Prime Minister Narendra Modi on Friday indirectly referred to the increasing tension in West Asia and the Russia-Ukraine war, saying that both these regions are important for the global economy and energy security. His comments come amid fears of intensification of conflict in West Asia. After Iran's attack, there is a fear of retaliatory action from Israel and further increase in conflict. If this happens, the prices of crude oil may rise. Addressing the third edition of 'Kautilya Economic Summit' here, Prime Minister Modi committed to continue structural reforms on the domestic front to help India become a developed nation by 2047. The PM said India is setting up semiconductor manufacturing plants and soon 'Made in India' chips will be available across the world.
India depends on imports for 85% of petroleum needs
Without naming any country, he said, “This conference is taking place at a time when two big regions of the world are close to a war-like situation. These two big regions are important for the global economy as well as energy security.” India is dependent on imports for more than 85 percent of its petroleum needs. A large portion of crude oil and gas is imported from West Asia. Therefore, if the Israel-Iran conflict prolongs, the supply may be affected. In his address, Prime Minister Modi said, “Amidst these huge global uncertainties, we are all here looking at the 'Indian Age', discussing India. This shows confidence in India. Be it science, technology or innovation. “India is clearly in a good position. With the motto of 'Reform, Perform and Transform' we are taking decisions to take India forward.”
Decision taken on investment plans worth Rs 15 lakh crore in 3 months
He said that India is the fastest growing major economy today and the fifth largest economy in terms of Gross Domestic Production (GDP). The Prime Minister said his government in its third term has made 'bold policy changes' and taken steps to boost jobs and skills. He said the government has focused on sustainable growth and innovation to help India move forward on a high growth path. Prime Minister Modi said that the government has taken decisions regarding investment schemes worth Rs 15 lakh crore in its first three months. Modi said, “Today the Indian economy is going through a huge transformational change. Based on a strong economic foundation, the Indian economy is on the path of sustained high growth. Today India is not just going to reach the top, but to remain at the top.” Preparing. There are immense opportunities in every field.
111 companies registered in PM internship
He said global leaders and financial experts are optimistic about India's growth and investors believe this is the right time to invest in India. “This is not a coincidence. Rather, it is the result of the reforms that have taken place in India in the last decade,” Modi said. The Prime Minister said that 111 companies have registered on the portal of 'PM Internship Scheme'. The objective of this scheme announced in the budget is to help the youth to get internship in companies. He said India is setting up semiconductor manufacturing plants and soon 'Made in India' chips will be available across the world.
PLI attracted investment of Rs 1.25 lakh crore
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