‘PM Modi assured Centre’s support to investors’

Prime Minister Narendra Modi addressed the plenary session of the 48th World Economic Forum (WEF) at Davos in Switzerland where he listed three major threats in front of the world today.

Mr Modi also said those wanting wealth with wellness and peace with prosperity should come to India. That theme now looks centuries-old as the world today is about big data and so many other new developments, he said.

“We live in an interconnected world, but we have to accept fact that globalization is slowly losing its brilliance”, Modi warned, and reby increasing what he called “protectionist forces”. “While the ideals of the United Nations are still accepted, and the WTO has wide support, do these institutions really reflect the realities and aspirations of today’s generation?” Modi underlined the progress India had made since his predecessor Deve Gowda attended the summit in 1997, saying India’s GDP has grown more than six times from $400 billion then, and should reach $5 trillion by 2025.

Modi did not disappoint his audience, expounding views that took in the global big picture, connected them to India’s priorities, and left the audience with the conviction that India, at least, is moving in the right direction. “The world is facing challenges in maintaining peace, stability, and security”, he added.

Climate change and terrorism are grave concerns before the world, he said, while asserting that terrorism is risky but what is equally unsafe is the “artificial distinction” made between “good terrorist” and “bad terrorist”. USA officials said more trade enforcement actions would follow. “Can we remove these rifts and distances to make a good shared future?” he asked.

Just hours after President Donald Trump approved new tariffs on imports, the leaders of Canada and India came out forcefully Tuesday against a drift toward protectionism in the global economy.

“I hope whatever he has said, he would implement the same at home. We reviewed the scope of our bilateral cooperation and discussed ways to deepen it even further”, Modi tweeted. Modi narrated the India growth story and underlined vast growth opportunities presented by the country for global businesses.

“We have cut the red tape and are rolling out the red carpet”, he added.

Lauding some of the recent economic reforms, which his government did, such as the Goods and Service Tax (GST), Prime Minister Modi said it has made working, travelling and living in India more seamless and plausible, while helping achieve a spike in exports. This was the prime minister telling the world that India was ready to become the leader the world wanted it to be.

Swiss President Alain Berset set up the stage for Modi, appealing to the hundreds of people in the crowd: “Let us make 2018 a year in which we overcome the phase of hand-wringing and self-criticism, in which each of us works to promote social inclusion”.

Modi highlighted three main challenges confronting the post-Cold War global order – climate change, terrorism and protectionism – and sought to provide an Indian solution to each of these challenges while drawing from ancient civilisational mores, traditions and wisdom.