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India is poised to contribute as new engine of global growth: PM Modi

India is poised to contribute as new engine of global growth: PM Modi

Washington: Maintaining that India is much more than a market – a reliable partner, a source of high quality scientific, engineering and managerial talent, Prime Minister Narendra Modi on Tuesday said the nation is poised to contribute as a ” new engine of global growth”.

Stating America is not just a country with a great past, Prime Minister Modi added, “It is a country with an exciting future and Indian-Americans are a powerful cementing force in our growing economic and cultural ties. In two years, we have managed to overcome the odds and register an impressive economic performance.”

Addressing a U.S.-India Business Council programme here, Prime Minister Modi said a larger Indian economy has multiple benefits for the world.

Outlining his vision for the future – continuing sound macro-economic policies, combined with inclusive growth and expanding reforms, the Prime Minister pointed to a comprehensive package of reforms for transforming India – first, macro-economic policies to create a strong foundation; second, policies to stimulate growth and employment through investment and trade, and to increase efficiency and productivity; third, policies to ensure that growth benefits the poor and the weaker sections of society, including women and farmers; and fourth, a frontal attack on corruption.

“This brings me to an achievement that I think even our worst critics do not dispute. This is the change in levels of corruption, said the Prime Minister adding, “There has been a significant change in the levels of corruption on account of decisive steps that we have taken.”

He said India is encouraging foreign and domestic investors to set up high quality and efficient manufacturing facilities.

Highlighting the need for a strong banking system for India’s economy to succeed, the Prime Minister said, “The Jan Dhan Yojana has also transformed the ability of the poor to make and to receive electronic payments.”

Promoting inclusive growth, he mentioned initiatives for financial inclusion and social security, particularly in the agriculture sector. He said his government has paid special attention to gender justice and to empowering women.

Talking about policies to stimulate growth, Prime Minister Modi said, “We have achieved far reaching reforms in investments and doing business, infrastructure, entrepreneurship and banking.

“We have imposed carbon tax on fossil fuels and reduced wasteful expenditure through innovative methods and use of technology, and have put in place a no of well-thought policies that have positively impacted inflation, fiscal deficit and BoP current account deficit,” he said, adding that India will continue to have disciplined and prudent macro-economic policies and make progress on improving the investment climate and ease of doing business.

Calling upon the developed countries to open their markets not only to goods from countries like India but also to services, the Prime Minister said, “A partnership between American capital and innovation, and Indian human resources and entrepreneurship can be very powerful.”

Prime Minister Modi concluded by inviting audience to join in the journey of building a better India, a better America and a better world.

“Ladies and Gentlemen, we have begun our journey towards a transformed India. A transformed India, with one sixth of humanity will mean a transformed world. The journey will be long. But the progress we have achieved so far convinces me that we will reach our destination. I invite you to join us on that journey. It is a journey which offers the exciting possibility of not only building a better balance sheet for your company but of building a better India, building a better America, and building a better world,” he added.

Senator John McCain (Sen.) (R-TX), 1 Chairman Senate Armed Services Committee Senator Mark Warner (D-VA), Co-Chair Senate India Caucus and Ranking; Member of Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth; Senator Dan Sullivan (R-AK); Congresswoman Nancy Pelosi (D-CA), House Democratic Leader Congressman Eliot Engel (D-NY); Ranking Member, House Foreign Affairs Committee Congressman Alcee Hastings (D-FL); Ranking Member of House Rules Subcommittee on Legislative and Budget Process Congressman Ed Royce (R-CA); Chairman House Foreign Affairs Committee; Congressman Pete Sessions (R-TX), Chairman House Rules Committee; Congressman Joe Crowley (D-NY), Vice Chair of House Democratic Caucus; Congressman Ted Poe (R-TX), Chairman, House Foreign Affairs Subcommittee on Terrorism, Non Proliferation and Trade; Congressman Jim Himes (D-CT), Ranking Member of House Intelligence Subcommittee on National Security Agency and Cybersecurity Congressman Pete Olson (R-TX); Vice Chair of House Energy and Commerce Subcommittee on Energy and Power Congressman Rob Woodall (R-GA); Chairman House Rules Subcommittee on Legislative and Budget Process; Congressman Ami Bera (D-CA), Co-Chair House India Caucus; and Congresswoman Tulsi Gabbard (D-HI) were among prominent among politicians who attended the USIBC Gala in honour of Prime Minister Modi.(ANI)