Karnataka is not only challenging other states in India, but a few countries too, he said, adding that “whenever there is a talk about talent and technology, the name that first appears in the mind is -Brand Bengaluru. It is established across the world.”
Speaking of “developed India” by 2047, the PM said the combination of investments by investors and the country’s inspiration is important for this.
Development of inclusive, democratic and strong India will give pace for the world’s progress, he said. “Investment in India means – investment in inclusion, investment in democracy, and invest for a better, cleaner and safer planet.”
Governor Thawaarchand Gehlot, Chief Minister Basavaraj Bommai, Union Ministers Nirmala Sitharaman, Piyush Goyal, Pralhad Joshi and Rajeev Chandrasekhar were among those present at the function.
This edition of the GIM is being held under the theme “Build for the World” reflecting on the role Karnataka aims to play in the global supply chain, officials said. The key topics to be addressed during the event will revolve around the sub-themes of innovation, sustainability, equity, and resilience, they said.