Prime Minister Narendra Modi on Tuesday addressed the third Asian Infrastructure Investment Bank (AIIB) Annual Summit and stated several developmental issues in the continent. Modi also called for assistance to further the agenda of reform-based development. Speaking to delegates of around 50 countries on Asian infrastructure, he said that India has taken massive footsteps in developing key infrastructure, adding that global confidence in India is on the rise.
Praising India’s efforts of consolidating infrastructure, PM Modi asked delegates attending the summit to expand the loan book by 10 times to USD40 billion by 2020 and USD200 billion in the next five years after that. Calling for lower investment rates, he said, ” Interest rates offered by AIIB need to be affordable and sustainable.”
He assured the member countries that India is making a lot of contribution to further the cause of investment for uplifting infrastructure and make economic growth more inclusive. “India and AIIB are both committed to making economic growth more inclusive & sustainable. In India, we are applying novel Public Private Partnership (PPP) models, Infrastructure Debt Funds and Infrastructure Investment Trusts,” he said.
“India is one of the most investor-friendly economies. Investors look for growth and macroeconomic stability. They want political stability & a supportive regulatory framework to ensure the protection of their investment,” he added. He went on to mention that the government is “firmly committed” to the path of fiscal consolidation, and has requested for more support from all other member countries to unite in the cause of sustainable development through intelligent investment.
PM Modi also spoke at length about various government schemes started by India to boost foreign investment in the country, thus helping in supporting rapid economic growth. Lauding the nation, he said that the government’s debt-to-GDP ratio is also declining constantly, adding that global ratings agencies have supported the solid growth that is registered by India.
PM Modi further praised the nation as it now stands on the “pillar of economic opportunity for all”. “A New India is rising. Now, India stands on the pillars of economic opportunity for all, knowledge economy, holistic development, and futuristic, resilient and digital infrastructure,” PM Modi added.
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