It is a pleasure for me to be among you in New York, the Nerve Centre of Global Business and Economy. I am extremely grateful to the Bloomberg Global Business Forum for giving me the opportunity to speak on India’s feelings and prospects, India’s expectations and aspirations, India’s growth story and its future direction.
Today, you are again looking at the same government in India which went to the public with its work of five years and came back with even more numbers. In your conversations you often talk about business statement. In this election, 130 crore Indians have not only expressed their sentiment but they also gave a judgment that development is their biggest priority. And the business leaders sitting here can understand that this strong mandate in favor of development is actually proclamation new opportunities in India. Today, the people of India are standing with that government, which does not hesitate in taking the biggest and most stringent decisions to improve the business environment. Today, there is a government in India which respects the business world and wealth creation.
It will be in your knowledge that just a few days back, we have decided to drastically reduce the corporate tax. This is a very revolutionary step from the level of investment and after this decision, all the people from the business world whom I met or had a discussion with, are considering it very historical. During this time, several decisions have been announced one after another by the government to increase investment. We have also abolished more than 50 such old laws which were hindering the development work. Let me remind you again, it has not been more than three-four months of our new government. Today I want to say from this platform that this is just the beginning. There is still a long time to go. This is a golden opportunity for the business world across the world to partner with India in this journey. Friends,
Today, India is in a unique position where our rapid growth enables us to cater to diverse demand. Our people are rapidly defeating poverty, moving up the economic ladder and diversifying their consumption. Thus, if you want to invest in a market where there is scale, come to India. Our middles class is a huge segment of people who are aspirational and has a global outlook. Thus, if you want to invest in a market where the latest trends and features are appreciated, come to India. Our youth are one of the largest users of the app economy. From food to transport and from movies to hyperlocal delivery, start-ups are acing everything. Thus if you want to invest in start-ups with a huge market, come to India. Our infrastructure creation is expanding at an unprecedented pace. From highways to metros, from railways to ports, from airports to logistics, each sector is seeing massive investment and tremendous potential. Thus, if you want to invest in one of the largest infrastructure ecosystem, come to India. We are rapidly modernizing our cities, and equipping them with latest technology and citizen friendly infrastructure. Thus if you want to invest in urbanization, come to India. We have opened our defense sector like never before. If you want to make in India, for India and for the world, come to India.
Today, as much our government is investing on the development of infrastructure in India, has never been done earlier. In the coming years we are now going to spend 100 lakh crore rupees, i.e. about $1.3 trillion on modern infrastructure. Apart from this, lakhs of crores of rupees are also being spent on India’s social infrastructure. The roadmap for qualitative and quantitative leap in India’s Growth Story has hit the ground. Now India has set a big goal – to make the country a $ 5 trillion economy. Friends,
When we came into government in 2014, the country’s economy was at around $ 2 trillion. In the last five years, we added about one trillion dollars to it. And now we are working hard to achieve the goal of $ 5 trillion.
To achieve this huge target, we also have the Capability and the Courage and conditions are also with us. Today there are four important factors of India’s growth story which are difficult to find in the world together. These 4 factors are Democracy, Demography, Demand and Decisiveness. If I talk about the first factor, then this kind of opportunity and political stability in India has come after many decades. When there is Democracy, Political Stability, Predictable Policy, and Independent Judiciary then confidence of Safety, Security and Growth of investment is automatically found there.
This growth is bolstered by India’s Demographic Dividend and the Young and Energetic Talent Pool of India. Today India is one of the countries with the largest Engineering Education base and the strongest R&D facilities in the world. Due to the encouragement that the youth of India are getting regarding innovation, India is ranked number 3 in terms of Unicorns after America and China.