Prime Minister Narendra Modi addressed the CEOs of global companies at the Bloomberg Global Business Forum (GBF) in New York on Tuesday. In his speech, PM Modi listed various initiatives India has taken for the economic growth of the country. He spoke about the progress India has achieved in a small span of time and made a strong 'invest in India' pitch. PM Modi also held in a conversation with Michael R. Bloomberg, former mayor of New York City and CEO of Bloombert. The conversation was focused on opportunities to strengthen global economic stability, tackle climate change, promote economic growth and advanced technologies that can improve society.
During his keynote, speaking about the initiatives taken by India for the economic growth, PM Modi said, "Apart from Tax Reforms, the world's largest Financial Inclusion has happened in India in a very short time. About 370 million people have been connected to banking for the first time in the last 4-5 years. Today, almost every citizen of India has a unique ID, mobile phone and bank account, due to which targeted service delivery increased, leakage stopped and transparency increased manifold. In new India, we have campaigned for de-regulation, de-licensing, and de-bottling. Due to similar reforms, India has been consistently doing better in every Global Ranking."
The Prime Minister made a case as to why this 'decisiveness', along with democracy, demography and demand were factors that made India unique.
Reading out a comprehensive report card on India vis-a-vis its performance on Bloomberg's own indices, PM said, "India has jumped to the 10th rank in the Logistics Performance Index, in Global Competitiveness Index the country has increased by 13 points. On the Global Innovation Index India has levelled up to 24th number and most importantly, the 65 rank improvements in the World Bank's Ease of Doing Business Index are unprecedented, extraordinary."
Coming to FDI, the Prime Minister said:
"There has been $286 billion FDI in India in the last 5 years. This is half of the total FDI Inflow of India in the last 20 years. 50 percent of the FDI that America has done in India in the last decades has been done only in the last 4 years. About 90 percent is through FDI automatic route and 40 percent is greenfield investment. That is, investors' trust in India has increased today and they are coming for a long time. Lastly, India has been ranked number 1 in Asia in terms of investment in Bloomberg's Nation Brand Tracker - 2018 survey." PM stated.