India is set to emerge as one of the world’s top three economies by 2030, Union home minister Rajnath Singh said here on Monday.
He said the feat would be achieved by policies pursued by the BJP government despite the challenging economic situation across the globe.
“Ours is the fastest growing economy despite economic challenges prevailing at the global-level,” Singh said at the concluding session of the two-day Uttarakhand Investors Summit.
As a result of the economic policies pursued by “our government”, India has emerged as the world’s sixth largest economy and “will jump to the fifth position very soon”, Singh said.
Chief minister Trivendra Singh Rawat said some 601 Memoranda of Understanding (MoUs) worth ₹120,150 crore have been signed.
“So many MoUs worth over rupees one lakh crores being signed is unbelievable for a small state like Uttarakhand and is surely a matter of great pleasure for us,” Rawat said indicating that huge investments flowing in would prove to be a game changer for the state’s economy.
“That will help us carry out the kind of development that was envisioned at the time of formation of Uttarakhand,” he said, adding the impact of the growth trajectory would be visible by 2025 when the state would be celebrating its silver jubilee year.
{{/usCountry}}“That will help us carry out the kind of development that was envisioned at the time of formation of Uttarakhand,” he said, adding the impact of the growth trajectory would be visible by 2025 when the state would be celebrating its silver jubilee year.
{{/usCountry}}Rajnath Singh showered praises on the chief minister for so many MoUs being signed and described the development as historic.
“The summit would be remembered whenever the development history of the state would be written,” he said.
Investments that would start flowing in would not just strengthen the state’s economy but also help check forced migration from the Himalayan state besides leading to reverse migration, Singh said.
Singh, however, clarified that the state’s economy couldn’t make the desired progress owing to some kind of lack of gap between its efficient human resource and the vast natural wealth it was endowed with.
He said the state would prove to be an ideal destination for investors owing to its peaceful law and order situation and the absence of labour unrest.
Singh admitted that the value of rupee had diminished compared to the US dollar attributing the situation to international developments like rising petrol prices.
“But the global investors’ confidence in India has not diminished, which is evident from the rising investment figures,” the union home minister said.
“That is evident from the $272 billion of foreign direct investment we have received,” Singh said.
He supported the idea of transforming India into a spiritual economic zone, a concept introduced by Prime Minister Narendra Modi during his speech at the inaugural session of the summit.
“It has all the features, from clean air to nature beauty that qualify it to become a spiritual destination, which will also attract foreign tourists,” Singh said.
Chief minister Rawat said the state government would soon introduce a plan to implement the prime minister’s vision of the spiritual economic zone.