The Vice President M Venkaiah Naidu said that terrorism, climate change and corruption were the three main challenges the world was facing today and called upon the global community to come together to tackle them.
Addressing the valedictory session of 9th Vibrant Gujarat Global Summit at Gandhinagar, lasts evening, he said that terrorism was the enemy of humanity and urged all countries to come together in eliminating the menace. Similarly, everyone should join hands to minimize the impact of climate change.
He said corruption was the problem of the entire world and urged all countries to agree on extradition of economic fugitives and exchange of information relating to illegal bank accounts.
Observing that the reforms taken up by the Government in the past few years have made India the top destination for investments in the world, he said this was the right time for foreign investors to tap the huge potential offered by India in various sectors from real estate to healthcare.
India, he said, was the bright spot in the world’s economy today. Global corporations were getting attracted to India because of the huge untapped potential in the Indian consumer market, which is being driven by favorable demographics and rising disposable incomes. Today, India is the second largest mobile phone manufacturer.
India has improved its ranking in World Bank’s Ease of Doing Business to 77th position. Measures like demonetization, GST, Insolvency and Bankruptcy Code, repeal of outdated laws, giving thrust to road and air connectivity, increased focus on infrastructure, housing and agricultural sectors have enabled the economy to pick up momentum. Allowing most sectors open for 100% foreign participation through FDI under the automatic route was expected to add to the momentum, he added.
Quoting the World Bank’s latest forecast, Naidu said that India would continue to be the fastest growing major economy in the world. Expressing confidence about India’s growth story, he said the size of the Indian economy would touch $5 trillion soon and would further double to $10 trillion by 2030.