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A ‘New India’ is rising: PM Modi

Addressing the Opening Session of the 3rd Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) in Mumbai on 26 June 2018, the Prime Minister, Shri Narendra Modi said “A ‘New India’ is rising. It is an India that stands on the pillars of economic opportunity for all, knowledge economy, holistic development, and futuristic, resilient and digital infrastructure”.

Since there is huge need for infrastructure in Member Countries, he called upon AIIB to expand its financing from 4 billion US dollars, to 40 billion US dollars by 2020 and 100 billion US dollars by 2025.

He said India has taken many steps to boost investment and now India is one of the most investor-friendly economies in the world.

Key takeaways from the speech of PM Modi:

Global confidence in India’s economy is rising. From the point of a foreign investor, India counts as an extremely low risk political economy.

Agriculture is the lifeline of the Indian economy. We are promoting investments in warehouses and cold chains, food processing, crop insurance & allied activities among others.

We have set a target to construct capacity of 175 GW of renewable energy by the year 2022. Of this, the solar energy capacity will amount to 100 GW.  We have added more capacity to renewable energy than conventional energy in 2017.

With a size of 2.8 trillion US Dollars, it is the seventh largest economy in the world. It is the third largest in terms of purchasing power parity. In the fourth quarter of 2017-18, we grew at 7.7 per cent. In 2018-19, we are projected to grow at 7.4 per cent. 

India and AIIB are both strongly committed to making economic growth more inclusive and sustainable. In India, we are applying novel Public Private Partnership models, Infrastructure Debt Funds, and Infrastructure Investment Trusts to fund infrastructure.

Our macro-economic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range. The Government is firmly committed to the path of fiscal consolidation

The external sector remains robust. India's foreign exchange reserves of more than 400 billion US dollars provide the country adequate cushion. Global confidence in India's economy is rising. Total FDI flows have increased steadily and India continues to be one of the top FDI destinations.

 The Government debt as a percentage of GDP is also consistently declining.

The Goods and Services Tax (GST) is one of the most significant systemic reforms that our country has undergone. It works on the One Nation – One Tax principle. It reduces tax cascading, increases transparency, and adds to logistics efficiency. All of this makes it easier for the investor to do business in India.

The size and growth of the Indian market hold much more potential. India’s per capita income has doubled in the last ten years. We have over 300 million middle class consumers. This number is expected to double in the next ten years. The size and scale of requirement in India gives the added advantage of economies of scale for the investors.

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