India is the only emerging economy where the growth rate is rising, Prime Minister Narendra Modi has said in an op-ed for German daily Frankfurter Allgemeine Zeitung, which details his plans to make his country an attractive prospect for doing business.
Here are five key points from his op-ed:
The credibility of our economy has been restored. India is once again poised for rapid growth and development. It is the only emerging economy where growth rate is rising. The prospects are even better.
Our aim is to completely eliminate poverty and to propel all Indians into a life of purpose and dignity within a generation. My own life-experience and belief in the role of good governance in India's economic development has convinced me that this noble objective can be achieved.
Generating jobs for India's youthful population is a key to harnessing India's demographic advantage. This can be achieved only when we significantly and quickly ramp up our manufacturing capabilities. To meet this objective my Government has unveiled the "Make in India" initiative.
Through our "Act East" and "Link West" policy, India has the potential of becoming the middle ground for East and West as a manufacturing hub that serves both our vast domestic market and becomes a base for global exports and general well-being.
Our strategy for "Make in India" requires urgent creation of new infrastructure. The substantial enhancement in financing in the federal budget for highways, railways and energy is a step in this direction.
International support and collaboration is equally critical to achieving our objectives. I have therefore sought to build a foreign policy which is an integral part of our national development strategy.
Growing urbanization in India is one of our greatest challenges. The population in our cities is projected to double in 10 years. Our focus on development of Smart Cities is aimed at providing the basic necessities of affordable housing, clean water and a safe environment for our people.
India's development needs can become business opportunities for German industry. Higher levels of investments are possible and indeed desirable. Germany is globally renowned for its engineering, innovation and skills. The capacities of your Mittelstand and family-owned businesses are well known. I invite them to come to India.
I visualize India as a key engine of global growth. Our democratic principles and practices are guarantors of stability We have a free media and an independent judiciary that allows all opinions to be aired without fear.
We believe in "Rahein Saath Badhe Saath" (stay together-grow together). There is no other way forward. Mankind's progress in this century depends on cooperation and collaboration. Conflict is unthinkable. So is poverty which Gandhi called the worst form of violence.
