India has emerged as a new ray of hope amid global uncertainties, and the world looks at it as an important pillar of stability, a trusted friend, and an engine of growth in the global economy, Prime Minister Narendra Modi said on Wednesday, speaking at the inauguration of the 10th edition of the Vibrant Gujarat Global Summit.
“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,” Mr. Modi said in his inaugural address, in the presence of several world leaders, business tycoons, diplomats, and policymakers.
‘A golden period’
He reiterated that India would become the world’s third-largest economy in the next few years, adding that the next 25 years would be a “golden period” for the country.
“India completed 75 years of independence and is now working on its goal for the next 25 years to become a developed country. We have the goal of making it a developed country by the time it celebrates 100 years of independence. Therefore, these 25 years’ duration is India’s Amrit Kaal,” he said, addressing a gathering of top industrialists from India and overseas, and dignitaries from the United Arab Emirates, Japan, Singapore, the United Kingdom, and Australia.
The Prime Minister added that all major rating agencies have opined that India would be among the top three largest economies of the world in the next few years.
‘Friend of the world’
“In the rapidly changing world order, India is going ahead as Vishwa Mitra (a friend of the world). India has given hope to the world that we can decide on common goals and achieve them. India’s commitment to world welfare, its dedication, efforts, and hard work are making today’s world more secure and prosperous,” he said.
“The priorities and aspirations of India’s 1.4 billion citizens and their belief in human-centric development coupled with the government’s commitment to inclusivity and equality is a major aspect of world prosperity and development.” the PM said, talking about his government’s policies to promote development across the country.
He added that India’s priorities are sustainable industry, infrastructure and manufacturing, new-age skills, futuristic technology, artificial intelligence and innovation, green hydrogen, renewable energy, and semiconductors.
Structural reforms
According to Mr. Modi, structural reforms undertaken by the government have spurred growth and resilience in India’s economy. “These reforms have increased the capacity, capability and competitiveness of India’s economy,” he said.
Elaborating on the reforms, the Prime Minister said that recapitalisation and IBC have led to a robust banking system; abolition of about 40 thousand compliances have led to ease of business; and GST has removed the labyrinth of taxation. The improved environment for diversification of a global supply chain; the recent signing of three free trade agreements, including one with the UAE; the opening of many sectors for automatic foreign direct investment, record investment in infrastructure; and five times increase in capex have all contributed to the growth momentum, he added.
India-UAE ties
Mr. Modi was all praise for UAE President Sheikh Mohammed bin Zayed Al Nahyan, who was the chief guest at the summit, saying that his presence at the summit signified the deepening ties between India and the UAE. The PM highlighted the India-UAE partnership in increasing support to the renewable energy sector, innovative healthcare, and investments of several billion dollars in India’s port infrastructure. He also mentioned the initiation of operations by UAE’s Sovereign Wealth Fund in GIFT City and aircraft and ship leasing activities by transworld companies.
Top industrial tycoons from India and overseas announced a slew of investments in Gujarat at the summit. Mukesh Ambani’s Reliance Industries, the Adani group’s Gautam Adani, Maruti Suzuki, UAE-based DP World, the Tata Group, and others made announcements about mega projects and investments in Gujarat.
The 10th edition of the Vibrant Gujarat Global Summit is being held from January 10 to 12 in Gandhinagar with the theme. ‘Gateway to the Future’. There are 34 partner countries and 16 partner organisations at this year’s event, which is celebrating 20 years of Vibrant Gujarat.
