PM Modi opens Vibrant Gujarat Summit in Gandhinagar

Friday 18th January 2019 06:35 EST
 
 

Prime Minister Narendra Modi on Friday opened the Vibrant Gujarat Summit in Gandhinagar. The mega-trade event that will span over three days is likely to attract 1.5 million visitors and more than 30,000 national and international delegates. Addressing the opening day of the summit, Modi said that India is aiming to be in the list of the top 50 countries in ease of doing business next year. The Vibrant Gujarat Summit was conceptualised in 2003 by Modi when he was the chief minister of Gujarat to re-establish the state as a preferred investment destination within India. The event has evolved into a platform for brainstorming on agendas of global socio-economic development.

"At 7.3%, the average GDP growth over the entire term of our Government, has been the highest for any Indian government since 1991. At the same time, the average rate of inflation at 4.6% is the lowest for any Indian government since 1991," Modi claimed. "We have also made Doing Business cheaper. The implementation of GST and other measures of simplification of taxes have reduced transaction costs and made processes efficient. We have also made Doing Business Faster through digital processes and single point interfaces," Modi said.

"India is now ready for business as never before. In the last four years, we have jumped 65 places in the Global Ranking of the World Bank's Ease Of Doing Business report. But we are still not satisfied. I have asked my team to work harder so that India is in the top 50 next year," he said. "Institutions like the World Bank, IMF and Moody's have shown confidence on India's economy and the reforms taken in recent times," he added.

"In India, our challenge now is to grow horizontally and vertically. Horizontally, we have to spread benefits of development to regions and communities that have lagged behind. Vertically, we have to meet enhanced expectations in terms of quality of life and quality of infrastructure," he added. "We are honoured by the presence of many Heads of State and Government and several other distinguished delegates. This shows that international bilateral cooperation is no longer limited to national capitals, but now extends to our state capitals as well," Modi said.


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