I am happy to be here today, to address the Global Business Summit. This is a good platform, for bringing together economists and industry leaders. I compliment The Economic Times for organising it.

 

Over the next two days, you will debate growth and inflation, manufacturing and infrastructure, missed chances and unlimited possibilities. You will see India as a country of opportunities, unmatched across the world. I assure you that your inputs shall receive my government’s highest attention.

 

The New Age India has also begun its transition; from a winter of subdued achievement lasting 3 to 4 years, to a new spring that beckons.

The country had fallen into deep despair, with two back-to-back years of below 4% growth, and governance at rock bottom.  A series of scams, from telecom to coal had paralysed the economy.  We deviated from the dream of India as a land of opportunity.  No longer can we afford the flight of capital and labour, for lack of opportunity.

 

We have to repair the damage that has happened.  Restoring growth momentum will be an uphill task.  It will take hard work, sustained commitment and strong administrative action.  But we can overcome the mood of despair.  And we must.  It is in this context that all the steps we have taken must be seen.  

David Fuller's view

If you wish to understand Narendra Modi and his goals for India, I encourage you to read this speech.  It is certainly ambitious and we know that Modi is a high achiever.  He wants to empower India’s poor, modernise the country and turn a $2 trillion economy into a $20 trillion success story.  

The world’s biggest democracy is back on track and I would not underestimate its potential.  India’s is currently the world’s best performing stock market so far this year with the BSE Sensex Index up 5.26% in US Dollar terms.    

(Note: there is also a video of Modi’s presentation at the end of this pamphlet, but unless you are Indian I think it is easier to read the speech.)