Compete on investment climate, ease of doing business, and pushing development, PM Modi urges states

New Delhi: Presenting India as an emerging growth model for the world, Prime Minister Narendra Modi said development should be the highest priority for governments, whether at the Centre or in states ruled by any party.

Delivering the sixth Ramnath Goenka Lecture organized by The Indian Express newspaper in New Delhi late on Monday, Modi urged states to compete in making it easier to do business and in attracting investments. Goenka was a publisher of the newspaper and is seen as a doyen of Indian journalism.

The prime minister said that citizens place their trust in political parties that work with sincerity to fulfill their aspirations and prioritize development.

A statement from the Prime Minister's Office cited Modi calling upon state governments to compete on three fronts: creating a better investment environment, improving ease of doing business, and advancing development parameters.

Such efforts will earn the trust of the people, he said.

Modi said Indian economy had demonstrated its resilience with a high growth rate amid global uncertainties. India’s economic growth continued strongly through 2022-23 in spite of the European crisis affecting global supply chains and energy markets, he said.

In 2023, even as conditions deteriorated in West Asia, India’s growth rate remained robust, Modi said, emphasizing that this year also, India’s growth rate is around 7% (of its gross domestic product or GDP) in the face of global instability.

The government had in its Economic Survey 2024-25 projected a 6.3-6.8% GDP growth for the current fiscal but chief economic advisor V Anantha Nageswaran said earlier this month that he is now more comfortable projecting a number north of 6.8%.

Emerging model

“At a time when the world is fearful of disruption, India is confidently moving in the direction of a bright future,” said Modi, adding that “India is not just an emerging market, but also an emerging model”. He highlighted that the world today views the Indian growth model as a model of hope.

The Prime Minister also emphasized reposing confidence in Indian models of growth, innovation, and cultural heritage.

Modi urged citizens to take a pledge over the next ten years to liberate themselves from a mindset of slavery.

The Prime Minister criticized 19th century British MP Thomas Babington Macaulay for his education policies in India during the British Raj. Modi said that when a nation fails to honour itself, it ends up rejecting its indigenous ecosystem, including the current day Make in India manufacturing framework.

Turning to tourism, the prime minister said that in every country where tourism has flourished, people take pride in their historical heritage.

“Without pride in heritage, there is no motivation for its preservation, and without preservation, such heritage is reduced to mere ruins of brick and stone,” Modi said.

He emphasized that such pride in heritage is a prerequisite for growth of tourism.