GUWAHATI: The Union Minister of Ports, Shipping & Waterways and Ayush, Sarbananda Sonowal made a strong pitch for the India Growth Story at the Global Investor Summit.
Delivering the keynote address at the valedictory session of the Global Investor Summit, the Union Shipping Minister stressed the innovative schemes laid out by Narendra Modi Government in order to propel growth in manufacturing.
The innate ability of the Indian economy to withstand the global economic challenges has given the country a booming prospect as it remains one of the brightest spots of growth & development in the world, added the Union Minister.
The Union Minister said, “In Azadi Ka Amrit Kaal, the country is moving fast on the path of development with the goal of a developed India through the creation of modern infrastructure. Our Hon’ble Prime Minister’s vision is to ensure inclusive development and growth by developing our ports, railways and highways to enhance the supply chain and reduce logistics costs.
“Prime Minister Gati Shakti plan has not only accelerated the pace of infrastructure development, but has also reduced the cost of projects. Multi-Modal Transport System is the future of every city. Andhra Pradesh and the coastal regions of India will move ahead in this race for development with new momentum.”
Speaking about the robust state of the Indian Economy, the Union Minister pitched for increased investment from the businesses in the India growth story.
The minister added, “As per the latest Economic Survey, India received the highest ever FDI inflows of $ 84.8 billion in the service sector during the last fiscal. This is a result of the government’s investor-friendly FDI policy under the dynamic leadership of Narendra Modi.”
Echoing the optimistic outlook of the Indian economy, Sonowal further said, “India continues to open up its sectors to global investors by raising the investment limits, removing regulatory barriers, developing infrastructure, and improving the business environment. Despite the Russia-Ukraine war, US monetary policy, global recession and other global uncertainties, the Indian economy remained healthy.”
“India will attract the eyes of overseas investors in 2023 as well on account of measures such as the rollout of the production-linked incentive (PLI) schemes; promote ease of doing business, reducing the compliance burden for industry and the projection of healthy economic growth. The PLI scheme was announced for 14 sectors, including white goods, telecom and auto components with an outlay of? 1.97 lakh crore to enhance India’s manufacturing capabilities and exports,” he added.
Talking about the marine economy of the country, India’s Shipping Minister said, “The Indian ports have to gear up for the raising demand for port services due to various schemes implemented by visionary PM Narendra Modi. The sea has been a source of wealth and prosperity for India for centuries, and our coasts have served as gateways to this prosperity. Today projects worth thousands of crores of rupees are underway in the country for port-led development. They will expand further in the future.”