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Making a strong pitch to global investors to join India’s growth story, Prime Minister Narendra Modi on Thursday said the country will do whatever it takes to make it the engine of global growth resurgence in the post-covid world.

“India’s growth has the potential to catalyze global economic resurgence. Any achievement by India will have a multiplier effect on the world’s development and welfare. A strong and vibrant India can contribute to stabilization of the world economic order. We will do whatever it takes to make India the engine of global growth resurgence," Modi said, while addressing top fund managers under the banner of Virtual Global Investor Roundtable (VGIR).

The meeting was attended by top executives of 20 sovereign wealth funds and pension funds with total assets under management worth $6 trillion. Indian industrialists, including Deepak Parekh, Ratan Tata and Mukesh Ambani shared their experiences at the meet.

Seeking investments in the National Infrastructure Pipeline (NIP) worth $1.5 trillion, Modi said a pioneering multi-modal connectivity infrastructure masterplan is being finalized. “India has embarked on a massive infrastructure building spree. We are building millions of affordable houses for the new middle class. We want investments not just in big cities but smaller cities and towns too," he added.

While initial estimates put 40% of the expected capital expenditure in NIP to be contributed by states, 39% by Centre and 21% by the private sector, those ratios may tilt significantly towards private sector with significant stress in finances of Centre and states post-covid. With Indian legacy companies highly leveraged, the government is seeking to attract foreign investment to meet its infrastructure and growth deficits.

Modi said he is conscious of the requirement of the funds to provide the best and safest long-term returns. “Therefore, our approach is to find long-term and sustainable solutions for issues," he said.

Modi said India’s quest to become self-reliant is not just a vision but a well-planned economic strategy. “A strategy that aims to use the capabilities of our businesses and skills of our workers to make India into a global manufacturing powerhouse," he added.

Chandrajit Banerjee, director general at Confederation of Indian Industry, said a very positive and substantive message has gone out from Modi to global investors. “He has clearly outlined the key advantages that India offers with a focus on environmental, social and governance standards. This will go a long way towards attracting foreign investors," he added.

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