‘India pillar of stability’: PM Modi reaches out to global firms, lists 10 key areas

Tribune News Service

Sandeep Dikshit

New Delhi, January 10

Prime Minister Narendra Modi on Wednesday called upon global companies to invest in India as the world sees it as a “pillar of stability” in an increasingly uncertain world.

Describing India as a friend “who can be trusted as a partner, a voice that believes in global good”, PM Modi told a large number of global and domestic industry CEOs and foreign dignitaries at the 10th Vibrant Gujarat Summit in Ahmedabad on Wednesday that in a world surrounded by uncertainties, India’s priorities were clear. Listing 10 key areas, the PM said India was focusing on sustainable industry, infrastructure and manufacturing. Its other priorities were new-age skills, futuristic technology, AI and innovation. India was also keen on green hydrogen, renewable energy and the full ecosystem of the semiconductor sector.

Banking system strongest in world

• Modi says Indian economy showing resilience because of decade-long focus on structural reforms
• Says reforms have made India an attractive destination for investment; banking system strongest in world
• Terms priorities of 1.4 billion Indians towards development human-centric, inclusive and equitable

India to be third largest economy by FY28: FM

• FM Nirmala Sitharaman said India will become third largest economy worth over $5 trillion by 2027-28
• She said India will get the status of a developed nation by 2047, with GDP touching $30 trillion
• India, with a GDP of roughly $3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany. INSIDE

Pointing out that the industry was aware of the global economic scene, he said the world looked at India as an important pillar of stability. The Indian economy was also showing resilience because of the decade-long focus on structural reforms, which in turn had increased the Indian economy’s capacity and competitiveness. The government had aided this process by massive structural reforms that had made India an attractive destination for investment. The banking system today was the strongest in the world, 40,000 compliances had ended, GST introduced and three FTAs signed along with an improved supply chain.

The priorities of 1.4 billion Indians towards development were human-centric, inclusive and equitable. This approach would be a major basis for world prosperity and development, making India in the process the world’s top three economies in a few years from its position as the 11th largest economy a decade ago. “It is my guarantee that this will happen,” the PM said.

The PM also drew attention to the fact that this was the first Vibrant Gujarat Summit since the Centre declared an era of “Amrit Kaal” for the next 25 years till 2047.

The PM also spoke on the contributions by foreign dignitaries at the summit, including chief guest and UAE President Sheikh Mohamed bin Zayed Al Nahyan, Mozambique President Filipe Nyusi and Timor-Leste President Ramos-Horta, who also spoke on the occasion.

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