Right time for foreign investors to tap the huge potential; World community must chalk out strategy to extradite economic fugitives
The Vice President of India Shri M Venkaiah Naidu said that a steady growth rate of almost 7% coupled with a series of reforms made India, the most favourite destination for investments in the world. Shri Naidu said that it was the right time for foreign investors to tap the huge potential offered by India in various sectors from real estate to healthcare.
Shri Naidu said that government’s initiatives and reforms helped India achieve 11th rank in the Global FDI confidence index 2018. Referring to a report by UBS, he said that the annual FDI inflows would rise to $ 75 billion over the next five year and added India with its growth momentum would soon become $5 trillion economy.
Describing India as a bright spot in the world economy, he said India would continue to be the fastest growing major economy in the world, quoting the World Bank’s latest forecast. It said the GDP is expected to grow at 7.3 per cent this fiscal year and at 7.5 per cent in the following two years.
Shri Naidu said that the robustness of India’s institutions, resilience of its policy frameworks, the reforms initiated by the government and the responsiveness of Industry bodies such as CII have insulated its economy from stagnation and helped in achieving the dual distinction of being a stable democracy and one of the fastest growing economies in the world. Continue reading “India, a bright spot in global economy”