"Pandemic Has Shown Indian Pharma Asset For World": PM At Global Event

Prime Minister Narendra Modi today delivered the inaugural address at the India Global Week 2020.

New Delhi:

Prime Minister Narendra Modi today invited the world to invest in India, saying the economy here is already "putting up green shoots of recovery". Addressing the inaugural event at the India Global Week 2020 -- pitched as one of the biggest international events on India's globalization -- the Prime Minister said, "We are rolling out a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities India does today".

The three-day virtual event -- themed "Be The Revival: India and a Better New World" --- is expected to discuss ways to boost the world economy, which sustained a huge hit following the lockdown induced by the coronavirus pandemic.

Earlier this week, the World Bank had predicted that the global economy will shrink by 5.2 per cent this year -- the steepest downturn since the Great Depression of the 1930s.India's growth rate for 2020 will be 1.9 per cent, the International Monetary Fund said in April.

Inviting the 5,000-plus delegates of the event to invest in India anywhere from agriculture sector to defence and space industry, he said, "Indians have the spirit to achieve what is believed to be impossible... India is ready to do whatever it can to further global good and prosperity.  This is an India that is reforming, performing and transforming".

Over the last six years, PM Modi said, India has made great gains in areas such as "total financial inclusion, record housing and infra construction, ease of doing business, bold tax reforms including the Goods and Services Tax".

Reforms have been made in the sector of Micro, Small and Medium Enterprises, which will complement big industry, the Prime Minister said, highlighting the recent loan initiative to boost the flagging MSME sector, which has been hit hard by the lockdown.

"There are investment opportunities in the defence sector... Now, there are more opportunities for private investment in space sector. This will mean greater access to commercial use of space technology for the benefit of people," he said.

"The pandemic has once again shown that India's pharma industry is an asset not just for India but for the entire world. It has played a leading role in reducing the cost of medicines especially for developing countries," the Prime Minister said, drawing attention to the pharma industry, which has come under limelight following the coronavirus outbreak.

Around 250 speakers will address the virtual meet on geopolitics, business, technology, banking and finance, pharma, defence and security, and arts and culture. PM's cabinet colleagues foreign minister S Jaishankar and Commerce and Industry minister Piyush Goyal are also expected to speak at the meet.

Speakers from abroad will include UK's Foreign Secretary Dominic Raab and Home Secretary Priti Patel, US Ambassador to India Ken Juster and others, the Prime Minister's Office said in a statement yesterday.

In a display of the country's soft power, three of the most eminent students of Pandit Ravi Shankar will pay a tribute to the sitar maestro on his 100th birth anniversary. There will also be a special performance -- "Atmanirbhar Bharat" by Madhu Nataraj, the PM's Office said.

Isha Foundation Founder Sadhguru and spiritual leader Sri Sri Ravi Shankar are also expected to address the meet.