India seeing green shoots of economic recovery: PM

Prime Minister Narendra Modi speaking at the India Global Week address said that "there is faith" that India has a leading role to play in global revival in the post-COVID-19 world. "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," the Prime Minister said.

New Delhi: Prime Minister Narendra Modi on Thursday said Indian economy has started seeing "green shoots" of recovery and that the country remains one of the most open economies in the world.

He 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.

"World over, you have seen the contribution of India's talent-force. Who can forget the Indian tech industry and tech professionals? They have been showing the way for decades. India is a power-house of talent that is eager to contribute," the Prime Minister added.

He further went on to call Indians as "natural reformers" and further added that history is proof of that.

"Indians are natural reformers. History shows that India has 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," the Prime Minister added.

"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.

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

"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," he added.

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.

India's pharma industry an asset for the world

Prime Minister Narendra Modi said Indian pharmaceutical industry has been an "asset" not just for its own country but also for the entire world as it leads to "reducing the cost of medicine" for developing countries.

"The pandemic has once again shown that India's pharma industry is an asset not just for India but for the entire world. It has played a leading role in reducing the cost of medicines especially for developing countries," the Prime Minister said.

"Vaccines made in India are responsible for two-third of the vaccine needs of the world's children. Even today, our companies are actively contributing in the international efforts for development and production of COVID-19 vaccine," he added.

Talking about the future prospects and the role of India in vaccine production, the Prime Minister added, "I am certain that India will have an important role in developing and in scaling up production of the vaccine once it is discovered."

The India Global Week 2020 is a three-day virtual conference, being held from July 9 to July 11, themed 'Be The Revival: India and a Better New World', will have 5,000 global participants from 30 nations being addressed by 250 global speakers across 75 sessions.

(With inputs from PTI and ANI)