Global economic resilience can be met by stronger domestic capacities: PM Modi
Modi said that the one of the methods to achieve economic resilience was by building stronger domestic economic capacities. This meant improved domestic capacity for manufacturing, restoring the health of the financial system and diversification of international trade
Prime Minister Narendra Modi on Wednesday said that it had taken a global pandemic to remind countries across the world how important resilience is in the face of external shocks which cannot always be predicted with precision.
"Global economy over the recent past has focused extensively on efficiency and optimistaion but on the way we forgot to focus on resilience against external shocks and it has taken a global pandemic to remind us how important resilience is," the Indian prime minister said referring to the Covid-19 pandemic which has affected people in over 185 nations across the world.
"In our growth agenda we must put the poor and vulnerable at the core. We all agree that the world is in need of a better future. And, it is all of us who have to collectively give shape to the future. I firmly believe that our approach to the future must primarily be a more human-centric one," PM Modi said. He was addressing the India Ideas Summit hosted by the US-India Business Council via video conferencing.
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PM Modi said that the one of the methods to achieve economic resilience was by building stronger domestic economic capacities. This meant improved domestic capacity for manufacturing, restoring the health of the financial system and diversification of international trade.
The Prime Minister invited other countries to invest in India's healthcare sector. The healthcare sector in India is growing faster than 22 per cent every year. "Our companies are also progressing in production of medical-technology, telemedicine and diagnostics," he said.
"Today, there is global optimism towards India. This is because India offers a perfect combination of openness, opportunities and technologies. India celebrates openness in people and in governance. Open minds make open market and open markets in turn lead to greater prosperity," PM Modi said highlighting the achievements of the Indian health infrastructure at the summit.
The Summit is being hosted by the US-India Business Council. This year marks the 45th anniversary of the formation of the Council. The theme for this year's India Ideas Summit is 'Building a Better Future'.
The virtual Summit will see participation from Indian and US government policymakers, state-level officials, and leaders from business and society. Other key speakers at the Summit include Minister of External Affairs Dr S Jaishankar, US Secretary of State Mike Pompeo, former US Ambassador to the United Nations Nikki Haley, among others.
