Minister Narendra Modi reiterated that India aspires to, and is moving towards,
a $5 trillion economy over the next few years with sustained, comprehensive and
Inaugurating the first mega global investors’ summit, "Magnetic
Maharashtra: Convergence 2018" here, he said the country is on the firm
path of development simultaneously with the development of the states.
"We are working towards becoming a member of the Five Trillion Dollar
club," Modi said.
He also said Maharashtra would become the first state in India to become a
Trillion Dollar economy in the next few years, while addressing a gathering of
over 200 captains of Indian and global companies at Bandra Kurla Complex here.
Modi noted his government has taken a slew of steps to ensure all-round
development of India with an ecosystem comprising a development-friendly,
investor-friendly governance with minimal governmental interference.
Indian states are now policy-driven, governance is performance-driven with full
accountability, a transparent ecosystem, various norms are being eased, the
government is changing laws where needed, and scrapped more than 1,400 old or
outdated laws, and for new or modified laws, care is being taken to ensure they
are simplified, he said.
In recent years, various states of India have also been competing among
themselves to attract maximum foreign investments as per their needs and
requirements, including Assam, he said.
On Maharashtra, Modi said during the past three years, this state has initiated
unprecedented measures to lure foreign investors on all fronts, led by Chief
Minister Devendra Fadnavis.
"The state's reforms have transformed business, huge improvements in its
rating in Ease
of Doing Business, changed
the work culture, problems are being resolved in a time bound manner,
debottle-necking has been achieved with inter-departmental cooperation, all of
which have reflected on its development," he said.
He added that last year Maharashtra led other states on various parameters in
infrastructure development rankings, it got 51 percent of all FDI in India,
during the Make In India initiative of February 2016, it secured more than Rs
400,000 crore investments and work on half of them is underway.
Besides, the state has initiated mega-infrastructure projects like Navi Mumbai
International Airport, Mumbai Trans Harbour Link, 350 km of Metro Rail and
similar Metro Rail in other cities like Pune and Nagpur, taking up the 700 km
Mumbai-Nagpur Communication Expressway, etc, which will create between two to
two-and-half million jobs and give a fillip to rural development.
Modi also cited the various measures and budgetary provisions to construct
roads, bridges, metro rails and airports across the country, to help realize
"the aspirations of the people" and fulfill the vision of a 'New
Reliance Industries Chairman Mukesh Ambani said Mumbai is both his
'janmabhoomi' (birthplace) and his own 'karmabhoomi' (are of action) where the
start-up company was established by his father, the late visionary Dhirubhai
Ambani with a seed capital of Rs 1,000 and one employee.
"Today, Reliance employs over 350,000 people. It's the largest
'wealth-creator for India'. Reliance always invests in India's Big Dreams in
building businesses of the future with Indian talent and Indian youth," he
said in his address.
He said Mumbai is also home to Jio, the newest tech-startup in the Reliance
family, and when the PM unveiled his vision for a Digital India, it also became
Jio's own mission.
He announced that now Reliance will take the Jio Movement forward with an even
more ambitious new initiative for New India and New Maharashtra, by setting up
the country's first-ever 'Integrated Industrial Development Area' for the
Fourth Industrial Revolution in