PM upbeat about economic recovery as he invites investors

Delivering the inaugural address at the India Global Week 2020, Prime Minister Narendra Modi said that in times of the coronavirus, it is natural to talk about revival. He said that India is not just fighting a strong battle against the global pandemic but is also focussed on people's health and the health of the economy.

He highlighted the efforts of the Indian pharma industry at the international level in the development and production of the Covid-19 vaccine and said that it has played a leading role in reducing the cost of medicines especially for developing countries. “Vaccines made in India are responsible for two-thirds of the vaccination needs of the world's children,” the Prime Minister said.

He highlighted that the country is open for investment and welcomes companies from across the globe to establish their presence in India. Modi said: “Very few countries will offer the kind of opportunities India does today. There are many possibilities and opportunities in various sunrise sectors in India. Our reforms in agriculture provide a very attractive investment opportunity to invest in storage and logistics.”

The Prime minister spoke about reforms in the MSME sector and the investment opportunities in defence. Focussing on the government’s flagship scheme, Make in India, Modi said that with relaxed FDI norms, one of the world's largest militaries invites you to develop products for India. He also mentioned that the country is inviting private investment in the space sector.

Modi spoke about the government’s initiatives to make the country self-reliant. He said that AtmaNirbhar Bharat is not about being self-contained or being closed to the world. It is about being self-sustaining and self-generating. He underlined it by saying that AtmaNirbhar Bharat merges domestic production and consumption with global supply chains.

Addressing the audience virtually at the three-day summit, Modi highlighted the government’s development schemes for the poor people. He said: “Our relief package has been smart and targeted to provide the poor with the most help. Thanks to technology, every penny has reached the beneficiaries directly. The relief includes providing free cooking gas, cash in the bank accounts, free food grains to millions of people and many other things. As soon as we unlocked, we have launched one of the world's largest public works program to provide employment to millions of workers. This will not only re-energise the rural economy, but also help in creation of durable infrastructure in the rural areas.”.