India set to become engine of world's growth, says PM Narendra Modi

Prime Minister Narendra Modi on Sunday said India has emerged as the best destination for investment in the world.

At the inauguration of the “Uttarakhand Investors Summit” here, the Prime Minister said more than 10,000 measures had been taken by the Centre and the state governments to make the environment conducive for investments.

Skirting the issue of the falling rupee, Modi said India is all set to become the main engine of the world’s growth. “Fiscal deficit has come down. Inflation is under control. The middle class in India is rising,” he said.

India has climbed 42 points in the ease of doing business rankings, he said, adding the infrastructure in the country is also strengthening. “We are working to provide air connectivity to all tier-II and tier-III cities in the country for which we are building 100 new airports and helipads,” he said.

The government is developing more than 100 national waterways and modernising 400 railway stations. All these steps are being taken to strengthen the economy of the country, he said.

In the coming years, the Prime Minister said investment in the medical sector will increase mainly through the Ayushman Bharat yojana. “We will see big hospitals and medical colleges in the tier-II and tier-III cities,” he said.

Referring to the “Destination Uttarkhand” initiative launched by the state government, Modi said the Centre would render all help in this regard. “New India is the best destination for investment and Uttarakhand is its shining part,” Modi said.

For giving boost to the micro, small & medium enterprises (MSME) sector, also being considered as the backbone of Uttarakhand’s economy, the Prime Minister said the Centre has taken various steps like higher credit, support capital, lower tax, interest subsidy and innovations. For the MSME sector, loans up to Rs10 million will be easier to procure, he said.

He also lauded the efforts of the Trivendra Singh Rawat government to initiate various steps for the ease of doing business. He said the Centre is helping the state in boosting connectivity through the development of the mega Chardham highways and Rishikesh-Karanprayag rail projects.