India poised to contribute as the new engine of global growth: PM Modi in US

Taking the bilateral ties to new heights, Prime Minister Narendra Modi in US on Wednesday talked about how India is all set to become the new engine of global growth. He also asserted that a larger economy like India has multiple benefits for the world. “This is the time when the world needs new engine of growth. It would be nice if the new engines are democratic engines,” Modi said in his address to the American business community at the annual gala of the US India Business Council (USIBC).

“Today India is poised to contribute as a new engine of global growth. A larger Indian economy has multiple benefits for the world,” he added. PM Modi also listed out the achievements of his government in economic reforms and liberalisation of policies, from how India has now emerged as the one of the fastest growing economies of the world. Amid all this, Modi didn’t forget to invite the foreign investment to the country. He urged the American businesses to come, invest in India and set up efficient manufacturing units.

“India is much more than a market,” he said, adding that it is a ‘reliable partner’, as he listed out the key features of a resurgent Indian economy that is geared to become ‘driver of global economy’.

PM Modi also praised the American entrepreneurship and mentioned that India needs to learn from the America experience, in particular its entrepreneurship, technological advancement and products which ranges from drugs to drones.

Underlining the strong bonds that the two countries now share, PM Modi exuded confidence that Indo-US partnership would benefit both the countries.

He also said that his government has taken decisive steps to curb corruption  in the country. Modi briefly mentioned how his government wants to make India a destination which not only welcomes businesses but also it is easier to do business.

Modi urged developed countries to open their market. “We see this as a win-win situation,” he said. He assured the US corporate world to make its taxation system transparent. India, he said would continue to open up the defence sector.

“We are exploring a simpler and transparent licensing system. The purchase of six nuclear reactors from Westinghouse which would mark a new era in the field nuclear energy in India,” the PM said.

He also talked about Ganges, Clean Ganga campaign which is on the verge of taking off. It is a high priority of the Modi government, he said, adding that his aim is to restore Ganga to its pristine glory.