India undergoing major economic, policy changes: PM Modi at ET Global Biz Summit

New Delhi: The Prime Minister, Narendra Modi, addressed the Economic Times Global Business Summit today. The broad theme of the Global Business Summit 2020 is ‘Collaborate to Create: Sustainable Growth in a Fractured World’. Addressing the delegates from around the world, the Prime Minister said that the vision of ‘Collaborate to Create for Sustainable Growth’, is the need of the day and also the basis for the future. “The idea of ​​Collaborate To Create is as old as it is relevant,” he added.

Modi stressed that new challenges emerge in every era which further strengthens our spirit of ‘Collaborate to Create’. He said today, a huge challenge in the form of coronavirus (COVID-19) is in front of the world. “We have to face this challenge together and emerge victorious with the resolve power of Collaborate to Create,” he added.

The Prime Minister said there was a time when things used to run according to the predictions of a particular class and their opinion was considered to be the final. But with the development of technology and the democratization of discourse, now people from every section of the society can voice their opinions, he added.

The Prime Minister said that the path in front of us was to walk on the same path as before, or to make our own path. We created a new route, moved ahead with a new approach and gave the highest priority to aspirations of the people, he noted. Modi emphasized that there is no harm in saying the right thing, so when there is a change in the status quo, some people start to see disruptions, he added.

PM contrasted those who enlighten the world about refugee rights to those oppose the CAA for refugees. Those who cry about the Constitution, oppose the implementation of the Constitution in Jammu and Kashmir for removing the temporary systems like Article 370, he added.

Referring to the quote in Ramcharit Manas, “It’s easier to preach than really act”, the Prime Minister said nation-building, development of the country, governance are conviction and not convenience.

The Prime Minister listed the actions taken by the government to free all the systems of the country from the imprisonment of old ideas and the convenience of inaction, like Real Estate Regulatory Authority (RERA) legislation, Insolvency and Bankruptcy Code (IBC), Mudra scheme, creation of the post of Chief of Defense Staff, and giving 10% reservation to the poor of the general class.

The Prime Minister said that since 2014, the country has moved ahead with cooperation in spirit, collaboration in action and combination of ideas. “Today, India is creating a model of sustainable growth, which is beneficial for the whole world. 21st century India is learning a lot and is equally ready to benefit the development of the people of the country,” he added.

The Prime Minister listed out the achievements which were visible in different sectors in the last six years, like the pace of highways construction, the pace of railway electrification, capacity addition in airports, increased cargo handling at our major ports and reduced turnaround time at major ports. The Prime Minister stressed that this was achieved by removing silos in government departments and emphasizing collaboration.

The Prime Minister said that economic or social, today the country is going through a big phase of change. In the last few years, India has become an even stronger part of the Global Economy System in spite of a weak global economy, he added. “Recently, India has become the 5th largest economy in the world. Just 6-7 years ago we were at number 11. In such a short time we have risen to 5th,” he said.

The Prime Minister announced the government is working at four different levels to achieve the goal of an economy of $5 trillion – connect with the private sector, fair competition, wealth creation, and deletion of archaic laws.

Modi further said that the Government has prepared a roadmap for the investment of more than Rs 100 lakh crore in the field of infrastructure and chosen a path for the development of the country through Public-Private Partnership (PPP). “Government is opening more and more sectors of the economy to the private sector,” he added. He said that to enhance fair competition, both corruption and cronyism are strictly dealt with. He stressed that the Government has focused on simplification, rationalization, and transparency. The Prime Minister said that today, India is among the major countries in the world where corporate tax is the lowest and has improved 77 ranks in Ease of Doing Business’s rankings in just 5 years.

“In 2019, Foreign Direct Investment (FDI) of about $48 billion came in the country. This growth was more than 16%. Similarly, Private Equity and Venture Capital Investment of $19 billion came to India last year. It also grew more than 53%,” he added.

The Prime Minister said that the Government is in constant contact with all stakeholders, taking feedback continuously, taking major decisions at every level. By liberating the country from the status quo, we are moving towards creation by cooperation not only at the national level but also internationally, he added. The Prime Minister also listed out the role of India in building international level institutions like International Solar Alliance and Coalition for Disaster Resilient Infrastructure.

The Prime Minister said that the 21st century is full of many possibilities. “Amidst these possibilities, there is a lack of a common global voice. The question before the whole world is to somehow adjust to the changing circumstances or to develop a new path in a new way,” he added.

The Prime Minister said that in the midst of changing global conditions, India has also made very wide changes. There was a period when India was neutral by creating equal distance between countries. Even today India is neutral, but by equal friendship, he added. “Keeping distance in that period, an attempt was made to escape. Today, we are trying to maintain friendship and walk together. This is the very essence of India’s foreign policy and economic policy,” he added.

The Prime Minister concluded with the quote of Mahatma Gandhi, “I want the rise of India so that the whole world can benefit from it”, and said that this quote has the Indian thinking of globalisation and the mantra of collaboration for the future.


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