In an exclusive interaction with Newsweek, Prime Minister Narendra Modi shared his strategic vision for India’s economic growth, marking a significant milestone as he is the first Indian Prime Minister to be featured on the Newsweek cover since former PM Indira Gandhi.
A New Era of Economic Reforms
PM Modi highlighted the transformative economic reforms that his government has undertaken. These include the implementation of the Goods and Services Tax, corporate tax reduction, the introduction of the bankruptcy code, reforms in labour laws, and relaxation in FDI norms. These measures have significantly improved the ease of doing business in India, making it an attractive destination for foreign investments.
India’s Role in the Global Economy
PM Modi emphasized India’s potential to impact the global economy positively. “When a country with one-sixth of the world’s population adopts global standards in these sectors, it will have a big positive impact on the world,” he said. This vision is backed by policies that encourage businesses and entrepreneurship, world-class infrastructure, and a skilled workforce.
Manufacturing: A Key Sector
India’s manufacturing sector has seen a significant boost in recent years. Major global manufacturing entities have set up shops in India, attracted by the country’s ability to produce world-class goods at competitive costs. “India is now globally considered most suited for manufacturing world-class goods at a competitive cost,” PM Modi said.
The Indian Market: An Added Attraction
Apart from being a global manufacturing hub, India also offers a vast domestic market. This makes India an attractive destination for businesses looking to expand their reach. PM Modi believes that this is an added attraction for businesses looking to set up shop in India.
In conclusion, PM Modi’s interaction with Newsweek provides a comprehensive insight into his strategic vision for India’s economic growth. His leadership and the economic reforms undertaken by his government have set India on a path towards becoming a global economic powerhouse. This interaction underscores PM Modi’s commitment to transforming India into a global economic growth engine.
