India’s economic fundamentals ‘strong’, world believes in it: PM Modi

Prime Minister Narendra Modi, addressing the opening event of global investors' meet 'Invest Karnataka 2022' today, says even during the current uncertain times, most nations are convinced about the fundamentals of the Indian economy. “India received a record foreign investment of $84 billion last year,” he said.

Talking about Karnataka, the PM said "Brand Bengaluru" comes foremost to the mind, not only in India but the entire world, when it comes to talent or technology. He said Karnataka is a perfect example of "competitive and cooperative federalism". "Karnataka continues to maintain its place among the top rankers in the Ease of Doing Business. 400 of the Fortune 500 companies are here and out of 100 plus unicorns of India, more than 40 are in Karnataka.”

Inviting foreign investors to invest in the country, the PM said India has set a target of becoming a developed nation by 2047. It’s important that investment and India's inspiration come together as the development of “an inclusive, democratic and strong India will accelerate the development of the world”. “Investing in India means investing in inclusion, investing in Democracy, investing for the world, and investing for a better, cleaner and safer planet."

The PM said 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 despite a climate of market saturation, India's domestic markets are strong. Even in times of a global crisis, experts, analysts and economists have hailed India as a bright spot, he said. “We are continuously working towards cementing our fundamentals to further strengthen India’s economy with each passing day,” he said.

A decade ago, the country was grappling with policy and implementation-related issues, he said, adding that “instead of trapping the investors in the red tape", the Centre has created an environment of red carpet for investment. "Instead of making new complicated laws, we rationalised them,” he said.

The PM said building a 'New India' is possible only with bold reforms, massive infrastructure and the best of talent. Mentioning GST, IBC, banking reforms, UPI, abolition of 1,500 outdated laws and 40,000 unnecessary compliances, the PM said: "Today bold reforms are carried out in every sphere of the government.”

He also said 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 PM said the number of operational airports has doubled in the last 8 years and Metro has expanded in more than 20 cities.

PM Modi said the PM-GatiShakti National Master Plan will ensure last-mile connectivity and make the product or services world-class. “Goals of development can be achieved only by focusing on investment and human capital.”