India an engine of growth: Modi

New Delhi: Pitching India before global investors as a lucrative business destination at the Vibrant Gujarat summit in Gandhinagar, Prime Minister Narendra Modi on Wednesday said that India is “an engine of growth in the global economy, a technological hub for finding solutions, a power house of talented youth and a democracy that delivers”.

Highlighting his government's achievements during the past decade, Mr Modi said, "The world looks at India as an important pillar of stability,” adding that India’s "efforts and hard work make the world more secure and prosperous" and it is a “friend who can be trusted".

At the inauguration of the 10th edition of the Vibrant Gujarat summit, the Prime Minister said it was his “guarantee” that India will become the third-largest economy in the world in the next few years, adding that his resolve is as big as the dreams of the people and investors.

In his remarks, the Prime Minister described the proposed India-Middle East-Europe corridor that was unveiled during the G-20 summit last year as a big business opportunity for investors. He also highlighted India’s growing partnership in the I2U2 (India, Israel, UAE and US) grouping.

Terming “one world, one family, one future” a global necessity, Mr Modi said, “India is a friend in a rapidly changing world. We have assured the world that we can set a collective goal and achieve it... The world looks at India as an important pillar of stability. India is 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 technological hub for finding solutions, a power house of talented youth and a democracy that delivers,” Mr Modi said, adding, "India is working on the next 25 years... We have kept the objective of becoming a developed nation."

Calling the focus on structural reforms during the last 10 years the reason for India’s growth, the Prime Minister said, “The priorities and aspirations of India's 1.4 billion people, their belief in human-centric development and our commitment to inclusivity and equality are the cornerstones of global prosperity and development… Our priorities are clear -- sustainable industry, infrastructure and manufacturing…  We have focused on the ease of doing business and eliminated over 40,000 compliances. GST has eliminated the unnecessary tax complexities.”

"We signed three free trade agreements so as to make India a more attractive destination for global business. One of the FTA is with the UAE. We have opened many sectors for FDI through automatic routes. Today, India is making record investments in infrastructure," he said.
In 10 years, India's capex has grown five times and the country is also moving fast in the green energy and renewable energy sectors, with a three-fold increase in green energy and a 20-fold increase in solar energy capacity.
"In 10 years, cheaper phones and data have brought about a new revolution of digital inclusion. The expansion of optical fibre to every village and the expansion of 5G are changing the lives of common Indians. We are the world's third-biggest start-up ecosystem," Mr Modi said.
The Prime Minister said the changes happening in India are increasing the ease of living for citizens and empowering them.
"In the five years of our government, more than 13.5-crore people have come out of poverty and the average income of people has increased along with the participation of the female workforce, which is a very good signal for India's future," he said, calling upon the world to join India's growth journey.
The government is working to improve logistics and ease of transportation, with the number of airports having grown from 74 to 149, national highway network twice and the metro train network thrice in the last 10 years, he said.

The Prime Minister also credited the President of Mozambique Filipe Jacinto Nyusi, Czech Republic Prime Minister Petr Fiala and Timor Leste President Jose Ramos Horta, who were present at the event, for strengthening their respective countries' ties with India.

Later, at a special briefing in Gandhinagar, foreign secretary Vinay Kwatra said that there were a total of 35 "partner" countries at the summit and that there was ministerial representation from 18 nations.

Speaking at the event, top industrialist Mukesh Ambani hailed Mr Modi as “the greatest global leader of our times and the most successful Prime Minister in India’s history”.

He said, “When you speak, the whole world not only listens but also applauds you. My friends abroad ask me, what is the meaning of this slogan that millions of Indians are chanting -- ‘Modi hai toh Mumkin hai’ (Modi can make it possible). I tell them it means India’s PM makes the impossible possible with his vision, determination and execution. They agree.”

Praising the leadership of Mr Modi for "shaping the global agenda", prominent industrialist Gautam Adani pledged to invest over '2-lakh crores in Gujarat over the next five years, which will lead to the creation of over 1 lakh direct and indirect jobs.