Prime Minister Narendra Modi said investing in India will mean investing for the world, and for a better planet, as the country is at the forefront of economic development. Karnataka is a major contributor to the country’s economic growth, he added. He was speaking at the Global Investors Summit in Bengaluru on Wednesday.
The PM drew attention to the strides the country has taken amidst global disruptions caused by the pandemic and war. “India is continuously climbing up from the heights it is at today even amidst uncertainty in the global environment. India even recorded $84 billion FDI investment last year,” he noted.
Bright spot
In an era of economic uncertainty, the country is assured that the fundamentals of its economic system are strong and the government is working on further strengthening the same, he added. The PM credited the economic development to the reforms of GST, IBC, UPI, and others. “The entire world looks at India with hope, sees the country as a bright spot,” he added.
He also said Karnataka is one of the major contributors to the economic development achieved. It is one of the top states to get FDI, housing many fortune 500 companies, numerous startups, and about 40 unicorns. The state is seeing development across the sectors of IT, biotech, startup, and sustainable energy among others, he added.
Policy consistency
Finance Minister Nirmala Sitharaman also said that the Indian economy is very attractive for investments as “India seems to be an oasis of stability and calm” amidst the global uncertainties and slowdown.
“Karnataka as a state has carefully reflected the policies of the center and has made sure the policy consistency is held up only to make policies nimble in time on issues which are developing and make sure that the industry facilitates it. The industry consultative process that happens in Karnataka is extensive as a result of which investment proposals have been flowing in and being cleared at a greater rate as well.”