Global community should come together to eliminate terrorism, corruption and tackle climate change: VP; Reforms introduced by Government made India destination for Foreign Investments: VP;Appreciates the competition among various states to attract investors and promote industrialization: VP;Vibrant Gujarat summit sends the message of India’s readiness for enhancing bilateral trade, business & investment to the world: VP.Addresses the valedictory session of the 9th Vibrant Gujarat Summit.

The Vice President of India, Shri M Venkaiah Naidu said that terrorism, climate change and corruption were the three main challenges the world was facing today and called upon the global community to come together to tackle them.

Addressing the valedictory session of 9th Vibrant Gujarat Global Summit at Gandhinagar on Sunday, he said that terrorism was the enemy of humanity and urged all countries to come together in eliminating the menace. Similarly, everyone should join hands to minimize the impact of climate change.

He said corruption was the problem of the entire world and urged all countries to agree on extradition of economic fugitives and exchange of information relating to illegal bank accounts.

Observing that the reforms taken up by the Government in the past few years have made India the top destination for investments in the world, he said this was the right time for foreign investors to tap the huge potential offered by India in various sectors from real estate to healthcare.

India, he said, was the bright spot in the world’s economy today. Global corporations were getting attracted to India because of the huge untapped potential in the Indian consumer market, which is being driven by favorable demographics and rising disposable incomes. Today, India is the second largest mobile phone manufacturer.

 India has improved its ranking in World Bank’s Ease of Doing Business to 77th position. Measures like demonetization, GST, Insolvency and Bankruptcy Code, repeal of outdated laws, giving thrust to road and air connectivity, increased focus on infrastructure, housing and agricultural sectors have enabled the economy to pick up momentum. Allowing most sectors open for 100% foreign participation through FDI under the automatic route was expected to add to the momentum, he added.

Quoting the World Bank’s latest forecast, Shri Naidu said that India would continue to be the fastest growing major economy in the world.

Expressing confidence about India’s growth story, he said the size of the Indian economy would touch $5 trillion soon and would further double to $10 trillion by 2030.

Calling India’s unique model of cooperative and competitive federalism suitable structure for inclusive progress and prosperity, the Vice President appreciated the competition among various states to attract investors and promote industrialization.

He appreciated the Gujarat government for emerging as a shining example among states to offer investment opportunities.

Shri Naidu said that transformation of India and Gujarat was a testimony of our strong resolve to put India on the global map as a preferred destination to live and do business. In fact, he said that the Prime Minister, Shri Narendra Modi’s three-word mantra ‘Reform, Perform and Transform’ seeks to achieve transformation in all sectors to take India to greater heights.

Urging the developed countries to lead the way in transfer of technology to India, he said “ time and again, we have proved that we are a responsible nation. We will create the ecosystem for safe copyright laws such that there is no hesitation in sharing technology with us. Our native talent will help build upon this technology to come up with innovative products and solutions”.

The Vice President said Indian companies were looking for newer markets to invest, sell and export goods. But most importantly, we are looking to go beyond trade and investment. We wish to create long-lasting bonds between nations that will cement seeds of trust and cooperation. This will be paramount to identifying solutions to issues in the economic, social and cultural sphere especially in today’s world which is much heterogeneous.

 

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AKT/BK/MS/RK

 

The following is the full text of the speech:

It is a pleasure for me to stand here today and address this august gathering on the occasion of the valedictory ceremony of the 9th edition of Vibrant Gujarat Global Summit.

Gujaratis are known for their entrepreneurial spirit, trading skills, dokhlas and dandiya all over the world.   Gujarat had flourishing trade with many countries, including Egypt and China   in ancient times.  From textiles to diamonds,  Gujaratis have made a mark in almost every commercial enterprise they undertook because of their hardwork and business acumen.

In India’s freedom movement too, Gujarat was in the forefront. The Father of the nation, Mahatma Gandhi, India’s Iron Man, Sardar Patel, former Prime Minister, Morarji Desai and the current Prime Minister, Shri Narendra Modi hail from this noble land.

In ancient as well as in modern times, people have come to our country for different purposes. Some came for trade, some to study its diverse cultures and some to gain spiritual enlightenment. Times have changed, but not the reasons. India is still the hotspot of culture, trade and spirituality. It is this quality that attracts people from world over.

And today, the Land of Culture has become the Land of Opportunities. India was always known for its vibrant culture, spirituality and sages. Today, the rapid strides made by India from IT sector to Space, the opening up of the economy, the presence of educated and skilled manpower and a mature parliamentary democratic system have turned India into a land of opportunities.

Some of the foremost multilateral financing institutions, rating agencies, economists, thought leaders say today that India's economic growth will be among the highest, higher than the most developed economies, higher than most emerging economies.

With the GDP growth consistently remaining above 7 per cent, experts have predicted India to become a $10 trillion economy and the third largest by 2030.

This growth being achieved is not just representative of our vast pool of enterprising people, but is also supported by progressive and long-term reforms, sound financial acumen and the impetus given to building a robust infrastructure.

It is because of these factors that for the first time ever, India has registered the fastest growth in FDI in over two decades. The FDI inflows into India were to the tune of $38 billion in 2018, overtaking China and India emerging as the favourite destination in emerging markets.

Global companies from around the world have been considering India as their second home with renewed optimism and enthusiasm.

The World Bank in its latest forecast has said that India will continue to be the fastest growing major economy in the world. It said the GDP is expected to grow at 7.3 per cent this fiscal year and at 7.5 per cent in the following two years.

In the coming years, the size of the Indian economy is expected to touch $5 trillion which would further double to $10 trillion by 2030.

Dear sisters and brothers,

As you all are aware, the liberalization of the Indian economy began in the early nineties under the regime of the then Prime Minister, Shri P V Narasimha Rao. The liberalization process picked up momentum during the rule of NDA-1 when Shri Vajpayee was the Prime Minister. Shri Vajpayee ushered in connectivity revolution in different sectors from telecom to rural roads giving a huge boost to the Indian economy. Now, Prime Minister, Shri Narendra Modi through various measures and reforms has ensured that the fundamentals of the Indian economy remain strong as it continues on the growth trajectory.

The reforms taken up by the Government in the past few years have made India the top destination for investments in the world.

It would be relevant here to recall that former US President, Barack Obama had described Shri Narendra Modi as ‘ Reformer-in-Chief’ in a profile he had written on the Prime Minister for the Time magazine.

The entire world is looking towards India and there has been renewed focus on the country in the past few years.

The annual FDI inflows in the country are expected to rise to $ 75 billion over the next five years, according to a report by UBS.

In fact, this is the right time for foreign investors to tap the huge potential offered by India in various sectors from real estate to healthcare. India is the bright spot in the world’s economy today. Global corporations are getting attracted to India because of the huge untapped potential in the Indian consumer market, which is being driven by favorable demographics and rising disposable incomes. Today, India is the second largest mobile phone manufacturer.

With the Government implementing a comprehensive reform agenda to attract private investments and promote market freedom, most sectors are now open for 100% foreign participation through FDI under the automatic route.

Several policy initiatives such as Make in India, Skill India, Digital India, Smart Cities, Start-up India, granting infrastructure status to the Housing sector, implementation of RERA and Housing For All Scheme are creating the right environment for economy to grow.

Dear Sisters and Brothers,

India has a unique model of cooperative and competitive federalism, wherein Centre and State Governments come together to chart a structured and comprehensive course for inclusive progress and prosperity. This makes the States the hotbed of all activities in the country. It is heartening to note that Gujarat has emerged as a shining example of this structure. Through this important Summit, the message of India’s readiness for enhancing bilateral trade, business and investment has become known around the world. I am quite happy to note that various States are fiercely competing among themselves to attract investors and promote industrialization. Every State is organizing such summits and offering incentives and tax concessions to attract investors, both domestic and foreign.

The fact that four Heads of States and more than 20 ministerial delegations have attended the Summit shows the important role India is playing on the global stage. The growth of India in the last 15 years was not limited to industry alone but it was witnessed in agriculture, infrastructure, rural development and IT services, which the world has witnessed.

This transformation of India and Gujarat is a testimony of our strong resolve to put India on the global map as a preferred destination to live and do business. In fact, the Prime Minister, Shri Narendra Modi’s three-word mantra ‘Reform, Perform and Transform’ seeks to achieve transformation in all sectors to take India to greater heights.

In the wake of various reforms and initiatives, India has jumped by several ranks in World Bank’s Ease of Doing business and is placed at 77th position today. This is expected to improve further in the coming years.

Measures like demonetization, GST, Insolvency and Bankruptcy Code, repeal of outdated laws, giving thrust to road and air connectivity, increased focus on infrastructure, housing and agricultural sectors have enabled the economy to pick up momentum. Today, India is home to second largest start-up ecosystem.

It is said that India is also on the road to become the third largest consumer market in view of the expanding middle class and growing disposable incomes.

Dear Sisters and Brothers, this journey of sustained economic growth and development is an arduous one. Structured interventions and progressive reforms are a fundamental requirement today to maintain this momentum.

Many thought leaders say that any big and progressive reform is growth inhibiting in the short term. We have proved them wrong. Our GDP growth this year has been the fastest in the last four years, and this is indeed a true reflection of our potential.

Developed countries can lead the way in transfer of technology to us. Time and again, we have proved that we are a responsible nation. We will create the ecosystem for safe copyright laws such that there is no hesitation in sharing technology with us. Our native talent will help build upon this technology to come up with innovative products and solutions.

Several countries are rich in raw materials not easily available in India. You can help us find countries willing to sell their raw produce to a country eager to build, produce and innovate. At the same time, we are looking for newer markets where our companies can invest, sell and export goods.

But most importantly, we are looking to go beyond trade and investment. We wish to create long-lasting bonds between nations that will cement seeds of trust and cooperation. This will be paramount to identifying solutions to issues in the economic, social and cultural sphere especially in today’s world which is much heterogeneous.

The Vibrant Gujarat Global Biennial Summit, 1 believe, is an endeavor in the same direction. I understand that the previous eight editions of this event have provided a unique distinction to Vibrant Gujarat as an event of global repute. It is indeed noteworthy to mention that for the first time in the history of any State event in India that 4 Heads of States and several ministerial delegations participated.

I give you my assurance that India will continue to be the trendsetter, and such events will continue to provide a platform for global ambassadors such as yourselves to partner with us in your continued growth.

JAI HIND!

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