He made the observation while inaugurating “Invest Karnataka” a three-day Global Investors Meet (GIM), under the theme “Build for the world” here.
While participating virtually in the event, Prime Minister Modi emphasised that investment in India is about investment for a better, cleaner and safer planet. “Let us all come forward to change crores of lives,” he underlined.
The organisation of the GIM is indicative and an example of competitive and cooperative federalism. The states can have a policy regarding manufacturing and production with other countries. The states are taking up partnership with other countries as well. If India wants to march ahead, it is necessary for the states to progress, he stated.
“India has to progress. I am told that in the GIM thousands of partnerships will be forged, which will create employment opportunities. At a time when the world is sailing through the impact of Covid pandemic and war, the Indian economy is thriving and attracting investments as the fundamentals of its economy is strong,” PM Modi stated.
This is a time of global crisis. However, economists and experts are saying India is in a brighter spot. “We are working on fundamentals of the economy and strengthening it day after day,” he said.
He stressed that a double engine government at the Centre and the state has ensured the welfare of Karnataka. The single party rule in the state and at the Centre has contributed to its growth. The state is among the top ranking list in terms of ease of doing business; the state tops the list of the Foreign Direct Investment (FDI), among the 500 fortune companies, 400 are from Karnataka, he explained.
Among the 100 plus unicorns of the country, more than 40 are from Karnataka, he added.
Karnataka, the Prime Minister said, has entered the manufacturing domain also. The tax eco system for chip manufacturing will take the state to newer heights.
Whenever there is talk about tech-related issues and technology, the first name which comes to mind is Bengaluru. Not only in the country, but, brand Bengaluru has established itself at the global level.
He also stressed that Karnataka is not only competing with other states of the country, but it is challenging other countries as well in terms of development and growth of economy, Prime Minister Modi stated.
Chief Minister Basavaraj Bommai, Union Minister for Finance Niramala Sitharaman, Union Minister for Coal, Mine and Parliamentary Affairs Pralhad Joshi, Union Minister for Commerce and Industry Piyush Goyal, Union Minister for State for Skill Development and Entrepreneurship and Electronics and Information Technology Rajiv Chandrashekar also attended the event.
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