India most reliable, has the fastest growth: PM at UP investors' summit

Prime Minister Narendra Modi Friday said India is growing the fastest among the G-20 economies and has the capability to prove it is the “reliable partner” the world is looking for today.

Speaking at Uttar Pradesh’s third investor’s summit, marking the ground-breaking or the launch of 1,406 projects worth over Rs 80,000 crore, he said the prevailing situation in the world has brought big opportunities for India.

Gautam Adani, Kumar Mangalam Birla and other leading industrialists are participating in the mega summit organised by the Uttar Pradesh government. Defence minister Rajnath Singh and Chief Minister Yogi Adityanath are among those attending the event.

Modi said, “Only our democratic India” has the capability to prove that it is the “reliable partner” the world is looking for today. The world today is looking at India’s potential and praising its performance.”

The projects were in diverse fields including agriculture, IT and Electronics, MSME, manufacturing, renewable energy, pharma, tourism, defence and aerospace, handloom and textiles.

“We are the fastest growing among the G-20 economies. Today, India is No. 2 on the Global Retail Index. India is the third-largest energy consumer country in the world,” Modi said.

The prime minister said last year a record $84 billion Foreign Direct Index (FDI) came to India from more than 100 countries.

“India has made a record by exporting merchandise worth over USD 417 billion i.e. more than Rs 30 lakh crore in the last financial year,” he said.

Speaking on his government recently completing eight years in power at the Centre, he said, “In these years we have moved ahead with the mantra of Reform-Perform-Transform. We have emphasised policy stability, coordination, and ease of doing business. Through our reforms, we have worked to make India strong as a nation. Be it One Nation-One Tax (GST), One Nation-One Grid, One Nation-One Mobility Card or One Nation-One Ration Card. These efforts are a reflection of our concrete and clear policies,” Modi said.

Referring to both the Centre and the state of Uttar Pradesh are ruled by the BJP, the prime minister said the “double-engine government” is working on infrastructure, investment and manufacturing for expeditious development of the state.

In this year’s Budget, he said, an unprecedented capital expenditure allocation of Rs 7.50 lakh crore was made.

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He said better law and order situation has restored the business community’s confidence in Uttar Pradesh, created a proper atmosphere for industries and improved the administrative systems in the state.

As an MP from the state, he said, he feels the capability and the potential the state government and the administration have. He also talked about the “changed mood” and the work culture of the state machinery.

Uttar Pradesh is home to about 16-20 per cent of the country’s population, therefore it has a huge bearing on the development of the nation, he said.

The prime minister also compared the development works done before 2014 and those effected by his government in eight years.

“In 2014, there were only six crore broadband subscribers in our country. Today, this number has gone up to 78 crore. In 2014, one GB data used to cost nearly Rs 200, but today, its cost has come down to Rs 11-12,” he said, adding India is among the countries with the cheapest data rates.

In 2014, the number of village panchayats connected to optical fibre was less than 100 which has gone over 1.75 lakh now, he said.

“Before 2014, there were only a few startups. But, today, the number of registered startups has reached nearly 70,000. Recently, India has made a record of 100 unicorns, he said.

The prime minister thanked the investors for showing their faith in the capability, dedication, hard work and understanding of the youth of Uttar Pradesh.

He also asked the industrialists to visit Kashi (Varanasi), which he represents in Lok Sabha as an MP.

“I would urge you to visit my Kashi. The fact that Kashi, along with its ancient glory, can also emerge with a new version of itself, is a living example of the capabilities of Uttar Pradesh,” he added.

Modi also said that the proposals agreed on today will create new possibilities in Uttar Pradesh and reflect the growing confidence in Uttar Pradesh’s growth story. The prime minister said that over the last few years a new culture of delivering projects on time has developed in the country.

The first Uttar Pradesh Investors Summit was held on July 29, 2018, and the second one took place on July 28 the year after. During the first summit, the foundation stones of 81 projects worth over Rs 61,500 crore were laid. During the second one, the foundation stones of 290 projects with investments of over Rs 67,000 crore were laid.