Asking developed nations to open their markets for goods and services from countries such as India, Prime Minister Narendra Modi today said India is poised to contribute to global economic development as a “new engine of growth”.
“This is the time when the world needs a new engine of growth. It would be nice if the new engines are democratic engines,” Modi said in his address to the American business community at the annual gala of the US India Business Council (USIBC).
“Today, India is poised to contribute as a new engine of global growth. A larger Indian economy has multiple benefits for the world,” Modi said as he listed out the achievements of his government in economic reforms.
“India is much more than a market,” he said, adding that it is a “reliable partner”, as he listed out the key features of a resurgent economy that is geared to become a “driver of global economy”.
A partnership between American capital and innovation, and Indian human resources and entrepreneurship can be very powerful, he said, adding that it is very important for “us that developed countries open their markets, not only to goods from countries like India but also to services.”
India and other developing countries often complain that rich nations like the US have trade policies that give preference to domestic firms, preventing market access to products and services from developing nations.
The Prime Minister said as India marches ahead on the path of development, it needs to learn from the America experience, in particular its entrepreneurship, technological advancement and products, from drugs to drones.
“Indeed, to me America is not just has a great past, but it is a country with an exciting future,” Modi said.
Modi exuded confidence that the Indo-US partnership would benefit both the countries.
Better investment climate
“We will continue to make progress on improving the investment climate and ease of doing Business,” he said.
Modi said his government has taken decisive steps to curb corruption.
“We would continue to have disciplined and prudent macroeconomic policies,” he told the US corporate leadership.
“We would continue to improve the investment climate and ease of doing business,” he said, adding that his government wants to make India a destination that not only welcomes businesses but also makes it easier to do business.
He urged developed countries to open their markets. “We see this as a win-win situation,” Modi said.
The Prime Minister assured the US corporate world that India would make its taxation system transparent. India, he said, would continue to open up the defence sector.
“We have begun our journey to transform India,” he said, adding that this would transform the world and other countries also.