India will play leading role in global revival, already seeing green shoots of economic recovery: PM Modi

Prime Minister Narendra Modi on Thursday said Indian economy has started seeing "green shoots" of recovery, and that it would play a leading role in global recovery from the coronavirus pandemic.

He added India remains one of the most open economies in the world.

PM Modi was addressing the India Global Week 2020 -- one of the biggest international events on India's globalisation. He also invited the world industry to invest in India.

PM Modi said that in these times when the world is battling the COVID-19 pandemic, it is natural to talk about revival and there is faith that the story of global revival will have India playing a leading role.

"Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green shoots when it comes to economic recovery," Modi said while addressing the India Global Week 2020.

“In these times, it is natural to talk about revival. It is equally natural to link global revival and India. There is faith that the story of global revival will have India playing a leading role," he said.

"We are laying the 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 prime minister said Indians have been natural reformers, and that historically, the country has managed to overcome every challenge -- be it social or economic.

“On one hand, India is fighting a strong battle against the global pandemic. With an increased focus on people's health, we are equally focussed on the health of the economy,” he said, adding, "when India talks of revival, it's revival with care, with compassion, which is sustainable both for environment and economy. Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green-shoots of economic recovery."

Modi also said that there are many possibilities and opportunities in various sunrise sectors in India.

"Our reforms in agriculture provide a very attractive investment opportunity to invest in storage and logistics," Modi said.

During the last six years, India has made great gains in areas such as financial inclusion, housing and infra construction, ease of doing business and bold tax reforms like the GST, he said.

"India is ready to do whatever it can to further global good and prosperity. This is an India that is reforming, performing and transforming," he said.

The prime minister also spoke of his government's coronavirus relief package comprising free ration, cooking gas and cash to poor.

"In this time of a pandemic we have provided relief to our citizens and undertaken big structural reforms," he said.

"Our relief package has been smart and targeted to provide the most poor with the most help. Thanks to technology every penny has reached the beneficiaries directly."

The relief package was named Aatmanirbhar Bharat or self-reliant India. "Aatmanirbhar Bharat is not about being self-contained or being closed to the world. It is about being self-sustaining and self-generating," he said.

And when the lockdown restrictions were eased, the government launched one of the world's largest public works programmes to provide employment to millions of workers. "This will not only re-energise the rural economy but also help in the creation of a durable infrastructure in rural areas," 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, he said adding it has played a leading role in reducing the cost of medicines, especially for developing countries.