PM Modi at India Global Week 2020: Green Shoots Visible, India To Play A Leading Role In Global Economic Revival

Prime Minister Narendra Modi said that India is already seeing green shoots of economic recovery as Indians have the spirit to achieve what is believed to be impossible.

“Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green-shoots when it comes to economic recovery,” PM Modi said while addressing the India Global Week 2020.

The second factor he said is “India’s ability to reform and rejuvenate”.

It is “natural” to think about India when talking about global economic revival, as India “will play a leading role” in the same.

The prime minister was speaking at the India Global Week 2020 virtual summit, where he emphasised that India Inc. has helped bring opportunities in India to a global audience. The India Global Week 2020 summit will be held for three days on a virtual platform in view of the novel coronavirus pandemic. The theme of this year’s event is ‘#BeTheRevival: India and a Better New World.’

Further stressing on India’s role, PM Modi stated: “I see this closely linked with two factors. The first is – Indian talent. World over, you have seen the contribution of India’s talent-force. Who can forget the Indian tech industry and tech professionals? They have been showing the way for decades. India is a power-house of talent that is eager to contribute.”

“Indians are natural reformers. History has shown that India has overcome every challenge, be it social or economic. On one hand India is fighting a strong battle against the global pandemic. With an increased focus on people’s health, we are equally focussed on the health of the economy,” he noted.

The prime minister further pointed out steps taken by the government, which focused on “revival with care, revival with compassion, and revival which is sustainable – for the environment and the economy.”

“During the last six years, India has made great gains in areas such as: total financial inclusion, record housing and infra construction, Ease of Doing Business, bold tax reforms including the GST.

The prime minister also spoke about benefits given via the PM Garib Kalyan Yojana, stating that benefits have reached the people directly. “Thanks to technology, every penny has reached the beneficiaries directly. The relief includes: providing free cooking gas, cash in the bank accounts, free food grains to millions of people and many other things.”

He continued to emphasise India’s role in the global economy adding that the country is “laying out the red carpet for global companies”. Stating: “India remains one of the most open economies in the world. We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities India does today.”

He pointed out that opportunities in the sunrise sectors and agricultural reforms “provide a very attractive investment opportunity to invest in storage and logistics”. Adding: “We have brought reforms in the MSME sector. A booming MSME sector will also complement big industry. There are investment opportunities in the defence sector.”

He also spoke about “opportunities for private investment in space sector”, which “will mean greater access to commercial use of space tech for the benefit of people.”

PM Modi also pointed out India’s pharmaceutical capabilities, saying that the pandemic has further proved this to be true. “The pandemic (coronavirus pandemic) has once again shown that India’s pharma industry is an asset not just for India but for the entire world. It has played a leading role in reducing the cost of medicines especially for developing countries,” he said.

Talking about India’s move towards Atmanirbhar Bharat or self-reliance, the PM said that it “is not about being self-contained or being closed to the world. It is about being self-sustaining and self-generating.”

Some of the other prominent Indian speakers at the event include External Affairs Minister S Jaishankar, Railways and Commerce and Industry Minister Piyush Goyal, Civil Aviation and Urban Affairs Minister Hardeep Singh Puri, IT Minister Ravi Shankar Prasad and Skill Development Minister Mahendra Nath Pandey.