In India’s well-being lies world prosperity: PM Modi at UP investors’ summit

Prime Minister Narendra Modi on Friday said the guarantee to world prosperity lies with India, as he urged investors to bet on the country — and on Uttar Pradesh where a large “aspirational society” waited for them.

He was inaugurating a three-day Uttar Pradesh Global Investors Summit, which the state government claimed has already attracted investment proposals worth about Rs 33 lakh crore.

At the summit, India’s leading conglomerates Reliance, Aditya Birla Group and Tata Sons committed themselves to an investment of over Rs 1 lakh crore in the state to expand their businesses.

Welcoming foreign delegates and Indian industry leaders to the summit, Modi linked the world’s economic well-being to that of India.

He pointed at the state’s “double-engine” government – with the BJP in power both at the Centre and in Lucknow – and said UP is full of possibilities.

“There cannot be a better partnership than this. Let’s not waste this time. World’s prosperity lies in India’s prosperity. The bright future of the world is guaranteed in the bright future of India,” he said.

The prime minister referred to the impact of the Covid pandemic and the war in Ukraine on the global economy and said India emerged quickly out of the crisis, showing resilience.

“The biggest reason for this is the increasing self confidence of Indians,” Modi said, adding that the country is seeing a big change in the mindset of its youth and society’s aspirations.

Every Indian citizen now wants to see more development, as quickly as possible, he said.

“The aspirations of Indian society today are giving a push to the governments as well, and these aspirations are also adding pace to development work,” the PM said.

“Like entire India, a very large aspirational society is waiting for you now in UP,” he told potential investors.

Defence Minister Rajnath Singh, Uttar Pradesh Governor Anandiben Patel and Chief Minister Yogi Adityanath attended the summit launch. More Union ministers were slated to participate later in panel discussions.

The prime minister talked about India offering new physical and digital infrastructure, seamless markets and simplified bureaucratic procedures. He said reforms in India are being carried out not because of compulsion, but because of conviction.

“India today is truly on the path of pace and scale. We have fulfilled the basic needs of a large section – and that is why it is thinking of the next level, thinking of the future,” he said.

This, he added, is the biggest reason for having confidence in India.

Modi said Uttar Pradesh was once known as a “BIMARU” state, a reference to an old acronym for Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh. In Hindi, “Bimaru” also means “sick”.

But the state now inspired hope. “If India is a bright spot for the world, UP is providing important leadership for India’s growth,” he said.

”Within five or six years, UP has established a new identity for itself,” he said indirectly pointing at the period under the BJP government in the state.

”Now, UP is being identified by good governance. Now, UP is being identified by better law and order, peace and stability,” Modi said.

Uttar Pradesh Chief Minister Yogi Adityanath said the roadshows ahead of the summit had attracted investment proposals worth about Rs 33 lakh crore.

Over 18,000 MoUs were signed with various companies during the run-up to the event, the state government said, pointing at the possibility of 92 lakh new jobs over the next few years.

Speaking before the PM, industry leaders asserted that the country is on a strong growth path and the target of becoming a USD 25 trillion economy when it celebrates the 100th year of Independence is achievable.

They credited Modi with guiding the country with vision and laser-sharp focus on execution towards a bold ‘New India’.

”I am confident that India is on a very strong growth path,” Reliance Industries chairman Mukesh Ambani said.

Tata Sons chairman N Chandrasekaran praised Modi’s “strong visionary leadership” and said the recent Budget laid a very strong foundation with its “tremendous investment towards infrastructure development”.

Aditya Birla Group chairman Kumar Mangalam Birla said India is now the fastest growing large economy in the world, and is poised to become the third largest economy by 2030.

”As a global business group, we operate in 36 countries and I can confidently say that India today stands out amongst all of them. There is perhaps no other country in the world that combines robust democracy, transformational governance, economic might, demographic dynamism and entrepreneurial energy,” he added.