Prime Minister Narendra Modi said Wednesday that “optimism” about the Indian economy expressed by various global agencies is driven by the country’s “strong democracy, young demography and political stability”.
Addressing the inaugural session of the Madhya Pradesh Global Investors Summit in Indore, Modi said the state’s role would be crucial in the making of a developed India. Citing observations of several global agencies, such as the International Monetary Fund (IMF) and World Bank, Modi said institutions and credible voices that track the global economy have unprecedented confidence in India.
“This optimism for India is driven by a strong democracy, young demography and political stability. Due to these, India is taking decisions that boost the ease of living and ease of doing business. Even during a once-in-a-century crisis, we took the path of reforms. India has been on the path of ‘reform, transform and perform’ since 2014,” he said.
Modi noted that the IMF considers India to be a “bright spot” in the global economy, and that the World Bank believes India is better positioned to deal with global headwinds than many other countries.
Business leaders who were present at the inaugural session include Tata Sons chairperson N Chandrasekaran, Lulu Group chairman M A Yusuff Ali and Adani Enterprises director Pranav Adani. The two-day summit is being held at the Brilliant Convention Centre in Indore which also hosted the three-day Pravasi Bharatiya Divas convention that ended Tuesday. Apart from industrialists, representatives of various industry associations and foreign delegates are expected to participate in the summit.
The primary objective of the event is to showcase the industrial ecosystem of the state, promote state policies, hold consultations with industrial organisations to formulate industry-friendly policies, and explore collaboration opportunities, according to the Madhya Pradesh government.
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