Global bodies upbeat about India's economic growth: Modi

PM inaugurates 10th edition of Vibrant Gujarat Global Summit

GN Bureau | January 10, 2024


#Vibrant Gujarat   #Gujarat   #Narendra Modi   #economy   #business  
PM Narendra Modi addressing at the inauguration of Vibrant Gujarat Global Summit 2024 at Gandhinagar on Wednesday
PM Narendra Modi addressing at the inauguration of Vibrant Gujarat Global Summit 2024 at Gandhinagar on Wednesday

Prime minister Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar on Wednesday. The theme of this year’s summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organizations. The summit is also being used as a platform by the ministry of development of north-eastern region to showcase investment opportunities in the north-eastern region.

Several industry captains addressed the occasion. ArcelorMittal chairman Lakshmi Mittal, Toshihiro Suzuki, president of Suzuki Motor Corporation, Japan, Mukesh Ambani of Reliance Group, Sanjay Mehrotra, CEO of Micron Technologies, USA, Gautam Adani, chairman of Adani Group, Jeffrey Chun, CEO of Simmtech, South Korea, N. Chandrasekaran, chairman, Tata Sons Limited, DP World chairman Sultan Ahmed bin Sulayem, Shankar Trivedi, Sr VP, Nvidia, and Nikhil Kamat, founder and CEO of Zerodha, addressed the gathering and spoke about their business plans. The business leaders praised the PM's vision.

Shin Hosaka, vice minister for international affairs, Japan, Ibraheem Yoosef al Mubarak, assistant minister of investment, Saudi Arabia, Tariq Ahmed, minister of state for the Middle East, North Africa, South Asia, Commonwealth and United Nations, UK, Vahan Kerobyan, minister of economy, Armenia, Tiit Riisalo, minister of economic affairs and information technology, Ryad Mezzour, industry and commerce minister, Morocco, Prakash Sharan Mahat, finance minister of Nepal, Tran Luu Quang, deputy prime minister of Vietnam, Petr Fiala, prime minister of Czech Republic, Filipe Nyusi, president of Mozambique, and José Ramos-Horta, president of Timor Leste also addressed the Vibrant Gujarat Global Summit. President of the United Arab Emirates & Ruler of Abu Dhabi, H.R.H Sheikh Mohammed bin Zayed Al Nahyan also made his address at the beginning of the Summit.  

Addressing the gathering, the PM started by conveying his greeting for 2024. He reiterated the pledge to make India ‘viksit’ by 2047, making the next 25 years ‘Amrit Kaal’ of the country. “It is time for new dreams, new resolutions and continuous accomplishments”, he said. He noted the significance of the first Vibrant Gujarat Summit of the ‘Amrit Kaal’.  

He said that the participation of H.R.H Sheikh Mohammed bin Zayed Al Nahyan, president of the United Arab Emirates & Ruler of Abu Dhabi, in the summit as chief guest is special as it signifies the deepening ties between India and UAE. Modi said that his thoughts and support towards India are filled with warmth and heartiness as he mentioned the Vibrant Gujarat Global Summit becoming a global platform for economic development and investment-related discussions. He highlighted the India-UAE partnerships in increasing support to the renewable energy sector, innovative healthcare, and investments of several billion dollars in India’s port infrastructure. He also mentioned the initiation of operations by UAE’s Sovereign Wealth Fund in GIFT City and aircraft and ship leasing activities by transworld companies. The Prime Minister gave huge credit to H.R.H Sheikh Mohammed bin Zayed Al Nahyan for the soaring partnerships between India and UAE relationships.

Referring to the august presence of the President of Mozambique, Mr  Filipe Nyusi, an alumnus of IIM Ahmedabad, the PM expressed pride for the inclusion of the African Union of G20 permanent membership during India’s Presidency. He said President Nyusi’s presence has deepened the India-Mozambique as well as India-Africa ties.

Prime Minister of the Czech Republic, Petr Fiala’s first visit to India as Prime Minister of his country, Modi said, signifies the Czech Republic's old ties with India as well as with Vibrant Gujarat. The PM mentioned cooperation in the automobile, technology and manufacturing sectors.

He also welcomed Nobel laureate and President of Timor Leste, Mr José Ramos-Horta and highlighted his use of Mahatma Gandhi’s principle of non-violence with his country’s freedom struggle.

Referring to the 20th anniversary of the Vibrant Gujarat Summit (the bi-annual event was first held in 2003), the prime minister remarked that it has showcased new ideas, and created new gateways for investments and returns. Throwing light on this year’s theme of ‘Gateway to the future’, the Prime Minister said that the future of the 21st century will be brightened by shared efforts. During India’s G20 Presidency, the prime minister said, a road map for the future has been presented and it is being forwarded by the vision of Vibrant Gujarat Global Summit. He also mentioned the strengthening of partnerships with I2U2 and other multilateral organizations along the principles of ‘One World, One Family, One Future which has now become a prerequisite to global welfare.

“India is moving forward in the role of a ‘Vishwa Mitra’ in a fast-changing world. Today India has given the world confidence in achieving common collective goals. India’s commitment, efforts and hard work for global welfare is making the world safer and prosperous. The World looks at India as an important pillar of stability. A friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth and a democracy that delivers,” said the PM.

“The priorities and aspirations of India’s 1.4 billion citizens and their belief in human-centric development coupled with the government’s commitment to inclusivity and equality is a major aspect of world prosperity and development,” he remarked. He mentioned that India is the fifth largest economy while it lagged at the 11th position 10 years ago. He also underlined that in the next few years, India will go on to become one of the top three economies in the world, as predicted by various rating agencies in the world.

“Experts can analyze this, but I guarantee that India will become the 3rd largest economy in the world,” PM Modi emphasized. He further added that India has become a ray of hope for the world at a time when the world has witnessed multiple geopolitical instabilities. Reflecting on India’s priorities whose glimpse can be seen in the Vibrant Gujarat Global Summit, the Prime Minister mentioned sustainable industries, manufacturing and infrastructure, new age skills, futuristic technologies, AI and innovation, green hydrogen, renewable energy, and semiconductors. PM Modi urged everyone to visit the trade show in Gujarat, especially the school and college students. Speaking about spending time in this trade show with His Excellency Nyusi and His Excellency Ramos Horta on Tuesday, the PM said that the trade show has showcased products made with world-class state-of-the-art technology in sectors like E-Mobility, Start-Ups, Blue Economy, Green Energy and Smart Infrastructure. He said that new opportunities are constantly being created for investment in all these sectors.

The PM elaborated on the government’s focus on structural reforms as the basis of the Indian economy’s resilience and momentum as these reforms have enhanced the economy’s capacity, capability, and competitiveness. He said that recapitalization and IBC have led to a robust banking system, abolition of about 40,000 compliances have led to ease of business, GST has removed the labyrinth of taxation, better environment for diversification of global supply chain, the recent signing of 3 FTAs, including one with UAE; opening of many sectors for automatic FDI, record investment in infrastructure and 5 times increase in capex. He also mentioned unprecedented strides in green and alternatives sources of energy, 3 times increase in renewable energy capacity, 20 times capacity in solar energy capacity, affordable data prices have led to digital inclusion, optical fiber to every village, roll out of 5G, third largest startup ecosystem with 1.15 lakh registered startups. He also touched upon the overall record increase in exports.

Modi reiterated that the transformations taking place in India are improving Ease of Living and empowering them. He mentioned that in the last 5 years, more than 13.5 crore people have come out of poverty while the average income of the middle class has been constantly on the rise. He also touched upon the record rise in the participation of female workforce which is a great sign for India’s future. “With this spirit”, the Prime Minister said, “I appeal to all of you to become part of India’s investment journey.”

Touching upon the modern policy improvements towards logistics and east of transportation, the PM highlighted the rise in the number of airports from 74 to 149 within a decade, doubling of India’s national highway network, tripling of metro network, dedicated freight corridors, national waterways, increase in the port turnaround time and the India-Middle East-Europe Economic Corridor announced during G20. “These are huge investment opportunities for all of you,” he added.

Concluding the address, he said that there are new possibilities for investors in every corner of India and Vibrant Gujarat Summit is like a gateway for this, a Gateway to the Future. “You are not only investing in India but also shaping a new generation of young creators and consumers. Your partnership with the aspirational young generation of India can bring results which you could not have even imagined.”
 

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