India's ability to withstand global economic challenges behind its booming prospects: Sonowal
Mar 06, 2023
Visakhapatnam (Andhra Pradesh) [India], March 5 : Union minister Sarbananda Sonowal said that the innate ability of the Indian economy to withstand the global economic challenges gave the country a booming prospect as it remains one of the brightest spots of growth and development.
Delivering the keynote address at the valedictory session of the Global Investor Summit in Andhra Pradesh, the Union shipping minister Sonowal stressed on the innovative schemes laid out by the Narendra Modi-led government in order to propel manufacturing growth.
"In Azadi Ka Amrit Kaal, the country is moving fast on the path of development with the goal of a developed India through the creation of modern infrastructure," Sonowal said.
"Prime Minister Gati Shakti plan has not only accelerated the pace of infrastructure development but has also reduced the cost of projects. Multi-Modal Transport System is the future of every city. Andhra Pradesh and the coastal regions of India will move ahead in this race for development with new momentum," he added.
Quoting the latest Economic Survey for 2022-23 which showed India received the highest ever FDI inflows of USD 84.8 billion in the services sector during the last fiscal, Sonowal noted it was a result of the government's investor-friendly FDI policy under this government.
"India continues to open up its sectors to global investors by raising the investment limits, removing regulatory barriers, developing infrastructure, and improving the business environment. Despite the Russia-Ukraine war, US monetary policy, global recession and other global uncertainties, the Indian economy remained healthy,' "India continues to open up its sectors to global investors by raising the investment limits, removing regulatory barriers, developing infrastructure, and improving the business environment. Despite the Russia-Ukraine war, US monetary policy, global recession and other global uncertainties, the Indian economy remained healthy," he further said.
The session was also attended by the Chief Minister of Andhra Pradesh, Jagan Mohan Reddy, and the Union Minister of Tourism, Culture and DoNER, G Kishan Reddy among other leaders of trade and industries.
