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India a growth engine: PM to world, biz leaders
He highlighted India’s economic ascent, noting it has risen from the 11th position a decade ago to become the world’s fifth largest economy
The world perceives India as an important pillar of stability, a global growth engine, the voice of the Global South and a friend who can be trusted, Prime Minister Narendra Modi said on Wednesday as he addressed world and business leaders while inaugurating the Vibrant Gujarat Global Summit in Gandhinagar.
The 10th edition of the summit, aimed at fostering investments, business collaborations and strategic partnerships, was attended by the United Arab Emirates President Mohamed bin Zayed Al Nahyan, Mozambique President Filipe Jacinto Nyusi, Timor-Leste President Jose Ramos Horta, Czech Republic Prime Minister Petr Fiala, and heads of top Indian and foreign companies. The theme for this year’s event is “Gateway to the Future”.
As Modi highlighted the country’s economic prospects, several big companies unveiled investment plans worth over ₹5 lakh crore. Leading these were Reliance Industries, which announced it will create a green energy facility and a carbon fibre unit in Gujarat, and the Adani group, which too is working on a renewable energy facility and other projects. Global firms Suzuki and DP World also pledged projects worth ₹60,000 crore in the state.
Both Reliance’s Mukesh Ambani and Adani group’s Gautam Adani praised Modi’s vision for boosting India’s economic might.
In his speech, the PM reiterated his pitch for India to be a trusted partner for global business. “India is moving forward in the role of a ‘Vishwa Mitra’ (friend of the world) in a rapidly changing world order. Today, India has given the world confidence that we can set and achieve common goals. India’s commitment to world welfare, loyalty, efforts and hard work are making today’s world more secure and prosperous,” Modi said, speaking in Hindi.
“The world looks at India as an important pillar of stability, a friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, a voice of the Global South, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth, and a democracy that delivers.”
Referring to the turbulent global situation, Modi said India’s economy is showing resilience and its growth is showing momentum because of the government’s focus on structural reforms in the past decade. These reforms increased the capacity, capability and competitiveness of India’s economy, he said.
“At a time when the world is surrounded by many uncertainties, India has emerged as a new ray of hope,” Modi said, adding that the country’s priorities include sustainable industry, infrastructure and manufacturing, AI and innovation, green hydrogen, renewable energy and semiconductors.
The government has in recent years made policy decisions to incentivise companies to set up manufacturing units in the country, including a big-ticket push for microchip manufacturers to shift to India.
Ambani and Adani attributed India’s business-friendly moves to the efforts of Modi, going back to his stint as CM when he launched the summit. “When foreigners think of New India, they think of a New Gujarat. How did this transformation happen? Because of one leader. Our beloved leader who has emerged as the greatest global leader of our times. And he is Shri Narendrabhai Modi, the most successful Prime Minister in India’s history,” Ambani said.
“It has all your hallmark signatures, merging grand ambition, massive scale, meticulous governance, and flawless execution,” Adani added, referring to the Prime Minister.
Among the key steps, Modi said, was the recapitalisation of banks and the Insolvency and Bankruptcy Code (IBC), which strengthened India’s banking system, and the emphasis on ease of doing business, which has eliminated more than 40,000 compliances.
India has created a better environment for diversification of global supply chains and signed three free trade agreements to make the country a more attractive destination for global business. India has also opened many sectors for foreign direct investment through the automatic route and is making record investments in infrastructure, while capital expenditure has increased five times in the past 10 years, he said.
Modi contended that the priorities of India’s 1.4 billion people and their belief in human-centric development, coupled with the government’s commitment to inclusivity and equality, are cornerstones of global prosperity and development.
He highlighted India’s economic ascent, noting it has risen from the 11th position a decade ago to become the world’s fifth largest economy. Global rating agencies have estimated India will become one of the world’s top three economies in the next few years, he said. “Experts can analyse this, but it is Modi’s guarantee that India will become the third largest economy in the world,” he added.
Modi also highlighted his government’s efforts to boost clean energy and to end poverty, saying India’s renewable energy capacity has increased three times and solar energy capacity 20 times. The Digital India mission has transformed lives and businesses, bringing about digital inclusion with cheap phones and cheap data. The campaign to provide optical fibre connectivity to every village and the rapid expansion of 5G is changing the lives of common people.
All these measures have increased the ease of living of people and empowered them, the PM said, citing improvements in poverty alleviation and women’s participation in the workforce. “These are very good signs for the future of India. Therefore, I would call upon all of you to join this development journey of India and walk with us,” Modi said.
New policies for logistics and ease of transportation has increased the number of airports from 74 in 2014 to 149 today, while the national highway network has almost doubled in the last decade, the PM added. “The India-Middle East-Europe Economic Corridor, which was announced during the G20, is also a huge business opportunity for all investors,” he said.
The Vibrant Gujarat Summit, Modi said, is a gateway to opportunities across the country. “The bigger your dreams are, the greater my resolve will be,” he said.
Modi also said the UAE president’s participation in the Vibrant Gujarat Global Summit as chief guest reflects the deepening ties between the two countries. India and the UAE have finalised agreements for developing food parks, cooperating in renewable energy and healthcare, and for investments of several billion dollars in port infrastructure.
Referring to Mozambique President Nyusi, an alumnus of IIM-Ahmedabad, Modi expressed pride at the African Union’s inclusion in the G20 during India’s presidency of the grouping. Czech Prime Minister Petr Fiala’s first visit to India after assuming office, he said, signified the Czech Republic’s old ties with India and Vibrant Gujarat. Modi referred to cooperation in the automobile, technology and manufacturing sectors between the two side.
Modi also welcomed Nobel laureate and Timor-Leste President Horta and highlighted his use of Mahatma Gandhi’s principle of non-violence in his country’s freedom struggle.
