Prime Minister Narendra Modi on Wednesday said India is the fastest-growing major economy and the country is at the cusp of becoming the global economic powerhouse. He also said India will be among the top-three economies in the world in the next few years.
“India, I guarantee, will be among the top-three economies in the world in few years,” the prime minister said while speaking at an event in Ahmedabad marking the completion of 20 years of the Vibrant Gujarat Global Summit.
Currently, India is the fifth largest economy in the world by gross domestic product (GDP). India now trails behind the US, China, Japan and Germany in terms of economy. A decade ago, India’s rank was 11th among the world’s largest economies, while the UK used to stand firm at Number 5. From 2015, India has moved ahead of Russia, Brazil, Italy, France and the UK in terms of GDP.
On Wednesday, the prime minister appealed to industrialists to explore sectors where India can make new possibilities or can further improve its position.
Modi said India is leading in sustainability. He also said there is a need to find ways how investor summits can benefit the start-up ecosystem.
“Agritech is a growing sector today. The food processing sector is also expanding fast. Our millets have found place at the dining tables across the world. It is creating new opportunities like food processing, and packaging,” he said.
In today’s deeply connected world, the need for financial institutions is fast rising. In Gujarat, there is already a GIFT-City, whose relevance is increasing day by day, the prime minister said.
GIFT-City gives a reflection of the government ‘whole-of-the-goverment’ approach where the Centre, state and IFSC work together to create the world’s best regulatory environment. “We should step up efforts to create it a globally competitive financial market. For this, we can benefit from our large domestic demand.”
On 20 years of Vibrant Gujarat Summits, Modi said, “We sown a seed 20 years ago. Now, it has become a big vibrant tree. Vibrant Summit is not just for branding, but for bonding.”
He added that 20 years ago, when Vibrant Gujarat Summit first took place in 2003, the state was struggling in every aspect, mainly from earthquake and drought, some mercantile banks also collapsed that time, and the state was in a deep financial trouble.
The resolve to get the state out of the financial trouble led to the idea of Vibrant Summit, which became a medium of showing the capability of Gujarat to the world. Now, the summits have become the festival of the industrial development in the state.
The last Vibrant Gujarat Summit took place in 2019. After a five-year hiatus due to the COVID-19 pandemic, the Vibrant Gujarat Summit is scheduled to be held from January 11 to 13, 2024. It generally takes place every two years.
Modi said, “In 2003, only a few participants connected with the summit. Now, over 40,000 participants from 135 countries take part in it. Gujarat Vibrant Summit has now become from one-time event earlier to an institution now.”
Speaking at the event, B K Goenka, chairman of Welspun Group, said, “As a participant from the first the event to the last, I have seen how this event has increased the investment in Gujarat, leading to unparalleled growth and improvement in the socio- economic standards of Gujarat.”
Lakshmi Mittal, executive chairman of ArcelorMittal, said, “Feeling proud on the completion of 20 years of Vibrant Gujarat Summit. India is now greatly open for international investor community.”
Takashi Suzuki, chief director-general of Japan External Trade Organisation (South Asia), said Japan has contributed a lot to the make-in-India. He said a lot of investors from Japan are showing interest to invest in India.
He also said a Japanese delegation consisting of semiconductor firms is expected to visit the state on November 8-9. Suzuki said there were 360 Japanese companies operating in Gujarat.
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