Prime Minister Narendra Modi said the International Monetary Fund (IMF) sees India as a bright spot in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong macroeconomic fundamentals, Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore.
In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments. Today's new India is moving ahead relying on the strength of its private sector, he said. We have opened strategic sectors like defence, mining and space for the private sector, he said. India's modern and multi-model infrastructure is also giving a boost to investment possibilities, he said. Modi said the optimism for India is driven by its strong democracy, young demography and political stability. Due to these, India is taking decisions that boost the ease of living and ease of doing business, he said.
He the 5G network is being expanded and the optical fibre network is also reaching villages. India is no.1 in smartphone data consumption. The country is receiving record-breaking Foreign Direct Investment (FDI), he noted. The theme of the two-day summit is Madhya Pradesh-The Future Ready State.
The objective of the event is to showcase the industrial ecosystem of Madhya Pradesh, promote state policies, consult with industrial organisations to formulate industry-friendly policies, collaborate opportunities, promote export potential and buyer-seller meets and vendor development.