India moving forward in role of ‘Vishwa Mitra’ in a fast-changing world: PM Modi

The world today looks at India as an important pillar of stability and a friend who can be trusted, Prime Minister Narendra Modi said on Wednesday while speaking at the inaugural session of the 10th edition of the Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar.

“India is moving forward in the role of a ‘Vishwa Mitra’ in a fast-changing world. Today India has given the world confidence in achieving common collective goals. India’s commitment, efforts and hard work for global welfare is making the world safer and prosperous. The world looks at India as an important pillar of stability. A friend who can be trusted, a partner who believes in people-centric development, a voice that believes in global good, an engine of growth in the global economy, a technology hub for finding solutions, a powerhouse of talented youth and a democracy that delivers,” he said.

The theme of this year’s summit is ‘Gateway to the Future’ and saw participation of 34 partner countries and 16 partner organisations.

“The priorities and aspirations of India’s 1.4 billion citizens and their belief in human-centric development coupled with the government’s commitment to inclusivity and equality is a major aspect of world prosperity and development,” the Prime Minister said.

He highlighted India’s remarkable economic ascent, noting that it has risen from the 11th position a decade ago to currently being the world’s 5th largest economy. Emphasising predictions from global rating agencies, he expressed confidence that India is poised to further climb the ranks and emerge as one of the top three economies in the world in the coming years.

“Experts can analyse this, but it is Modi’s guarantee that India will become the 3rd largest economy in the world”, he said.

He further added that India has become a ray of hope for the world at a time when the world has witnessed multiple geopolitical instabilities. Reflecting on India’s priorities whose glimpses can be seen in the Vibrant Gujarat Global Summit, the Prime Minister mentioned sustainable industries, manufacturing and infrastructure, new age skills, futuristic technologies, AI and innovation, green hydrogen, renewable energy, and semiconductors.

PM Modi urged everyone to visit the trade show in Gujarat, especially the school and college students. Speaking about spending time in this trade show with Mozambique President Filipe Nyusi and President Jose Ramos-Horta of Timor-Leste on Tuesday, the Prime Minister said that the trade show has showcased products made with world-class state-of-the-art technology in sectors like E-Mobility, Start-Ups, Blue Economy, Green Energy and Smart Infrastructure. He said that new opportunities are constantly being created for investment in all these sectors.

The Prime Minister expounded on the government’s emphasis on structural reforms as the cornerstone of India’s economic resilience and momentum. These reforms, he explained, have bolstered the economy’s capacity, capability, and competitiveness. Notable achievements include the robust banking system resulting from recapitalization and the implementation of the Insolvency and Bankruptcy Code (IBC), he said. The abolition of approximately 40 thousand compliances has streamlined business processes, and the implementation of the Goods and Services Tax (GST) has simplified the complex web of taxation.

Furthermore, he underscored the positive impact of these reforms on the global supply chain, citing a conducive environment for diversification. He also mentioned the recent signing of three Free Trade Agreements (FTAs), including one with the UAE, and the liberalization of various sectors for automatic Foreign Direct Investment (FDI). The Prime Minister highlighted record investments in infrastructure and a fivefold increase in capital expenditure.

Addressing environmental concerns, he noted unprecedented strides in green and alternative energy sources, with a threefold increase in renewable energy capacity and a twentyfold increase in solar energy capacity. The affordability of data prices was credited with fostering digital inclusion, complemented by initiatives such as optical fiber connectivity to every village, the rollout of 5G, and the establishment of the world’s third-largest startup ecosystem, boasting 1.15 lakh registered startups.

He reiterated the pledge to make India ‘Viksit’ by 2047, making the next 25 years ‘Amrit Kaal’ of the country. “It is time for new dreams, new resolutions and continuous accomplishments,” he said. The Prime Minister noted the significance of holding the first Vibrant Gujarat Summit of the ‘Amrit Kaal’.

Prime Minister Modi said that the participation of Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates and ruler of Abu Dhabi in the Vibrant Gujarat Global Summit as chief guest is special as it signifies the deepening ties between India and UAE.

PM Modi said that his thoughts and support towards India are filled with warmth and heartiness as he mentioned Vibrant Gujarat Global Summit becoming a global platform for economic development and investment-related discussions. He highlighted the India-UAE partnerships in increasing support to the renewable energy sector, innovative healthcare, and investments of several billion dollars in India’s port infrastructure. He also mentioned the initiation of operations by UAE’s Sovereign Wealth Fund in GIFT City and aircraft and ship leasing activities by transworld companies. The Prime Minister gave credit to Sheikh Mohammed bin Zayed Al Nahyan for the soaring partnerships between India and UAE relationships.

Referring to the presence of the President of Mozambique, Filipe Nyusi, an alumnus of IIM Ahmedabad, the Prime Minister expressed pride for the inclusion of the African Union to the G20 permanent membership during India’s Presidency. He said President Nyusi’s presence has deepened the India-Mozambique as well as India-Africa ties. Prime Minister of the Czech Republic, Petr Fiala’s first visit to India as Prime Minister of his country, PM Modi said, signified the Czech Republic’s old ties with India as well as with Vibrant Gujarat. PM Modi mentioned cooperation in the automobile, technology and manufacturing sectors.

The Prime Minister also welcomed Nobel laureate and President of Timor Leste, Mr José Ramos-Horta and highlighted his use of Mahatma Gandhi’s principle of non-violence with his country’s freedom struggle.