Prime Minister Narendra Modi today inaugurated the third annual meeting of the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.
The theme for this year’s meeting is “Mobilizing Finance for Infrastructure: Innovation and Collaboration.” Leaders from varied organisations and levels of government will be sharing ideas and experiences for creating a sustainable future through sound infrastructure investment, an official statement said. This year will also see the launch of the inaugural Asian Infrastructure Forum, which will gather infrastructure practitioners in a practical and project-driven discourse, focused on matching innovative finance to critical infrastructure needs, it added.
Later, the Prime Minister will meet business leaders and captains of industry, for a discussion on issues such as economic growth, infrastructure development, policy initiatives, investment, innovation and job creation.
Highlighst of the PM Modi's speech at inaugural ceremony of AIIB 2018:
Watch full speech here:
11:29 am: A ‘New India’ is rising. It is an India that stands on the pillars of economic opportunity for all, knowledge economy, holistic development, and futuristic, resilient and digital infrastructure: PM
11:28 am: The Indian story of economic resurgence closely mirrors that of many other parts of Asia. The continent finds itself at the centre of global economic activity and has become the growth engine of the world. In fact we are now living through what many term as the ‘Asian Century’: PM
11:27 am: Agriculture is the lifeblood of the Indian economy. We are promoting investments in warehouses and cold chains, food processing, crop insurance and allied activities. We are promoting micro-irrigation to ensure optimal use of water with increased productivity: PM
11:26 am: We have set a target to construct capacity of 175 GW of renewable energy by the year 2022. Of this, the solar energy capacity will amount to 100 GW. We have added more capacity to renewable energy than conventional energy in 2017: PM
11:25 am: From the point of a foreign investor, India counts as an extremely low risk political economy. We have simplified rules and regulations for businesses & undertaken bold reforms. We have provided investors an environment which is efficient, transparent, reliable & predictable: PM
11:24 am: The external sector remains robust. Our foreign exchange reserves of more than 400 billion US dollars provide us adequate cushion. Global confidence in India’s economy is rising. Total FDI flows have increased steadily & India continues to be one of the top FDI destinations: PM
11:23 am:The Government is firmly committed to the path of fiscal consolidation. Government debt as percentage of GDP is consistently declining. India has achieved a rating upgrade after a long wait: PM
11:22 am: India has emerged as a bright spot in the global economy, which is driving global growth as well. With the size of 2.8 trillion dollars it is the seventh largets in the world. It is third largets in terms of purchasing pwoer parity. In the fourth quarter of 2017, we grew at 7.7 per cent. In 2018, we are projected to grow at 7.4 per cent. Our macro economic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control: PM Modi
11:19 am: India is trying to develop brown-fill assets as a separate asset class in infrastructure investment. Such assets, having passed the stages of land acquisition and environment and forest clearances, are relatively derisque. Hence, for such assets, institutional investments like pension, insurance and sovereign wealth funds are likely to be more forthcoming: PM Modi
11:18 am: From the perspective of larger scale of operations & higher value addition, an investor is also attracted by a large domestic market size, availability of skilled labour & good physical infrastructure. On each of these parameters India is well placed & has performed very well: PM
11:18 am: India is one of the most investor-friendly economies in the world. Investors look for growth and macro-economic stability. They want political stability and a supportive regulatory framework to ensure protection of their investment: PM
11:18 am: PM Modi calls on AIIB to expand financing from USD 4 billion to USD 40 bIllion by 2020 and USD 100 billion by 2025
11:15 am: Asia stills faces a wide range of disparities in access to education, health care, financial services and formal employment opportunities. Regional multilateralism like AIIB can help in raise resources: PM
11:14 am: I believe that India and AIIB are both strongly committed to making economic growth more inclusive and sustainable. In India, we are applying novel Public Private Partnership models, Infrastructure Debt Funds, and Infrastructure Investment Trusts to fund infrastructure: PM
11:14 am: PM Modi begins addressing third annual meet of Asian Infrastructure Investment Bank in Mumbai
10:35 am: PM Modi attends the inaugural ceremony of the annual meeting of Asian Infrastructure Investment Bank in Mumbai
09:46 am: PM Narendra Modi arrives in Mumbai, he would be attending the annual meeting of Asian Infrastructure Investment Bank and will also address party workers later