Highlighting India as an attractive destination for investment, Prime Minister Narendra Modi on Wednesday said optimism for the country is driven by strong democracy, young demography and political stability.
Addressing the Global Investors' Summit held in Indore via video conferencing, PM Modi said, "Optimism for India is driven by 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. India has been on the path of reform, transform and perform since 2014. India has become an attractive destination for investment."
The Prime Minister said institutions and credible voices that track the global economy have unprecedented confidence in India.
"The IMF sees India as a bright spot in the global economy. The World Bank says that India is in a better position to deal with global headwinds than many other countries. This is because of India's strong macroeconomic fundamentals," he said.
The Prime Minister further said India's focus on strengthening multimodal infrastructure is opening up new possibilities for investment in the country.
"Today's New India is going ahead by also trusting its private sector. We have opened several strategic sectors like Defence, Mining and Space for the private sector," PM Modi said.
Quoting Organisation for Economic Co-operation and Development (OECD), PM said India will be among the fastest-growing economies in the G-20 group this year. According to Morgan Stanley, Prime Minister said India is moving towards becoming the world's third-largest economy in the next 4-5 years. "The CEO of McKinsey has said that this is not only India's decade but India's century," he said.
"We are all working together to build a developed India," PM Modi added.
( With inputs from ANI )
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