Published 13:02 IST, October 29th 2019
PM Modi reveals efforts to mitigate global economic downturn effects
Prime Minister Narendra Modi spoke to news publication Arab News and highlighted India’s efforts to mitigate the effects of the global economic downturn.
- World News
- 3 min read
Prime Minister Narendra Modi arrived in Saudi Arabia for his second visit in the last three years. On this occasion, he spoke to local news publication Arab News on India’s efforts to mitigate the effects of the global economic downturn. He stated that India had undertaken several reforms to ensure a business-friendly environment. Moreover, the PM contended that India remained a major driver of global growth. He highlighted the country’s rise in the World Bank’s Ease of Doing Business Index in 2019. Apart from listing his government’s major initiatives such as Make in India and Startup India, he expressed his delight in Saudi Arabia embarking on a reform programme.
PM Modi remarked, “India has undertaken many reforms to create a business-friendly environment and to ensure that we remain a major driver of global growth and stability. Our reforms for ease of doing business and introducing investor-friendly initiatives have contributed to improving our position in the World Bank’s Ease of Doing Business Index from 142 in 2014 to 63 in 2019. A number of major flagship initiatives, like Make in India, Digital India, Skill India, Swachh Bharat, Smart Cities, and Startup India, are offering a lot of opportunities to foreign investors. Similarly, I am happy to note that Saudi Arabia too has embarked upon a reform program as part of their Vision 2030.”
PM’s visit to Saudi Arabia
The PM will be staying at the King Saud Palace during the visit. According to reports, the Prime Minister is in Saudi on the invitation of Saudi King Salman Bin Abdulaziz Al Saud. He would also be launching the 'RuPay' card in the country. He is scheduled to meet Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, Energy minister Prince Abdulaziz bin Salman Al Saud, Labour, and Social Development Minister Ahmad bin Sulaiman Alrajhi and Environment and Agriculture Minister Abdulrahman bin Abdulmohsen Al Fadley. The two countries are expected to sign a series of pacts in areas such as oil, gas, renewable energy, and civil aviation during the two-day visit. PM Modi will also be speaking at the Future Investment Initiative (FII) Forum about the trade and the growing opportunities in India.
Updated 13:20 IST, October 29th 2019