India is all set to be one of the top three economic powers of the world in the next 10 to 15 years: Vice President

'India is continuously focussing on equitable, inclusive growth and on bridging income inequalities. A number of schemes like Jan Dhan Yojana, Saubhagya and Ujjwala stand testament to the core values of inclusiveness that India adheres to', the Vice President of India, Shri M. Venkaiah Naidu has said, in Chennai. He was addressing the gathering at the valedictory function of Tamil Nadu Global Investors Meet (GIM)-2019. He urged investors to seize the moment and invest in India.

The Vice President quoted the Sustainable Development Goals 2030 which emphasized upon the need for nations to focus more on equitable economic growth and to reduce inequalities and said that the Government of India has embarked on a similar path in the last 4 years by having Sab ka Saath, Sab ka Vikas (Assistance to everyone and development of each individual) as the overarching goal.

 

Naidu applauded the dynamic, visionary leadership in India at the national and state levels that is engaged in reforming governance, reaching higher performance benchmarks & transforming the lives of people. Expressing his joy at the captivating growth story that India has been writing, the Vice President opined that India of today is a land of infinite possibilities and tremendous opportunities.

He highlighted a number of positive trends the Indian economy has been exhibiting is recent times such as the consistent GDP growth rate and the highest ever growth in FDI inflow. 'India accounts for about 15% of global growth and it has been estimated that the Indian economy would grow to $10 trillion by 2030', he said.

The Vice President said that measures like demonetization, GST, Insolvency and Bankruptcy Code, repeal of outdated laws, giving thrust to road and air connectivity, increased focus on infrastructure, housing and agricultural sectors have enabled the economy to gather momentum.

Citing the appreciation showered on India by the World Bank and the IMF for resilient and stable growth and their terming of India as the fastest-growing emerging economy in the world, the Vice President said that these recognitions stood testimony to the efficacy of Government Policies.

Pointing out that 2018 was replete with external vulnerabilities, the Vice President lauded Indian economy's ability to withstand such stresses. He credited the robust Institutions of Indian economy, whose roots run deep and wide, for India's steady momentum.

Underscoring India's steady ascent in the Ease of Doing Business Index to reach the 77th position, Naidu said that doing business in India has now become much cheaper and faster through GST and other tax reforms as well as through digital processes and single point interfaces and single window clearance systems.

The Vice President said that it was a matter of great satisfaction that many of the global corporate giants, are now actively looking for investment opportunities in India with renewed optimism and enthusiasm, encouraged by India's vast market of more than a billion consumers, increasing purchasing power, rapidly unfolding technology scenario and cheaper labor market. 'Backed by strong democracy and partnerships, India is all set to be one of the top three economic powers of the world in the next 10 to 15 years', he said.

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