India seeing economic green shoots; has a role in global revival: PM Modi

Prime Minister Narendra Modi in an address at the India Global Week 2020 on Thursday said Indian economy has started seeing "green shoots" of recovery and that the country remains one of the most open economies in the world.

He said that in these times when the world is battling the Covid-19 pandemic, it is natural to talk about revival and there is faith that the story of global revival will have India playing a leading role.

"Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green shoots when it comes to economic recovery," Modi said.

He said that India remains one of the most open economies in the world.

Referring to his call for increased self-reliance, the Prime Minister said, "Atmanirbhar Bharat is not about being self-contained or closed to the world. It is about being self-reliant and self-generating."

"Indians are natural reformers. History shows that India has overcome every challenge be it social or economic. On one hand, India is fighting a strong battle against the global pandemic. With an increased focus on people's health, we are equally focussed on the health of the economy," he said.

"We are laying the red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities India does today," he added.

Modi also said that there are many possibilities and opportunities in various sunrise sectors in India.

"Our reforms in agriculture provide a very attractive investment opportunity to invest in storage and logistics," Modi said. This is an India that is reforming, performing and transforming, he said.

Speaking about the pharmaceutical sector, he said, "The pandemic has shown that India's pharma sector is an asset not just for India but for the world. It has played a pivotal role in providing vaccination and medication for the world, especially developing countries. I am certain that India will have a big role in developing Covid,-19 vaccine."