Prime Minister Narendra Modi on Tuesday said that India has become a growing major economy in the world. PM Modi was speaking at the Vibrant Gujarat Summit in Gandhinagar.
Modi said India’s demographic advantage — 800 million youth under the age of 35 — democratic traditions and demand from its rising middle class and proximity to major international markets is the reason investors should invest in the country.
Calling democracy India’s biggest strength, the Prime Minister said: “Some people say democracy cannot deliver effective and fast track governance, but we have seen in last two and a half years, it is possible to deliver quick results as well.”
He said under his government’s watch the economic indicators of the country had improved, including higher GDP, lower inflation and shrinking fiscal and current account deficits.
“Despite a global slowdown we are one of the engines of global growth,” Modi told the assembled delegates in Gandhinagar.
Modi said that initiatives like the goods and services tax, commercial courts, a new IPR regime and a new companies law tribunal and a liberal FDI regime signaled the government’s willingness to improve the ease of doing business for companies in the country.
Calling India a bright spot in the global economy, Modi pledged to usher in reforms to make it easier for businesses to operate in the country.
“Believe me, we are on the threshold of becoming the world’s most digitised economy,” Modi said. E-governance is easy and effective governance, he added.