Rising global confidence in India’s economy, says PM Modi

RSTV Bureau
PM Narendra Modi at meeting of Asian Infrastructure Investment Bank in Mumbai.  (Photo: ANI)

PM Narendra Modi at meeting of Asian Infrastructure Investment Bank in Mumbai. (Photo: ANI)

Prime Minister Narendra Modi, on Tuesday, said there is a rising global confidence in India’s economy given the increase in the FDI inflow and India continues to be one of the top FDI destinations. His remarks came while addressing the third annual meeting of the Asian Infrastructure Investment Bank (AIIB), where he asked them to expand finances from the current USD 4 billion to USD 40 billion by 2020, and then to USD 100 billion by 2025.

“India has become successful in easing business norms and regulations for foreign investors and provided a supportive regulatory framework with an efficient and reliable working environment,” he said.

Theme for the year 2018 was “Mobilizing Finance for Infrastructure: Innovation and Collaboration”. Leaders from various organizations and levels of government had shared ideas and experiences for creating a sustainable future through sound infrastructure investment.

PM Modi underlined that India and AIIB are strongly committed for an inclusive and sustainable economic growth and towards fiscal consolidation, adding the government debt as percentage of GDP is consistently declining.

He emphasized on the growth and macro-stability of India and said it is one of the most investor friendly economies of the world. India has very well performed on the parameters of large domestic market size, availability of skilled labour and good physical infrastructure which played vital role in attracting investors.

“Our macro-economic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range”, PM Modi said.

PM Modi also highlights the importance of agriculture in Indian economy and said investments are being done to enhance productivity in the sector.

“Agriculture is the lifeblood of the Indian economy. We are promoting investments in warehouses and cold chains, food processing, crop insurance & allied activities. We are promoting micro-irrigation to ensure optimal use of water with increased productivity”, PM tweeted.

PM Modi said that a ‘New India’ is on rise and it stands on the pillar of economic opportunity for all, holistic development and futuristic, resilient and digital infrastructure.