Domestic capacity building vital to global economic revival: Modi

Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform-oriented

Addressing the India Ideas Summit, the Prime Minister said the COVID-19 pandemic had reminded countries how important economic resilience was. Photo: ANI

Global economic resilience can be achieved by stronger domestic economic capacities, Prime Minister Narendra Modi said on Wednesday (July 22).

Addressing the India Ideas Summit organised by the US-India Business Council, the Prime Minister said the COVID-19 pandemic had reminded countries how important economic resilience was. “…it has taken a global pandemic to remind us how important resilience is,” Hindustan Times quoted Modi as saying.

“Today, there is global optimism towards India. This is because India offers a perfect combination of openness, opportunities and options. Let me elaborate. India celebrates openness in people and in governance,” Modi said.

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Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform-oriented. Reforms have ensured increased competitiveness, transparency, digitisation, innovation and policy stability, the Prime Minister said.

“India invites you to invest in healthcare. The healthcare sector in India is growing faster than 22 per cent every year. Our companies are also progressing in production of medical-technology, telemedicine and diagnostics,” Modi said.

In his virtual keynote address, US Secretary of State Mike Pompeo said the recent clashes “initiated” by the Chinese military against India in eastern Ladakh were the latest examples of the “unacceptable behaviour” of the ruling Chinese Communist Party.

Pompeo also praised India’s recent decision to ban 59 Chinese apps, including TikTok, which he said presented “serious security risks” to Indians. “It’s important that democracies like ours work together, especially as we see more clearly than ever the true scope of the challenge posed by the Chinese Communist Party,” he said.

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