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Last updated: 13 Jan, 2019  

Naidu.9.Thmb.jpg India a bright spot in global economy: Naidu

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SME Times News Bureau | 12 Jan, 2019

Vice President M Venkaiah Naidu on Friday 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.

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.

He 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.

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.

Lauding the efforts of government and its agenda to reform processes for the betterment of administration, Shri Naidu said that such reforms were the need of the hour and would continue.

The Vice President also appreciated the healthy competition among various states to attract investors and promote industrialization. He urged the state governments to promote similar competitiveness among districts to realize rural India’s full potential.

 
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