India’s economy steady, all sectors looking up, says PM Modi

Pitching India’s resilience throughout the COVID-19 pandemic as a sign of its inherent strengths, Prime Minister Narendra Modi on Thursday mentioned India’s economy has been steady and all sectors at the moment are looking up, as he invited world cash managers looking for “returns with reliablility” to spend money on the nation.

Mr. Modi mentioned the federal government is finalising a “pioneering multi-modal connectivity infrastructure masterplan” below the National Infrastructure Pipeline, which envisages investments of $1.5 trillion. “We are building millions of affordable houses for the neo-middle class. We want investment not just in big cities but smaller cities and towns too,” the PM mentioned, citing the GIFT City in Gujarat as one such metropolis being developed.

“Today, each sector in India is looking up — manufacturing, infrastructure, technology, agriculture, finance, and even social sectors like health and education… India is the place to be if you want returns with reliability, demand with democracy, stability with sustainability, and growth with a green approach,” the PM mentioned.

Addressing a digital world investor spherical desk attended by 20 massive world funding funds managing over $6 trillion, the PM mentioned India’s “brave fight during the pandemic reflected its sense of responsibility, spirit of compassion, national unity and the spark of innovation”.

“India has shown remarkable resilience in this pandemic, be it fighting the virus or ensuring economic stability. This resilience is driven by the strength of our systems, support of our people and stability of our policies,” Mr Modi mentioned, explaining that social distancing and sporting of masks practised by the folks helped India put up a robust combat towards the COVID-19 virus.

“We are building a new India which is free of old practices… India’s quest to become ‘Atma Nirbhar’ is not just a vision, but a well-planned economic strategy,” the PM mentioned, itemizing out latest administrative reforms in addition to legislative modifications in areas reminiscent of agriculture, labour, training, manufacturing and the “rationalisation of the public sector”.

The stability of India’s insurance policies has made it a most well-liked funding vacation spot, the PM mentioned, citing the 13% rise in FDI (overseas direct funding) inflows within the first 5 months of this 12 months.

“I am happy that the global investor community has been showing confidence in our future… Your active participation in this round table increases the confidence even more,” he instructed high officers of those world institutional traders, which included sovereign wealth funds in addition to pension funds.

“I am aware that I am addressing some of the best financial brains, who can convert new areas of innovation and growth into sustainable business propositions. At the same time, I am conscious of your requirement to provide the funds in your trust the best and safest long-term returns. Therefore, I would like to emphasise that our approach is of finding long-term and sustainable solutions for issues. Such an approach mixes very well with your requirements,” the PM mentioned.

“I am happy to see your eagerness to enhance your engagements with us and hope that our better understanding of each other’s perspectives will result in a better alignment of your plans and our vision,” he mentioned, stressing that the nation would do no matter it takes to develop into the engine of worldwide progress resurgence.

“India’s growth has the potential to catalyse global economic resurgence. Any achievements by India will have a multiplier effect on the world’s development and welfare. A strong and vibrant India can contribute to the stabilisation of the world economic order,” he concluded.