Gateway to the Future
The bright future of the 21st-century world hinges on our collective efforts. Bharat, during its G-20 presidency, outlined a roadmap for the Global Future, a vision we are furthering in this edition of the Vibrant Gujarat Global Summit
Recently, Vibrant Gujarat Global Summit completed 20 years. In the last 20 years, this summit has given a platform to new ideas. It has created new gateways for investments and returns. This time, the summit’s theme is ‘Gateway to the Future.’ The bright future of the 21st-century world hinges on our collective efforts. Bharat, during its G-20 presidency, outlined a roadmap for the Global Future, a vision we are furthering in this edition of the Vibrant Gujarat Global Summit. Bharat is continuously strengthening partnerships with ‘I2U2’ and other Multilateral Organizations. The principle of ‘One World, One Family, One Future’ is an essential requirement for global welfare.
In today’s rapidly changing world order, Bharat is progressing in its role as a ‘global-ally.’ Today India has given confidence to the world that we can set common goals and achieve our goals. India’s commitment to global welfare, India’s loyalty, India’s efforts and India’s hard work are making today’s world more secure and prosperous. The world looks at India as: An important pillar of stability, A friend who can be trusted; A partner who believes in people-centric development; A voice that believes in global good; A voice of the global south; An engine of growth in the global economy; A technology hub for finding solutions; A powerhouse of talented youth. And, a democracy that delivers.
The priorities and aspirations of Bharat’s 1.4 billion people, their commitment to human-centric development, and our dedication to inclusivity and equality form the foundations of global prosperity and development. Today, Bharat stands as the world’s 5th largest economy, a remarkable ascent from its 11th position a decade ago. Major international rating agencies unanimously predict that Bharat will soon rank among the top 3 global economies. Regardless of global analyses, I assure you that this target will be met; it is my guarantee. In a time of global uncertainties, Bharat has emerged as a beacon of hope.
Bharat’s priorities are very clear. Today Bharat’s priority is – Sustainable Industry, Infrastructure and Manufacturing; today Bharat’s priority is – New Age Skills, Futuristic Technology, AI & Innovation. Today Bharat’s priority is – Green Hydrogen, Renewable Energy, Semi-conductors. We can also get a glimpse of this entire ecosystem in the Vibrant Gujarat Global Trade Show. I strongly encourage you to explore it.
You are well aware of the global situation. In the face of these challenges, Bharat’s economy exhibits resilience and momentum, owing significantly to our focus on structural reforms over the past decade. These reforms have done a great job in increasing the capacity, capability and competitiveness of Bharat’s economy.
With recapitalization and IBC (Insolvency and Bankruptcy Code), we have made Bharat’s banking system one of the strongest in the world. With emphasis on ease of doing business, we have eliminated more than 40 thousand compliances. GST has eliminated unnecessary tax traps in Bharat. In Bharat, we have created a better environment for diversification of the global supply chain. Recently we have signed 3 FTAs ( Free Trade Agreement) so that Bharat can become a more attractive destination for global business. One of these FTAs has been signed with the UAE. We have opened many sectors for FDI through automatic route. Today Bharat is making record investment on infrastructure. Bharat’s capex has increased 5 times in the last 10 years.
Bharat is rapidly advancing its efforts towards green and alternative energy sources. The country’s renewable energy capacity has tripled, while solar energy capacity has surged 20 times. The Digital India Mission has transformed lives and businesses. In the last 10 years, there has been a new digital inclusion revolution with a spurt in cheap phones and availability of cheap data. The campaign to provide optical fiber to every village, the rapid expansion of 5G is changing the lives of Indians.
Today we are the third largest startup ecosystem in the world. Till 10 years ago there were some 100 start-ups in Bharat. Today there are 1 lakh 15 thousand registered start-ups in Bharat. There has also been a record increase in Bharat’s overall exports.
The transformative changes sweeping Bharat are not only enhancing citizens’ ease of living but also empowering them. In the last five years of our government, over 13.5 crore people have risen out of poverty, and the average income of the middle class is steadily increasing. Female workforce participation in Bharat has witnessed a record increase, signalling positive signs for Bharat’s future.
Efforts are underway to modernize logistics policies in Bharat to ensure ease of transportation. In the past decade, the number of airports in Bharat has increased from 74 to 149. Bharat’s national highway network has almost doubled in the last 10 years. Our metro train network has expanded more than 3 times in 10 years. Dedicated freight corridors are connecting regions like Gujarat, Maharashtra, and the eastern coastline. Simultaneously, work is progressing on several national waterways in Bharat. The turnaround time of Indian ports has become very competitive today.
(Excerpts of Prime Minister’s address on January 10 at the inauguration of Vibrant Gujarat Summit 2024 in Gandhinagar, Gujarat)
