India going through big transformation: PM

Source: The Hitavada      Date: 08 Oct 2018 09:05:33



“India is the ideal investment destination in the world today with major social and economic changes sweeping the country,” Modi said after inaugurating U’khand’s first investors summit

PRIME Minister Narendra Modi on Sunday said India is going through major social and economic changes and the resultant New India will prove to be a catalyst for global development.

“India is witnessing rapid economic and social changes. The country is going through a big transformation. We are marching towards a New India,” Modi said at an investors summit here in Uttarakhand. “Every major institution in the world is predicting that in the coming decades, India is going to be the driving engine of world growth,” he added.
Modi said India’s economy had stabilised over the last few years, fiscal deficit had come down, inflation was under control and the middle class was rising.

Prime Minister Narendra Modi inaugurated Uttarakhand’s first investors summit on Sunday, saying India is the ideal investment destination in the world today with major social and economic changes sweeping the country.

Addressing the country’s top business leaders and industrial houses at ‘Destination Uttarakhand: Investors Summit 2018’, Modi said that the country was passing through an era of unprecedented social and economic changes at present and expressed confidence that in the coming decades India will become the engine of world economic growth.

“Fiscal deficit has come down, the rate of inflation has come down. The middle class is growing and the country is full of demographic dividend.
“In the past 4 years, the State and Central Governments together have taken over 10,000 measures, which have helped the country improve its position in the ease of doing business rankings by 42 points,” Modi said, describing the current times as the best for investors in the country.

GST is the biggest tax reform in the country post independence which has turned the country into a single market, he said. Highlighting rapid growth in the infrastructure sector, the Prime Minister said 10,000 km highways have been built, which is double in comparison with what was done by earlier Governments.“The scale and speed at which reforms are happening are unprecedented. In the last two years, the Central and State Governments have ushered in more than 10,000 reforms. Thanks to this, India has made a significant jump of 42 points in the global ‘ease of doing business’ index,” the Prime Minister said. “As part of these reforms, more than 1,400 laws have been repealed. Major tax reforms have been brought in.” He said infrastructure development was taking place at a “record speed” with more than 10,000 kilometres of National Highways built in the last one year.

“It means over 27 km road built per day. This rate is double as compared to road development during previous Governments.” With the high speed rail projects and metro lines in various cities and the Centre’s policy of housing for all, power for all, fuel for all and banking for all, scenario of an ideal investment destination becomes complete, Modi said.

“My message to investors is make in India but not just for Indians but for the whole world,” he said.
The Prime Minister said that schemes like Ayushman Bharat Yojana will provide health insurance coverage to a huge population and it will also open up huge opportunities for investors in the health sector.
Describing Uttarakhand as a shining jewel in the crown of emerging new India, Modi extended an invitation to top industrial houses to invest in the State, which has taken huge strides in its development since its creation.

When former Prime Minister Atal Behari Vajpayee decided to create Uttarakhand, the challenges were big but now the scenario has changed, with major steps taken in terms of infrastructure building and connectivity. “The State Government’s new policy on tourism, which gives it the status of an industry, is going to give a big advantage to investors coming to the state. The new policies framed by the State Government like support subsidy for investors in the MSME sector will be another advantage,” he said.

With its unique blend of nature-adventure-culture and yoga, Uttarakhand has enough to stimulate the interest of investors, he said, adding that it has the potential to emerge as the country’s “Spiritual Eco Zone” (SEZ). Citing his own experience after he took over as Chief Minister of Gujarat for the first time, he said journalists decided to grill him as he was new in the office and asked him what model he had in mind for the development of State. “I said, I will follow the model of South Korea. They were puzzled to hear my answer because they had little idea about South Korea. But, I explained to them how that model could work for Gujarat as it had a similar size of population and a similar geography,” Modi said.