Modi says India already witnessing green shoots of economic recovery

While the PM did not go into specifics on his statement, he did seem to try allay apprehensions that India could turn more protectionist with his call for an 'Aatmanirbhar Bharat'

Prime Minister Narendra Modi on Thursday reached out to the world for investing in India, while pointing out the country was already witnessing green shoots of economic recovery.

Delivering the inaugural address at India Global Week 2020, a three-day virtual conference, the PM said India was undertaking deep structural reforms and making the economy more investment- friendly and competitive during the pandemic.

The invitation to the global community for investment in India, in the backdrop of a growing clamour for ‘Atmanirbhar Bharat’, was seen as a move to dispel fears linked to protectionism. Stating that India remained one of the most open economies, the PM invited investment across sectors, from defence to space and agriculture.

“Atmanirbhar Bharat is not about being self-contained or being closed to the world. It is about being self-sustaining and self-generating,” he clarified. Self-reliant India has the objective of merging domestic production and consumption with global supply chains, he said. The statement comes within weeks of the International Monetary Fund projecting a 4.5 per cent contraction for India's economy this year.

"We are laying the red carpet for all global companies to come and establish their presence in India,” Modi said.

“Very few countries will offer the kind of opportunities India does today,” the PM said. Stating that there are many possibilities and opportunities in various sunrise sectors in India, the PM said reforms in agriculture would provide a very attractive investment avenue in storage and logistics. 

On the pandemic, the PM said it had shown that India’s pharmaceutical industry was an asset for the entire world. He said Indian pharma companies were involved in global efforts to develop a Covid-19 vaccine. 

Modi said India was fighting a strong battle against the pandemic with a focus on people’s health as well as the economy. He said revival in India would be with care and compassion, adding that it would be sustainable both for environment and economy.