Prime Minister Narendra Modi on Saturday said that India has become a hope for the world because of its resilience, adding that experts are saying the country's contribution to world economy will soon be 20 per cent.
Speaking at Economic Times World Leaders Forum, Modi highlighted India's ambitions in chip, space and electric vehicles sectors.
"First made in India chip will be out by the end of this year," the prime minister said.
Speaking of India's ambitions in the space sector, Modi said several space missions are in the pipeline in the coming years, adding that the government has established a venture capital fund worth Rs 1000 crore for space startups this year.
"Today, India is home to more than 300 space startups, up from 1 such startup in 2014," Modi said.
On the occasion of National Space Day, Modi said that the day is not far when India will have its own space station.
Modi also highlighted India's aim to export electric vehicles to over 100 countries.
India's resilient economy
Modi said that the growth and resilience that we see in Indian economy today is due to macro stability that it attained in the past decade even after the Covid-19 pandemic. "S&P Global Rating has updated India's Credit Rating after nearly two years," he added.
The prime minister said that indicators suggest India's economy is strong, highlighting that the country's banks today are stronger than before, the inflation is low, the interest rates are low and current account deficit is also in control. Meanwhile, India's forex reserves are also strong.
"When economic fundamentals are strong, the foundation is strong, the impact is also strong," Modi said, adding, "India’s retail inflation after 2017 is at lowest. Our forex exchange reserves are nearing record high."
Modi said that the government started making in India when global supply chains were down and today 'Aatmanirbhar bharat' is making record exports.
The prime minister said India produced 400 crore of the world's 800 crore vaccine doses that were made in the last one year.
India kept missing the bus before 2014
Modi said previous governments left behind opportunities for technology and innovation and did not think beyond the results of elections.
"We kept missing the bus of development across various sections in India under previous governments. We were dependent on foreign companies for 2G, 3G and 4G," the prime minister said.
He said that India changed its approach post 2015 and decided not only to 'never miss the bus but to sit on the driving seat and take the gears of development in our own hands'.
Modi said that this is the reason India developed 'Made in India' 5G network and and expanded it across the country in record time. "We are working rapidly on Made in India 6G."
"In India, manufacturing of semiconductors could have started 50 years ago, however, we missed that bus," he said.
Next-gen reforms
Speaking about reforms to simplify taxes, Modi said the government has made reforms in the Income Tax bill after 60 years, which has been prepared in simple language for India’s common man. "Earlier, the language of the bill could only understood by a lawyer and a CA".
The prime minister said that the massive reforms in GST by Diwali will further simplify tax regime, paving way to increased manufacturing, demand, while ease of living and doing business will improve
"This will energise the industry, ease of doing business will improve and new employments will be generated," Modi said.
He said that the government had also deliberated laws pertaining to mining, shipping to support the country's blue economy.
The urgent need for research
Modi said the government has worked to amplify research and development, which is an urgent requirement. He urged industries and private companies to come forward for quantum tech, biotech and other sectors that need more R&D to enhance the vision of a Viksit Bharat.
He added private sectors focus on clean energy, quantum and battery storage. "Reform, perform and transform mantra of India will bring the country out of slow pace".
He concluded by saying India can take the world out of slowing growth "We are the ones to change the direction of the waves".
Speaking at Economic Times World Leaders Forum, Modi highlighted India's ambitions in chip, space and electric vehicles sectors.
"First made in India chip will be out by the end of this year," the prime minister said.
Speaking of India's ambitions in the space sector, Modi said several space missions are in the pipeline in the coming years, adding that the government has established a venture capital fund worth Rs 1000 crore for space startups this year.
"Today, India is home to more than 300 space startups, up from 1 such startup in 2014," Modi said.
On the occasion of National Space Day, Modi said that the day is not far when India will have its own space station.
Modi also highlighted India's aim to export electric vehicles to over 100 countries.
India's resilient economy
Modi said that the growth and resilience that we see in Indian economy today is due to macro stability that it attained in the past decade even after the Covid-19 pandemic. "S&P Global Rating has updated India's Credit Rating after nearly two years," he added.
The prime minister said that indicators suggest India's economy is strong, highlighting that the country's banks today are stronger than before, the inflation is low, the interest rates are low and current account deficit is also in control. Meanwhile, India's forex reserves are also strong.
"When economic fundamentals are strong, the foundation is strong, the impact is also strong," Modi said, adding, "India’s retail inflation after 2017 is at lowest. Our forex exchange reserves are nearing record high."
Modi said that the government started making in India when global supply chains were down and today 'Aatmanirbhar bharat' is making record exports.
The prime minister said India produced 400 crore of the world's 800 crore vaccine doses that were made in the last one year.
India kept missing the bus before 2014
Modi said previous governments left behind opportunities for technology and innovation and did not think beyond the results of elections.
"We kept missing the bus of development across various sections in India under previous governments. We were dependent on foreign companies for 2G, 3G and 4G," the prime minister said.
He said that India changed its approach post 2015 and decided not only to 'never miss the bus but to sit on the driving seat and take the gears of development in our own hands'.
Modi said that this is the reason India developed 'Made in India' 5G network and and expanded it across the country in record time. "We are working rapidly on Made in India 6G."
"In India, manufacturing of semiconductors could have started 50 years ago, however, we missed that bus," he said.
Next-gen reforms
Speaking about reforms to simplify taxes, Modi said the government has made reforms in the Income Tax bill after 60 years, which has been prepared in simple language for India’s common man. "Earlier, the language of the bill could only understood by a lawyer and a CA".
The prime minister said that the massive reforms in GST by Diwali will further simplify tax regime, paving way to increased manufacturing, demand, while ease of living and doing business will improve
"This will energise the industry, ease of doing business will improve and new employments will be generated," Modi said.
He said that the government had also deliberated laws pertaining to mining, shipping to support the country's blue economy.
The urgent need for research
Modi said the government has worked to amplify research and development, which is an urgent requirement. He urged industries and private companies to come forward for quantum tech, biotech and other sectors that need more R&D to enhance the vision of a Viksit Bharat.
He added private sectors focus on clean energy, quantum and battery storage. "Reform, perform and transform mantra of India will bring the country out of slow pace".
He concluded by saying India can take the world out of slowing growth "We are the ones to change the direction of the waves".
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