Prime Minister Narendra Modi addressing the inaugural function of ‘Invest Karnataka 2022’ in Bengaluru, via video conferencing, from New Delhi, on November 2, 2022.
Prime Minister Narendra Modi addressing the inaugural function of ‘Invest Karnataka 2022’ in Bengaluru, via video conferencing, from New Delhi, on November 2, 2022.

Modi says world convinced about fundamentals of Indian economy in these uncertain times

Bengaluru, November 2, 2022

Prime Minister Narendra Modi today said the world was, in these uncertain times, convinced about the fundamentals of the Indian economy and urged foreign investors to take advantage of the opportunities in the country.

“Investing in India means investing in inclusion, investing in democracy, investing for the world, and investing for a better, cleaner and a safer planet," he said in his inaugural address via video conferencing at "Invest Karnataka 2022", the Global Investors of the state, which began in Bengaluru today.

Modi said that, in the 21st century, India would only move forward from its current position. He said the country had received $ 84 billion in foreign investment last year.

"In this period of fragmentation, India is moving with the world and giving emphasis on working with the world. India could assure the world about the supply of medicines and vaccines in the period of the disrupted supply chain," he said.

He said that, despite a climate of market saturation, India's domestic markets are strong due to the aspirations of its citizens. He said that, even amidst a global crisis, experts, analysts and economists have hailed India as a bright spot.

“We are continuously working towards cementing our fundamentals to further strengthen India’s economy with each passing day," he said.

The Prime Minister stressed the need to understand the trajectory of the Indian economy. He explained the change of approach from 9-10 years ago when the country was grappling with policy and implementation-related issues.

"Instead of trapping investors in red tape, we created an environment of the red carpet for investment, and instead of making new complicated laws, we rationalised them," he said.

Greeting the people of Karnataka for their Rajyotsava, which was observed yesterday, he said the state is an amalgamation of tradition and technology, nature and culture, wonderful architecture and vibrant startups. “Brand Bengaluru comes foremost to the mind when it comes to talent or technology. This name is well established not only in India but the entire world," he remarked.

Modi said the investors' meeting was a perfect example of competitive and cooperative federalism and pointed out that manufacturing and production were majorly dependent on the policies of state governments.

“Through such Global Investors’ Meets, states can target specific sectors and forge a partnership with other countries," he said, and expressed happiness that partnerships worth thousands of crores of are planned at this meet which will result in boosting employment for the youth of the nation.

Modi said building a New India was possible only with bold reforms, massive infrastructure and the best of talent. Today, bold reforms are carried out in every sphere of the government, he said.

He mentioned GST, IBC, Banking reforms, UPI, abolition of 1,500 outdated laws and 40 thousand unnecessary compliances. He also said that steps like decriminalisation of many company law provisions, faceless assessment, new avenues for FDI, liberalisation of drone rules, geospatial and space sector and defence sector are bringing unprecedented energy. The Prime Minister said that the number of operational airports has doubled in the last eight years and Metro has expanded in more than 20 cities.

Highlighting the aim of the PM-GatiShakti National Master Plan, the Prime Minister remarked that it is aimed at integrated infrastructure development. He explained that a road map is prepared not just for developing infrastructure but also for existing infrastructure while the most efficient route is discussed in implementing the plan. He stressed the emphasis on last-mile connectivity and ways to improve the product or service by making it world-class. The Prime Minister highlighted the strides made by the youth in this journey and said every sector in India is being propelled by the energy of youth power.

“Goals of development can be achieved only by focusing on investment and human capital. Moving forward on this thinking, we promoted investments in the Health and Education sector. Our aim is also to increase productivity as well as to improve human capital,” he said.

The Prime Minister elaborated by mentioning simultaneous push on things like manufacturing incentives along with health assurance schemes; ease of doing business as well as health and wellness centres; highways network as well as provision of toilets and clean drinking water; futuristic infrastructure as well as smart schools.

On the environment-friendly growth of the country, the Prime Minister said “Our initiatives towards green growth and sustainable energy have attracted more and more investors. Those who want to return their cost and also want to fulfil their responsibility towards this earth, they are looking towards India with hope.”

Reflecting on the power of the "double-engine government" in Karnataka, the Prime Minister said that it is one of the reasons for the faster development of many sectors in the state. Giving examples, the Prime Minister stated that Karnataka continues to maintain its place among the top rankers in the Ease of Doing Business and credited this to its inclusion in the list of top states in terms of FDI.

He pointed out that 400 of the Fortune 500 companies and 40 of the 100-plus unicorns of India are in Karnataka.

The Prime Minister mentioned that Karnataka is being counted as the largest technology cluster in the world today which is home to industry, information technology, fintech, biotech, startups as well as sustainable energy. “A new story of development is being written in every field,” he said.

He further added that several development parameters of Karnataka are challenging not only other states of India but also some countries.

Highlighting that India is entering a new phase of the manufacturing domain, the Prime Minister mentioned the National Semiconductor Mission and pointed out that the tech ecosystem would take chip design and manufacturing to new heights.

He gave examples of nano urea, hydrogen energy, green ammonia, coal gasification and space satellites and underlined that today India is moving ahead with the mantra of development of the world.

He said India has set a target of becoming a developed nation by 2047 and for that it is very important that the investment and India's inspiration should come together as the development of an inclusive, democratic and strong India will accelerate the development of the world.

The three-day meeting is aimed at attracting investment and drawing up a development plan for the next decade.

There will be more than 80 speaker sessions and the speakers include industry leaders such as Kumar Mangalam Birla, Sajjan Jindal and Vikram Kirloskar. A number of business exhibitions with more than three hundred exhibitors and country sessions running parallelly.

The country sessions would each be hosted by the partner countries - France, Germany, Netherlands, South Korea, Japan, and Australia - which would be bringing in high-level ministerial and industrial delegations from their respective countries.

The global scale of the event will give Karnataka an opportunity to showcase its culture to the world as well.


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