Inaugurating the Global Investors’ Meet (GIM) in Karnataka, which is headed to elections in 2023, Prime Minister Narendra Modi said on Wednesday that the power of the “double engine” government is one of the reasons for the State’s fast-paced growth in several sectors.
“Karnataka has the power of double engine, with the same party in the government at both the State and the Centre. That is one of the reasons why the State is growing at a fast pace in several areas and is holding the top rank in ease of doing business and FDI inflow,” said the Prime Minister, while virtually inaugurating the three-day investment exposition hosted by Karnataka.
Rationalising laws
Speaking on the larger policy position, he said the Indian government has laid a red carpet for global investors instead of trapping them in the mesh of red tapism. Mr. Modi said his government has encouraged investments in various sectors such as Defence, drones, space, and geospatial mapping areas, where private players were not allowed to participate earlier.
“We have freed our investors from red tapism and given them a red carpet of opportunities. Instead of making new complicated laws, we rationalised them,’‘ the Prime Minister said while addressing a large gathering of law makers, industry leaders, technocrats, and entrepreneurs at Palace Grounds.
He said global economy observers were seeing India as a bright spot, especially when the rest of the world was talking about the global crisis. “Even in times of a global crisis, experts, analysts and economists have hailed India as a bright spot,” he said.
Firm fundamentals
“The world is convinced about the fundamentals of the Indian economy in these uncertain times. We are continuously working on its fundamentals so that the Indian economy gets stronger with every passing day,’‘ Mr. Modi said. “Investing in India means investing in inclusion, investing in democracy, investing for the world, and investing for a better, cleaner and a safer planet,’‘ the Prime Minister said.
According to Mr. Modi, the country received foreign direct investment of $84 billion last year.
India could assure the world about the supply of medicines and vaccines in the period of the disrupted supply chain, he said. “Despite a climate of market saturation, our domestic markets are strong due to the aspirations of our citizens,’‘ he emphasised.
