"All global leaders agree that India will deliver 6-8 per cent economic growth for at least 10 years because PM Modi has laid such a strong foundation," he continued,
Davos: Senior Union minister Ashwini Vaishnaw said on Thursday that Prime Minister Narendra Modi has turned India into the world's most trusted nation and that international companies had to think about "trust-shoring" in order to profit from the robustness and consistent high growth of the Indian economy. In a lengthy interview with PTI during the World Economic Forum Annual Meeting 2024, Vaishnaw predicted that, thanks to Prime Minister Modi's solid foundation, India will have 6–8% annual economic growth for at least ten years and that there would be possibilities for everyone in all industries.
The resiliency of the Indian economy has emerged as a common feature in my talks with business executives, investment bankers, IT CEOs, and other leaders, and people are eager to learn more about it.
"People are curious about Prime Minister Narendra Modi's policies in great detail. I have conversations on how PM Modi has provided the Indian economy resilience and stability as well as a steady development path with a number of leading investment bankers and CEOs across the world," the minister stated.
According to him, the four pillars of the Indian economy that PM Modi oversaw—infrastructure investment, manufacturing concentration, inclusive development, and simplification—have had a positive effect.
"All global leaders agree that India will deliver 6-8 per cent economic growth for at least 10 years because PM Modi has laid such a strong foundation," he stated.
The Minister for Railways, Communications, Electronics, and Information Technology, Vaishnaw, stated that he has already met with over 40 prominent leaders here, and each one of them has responded unequivocally and consistently, stating that they are tangibly benefiting from PM Modi's policies, which are correct and concise.
The minister stated that every CEO he has seen here, including heads of investment banks and the industrial sector, agrees that chances would be available to everybody due to India's steady development rate and the methodical manner its economy is changing.
"First and foremost, Modi has made India a nation that the world can trust, and this is a critical component. While friend-shoring and near-shoring were being discussed, Vaishnaw asserted that "trust-shoring" was now more significant than friend-shoring, near-shoring, and everything else in the supply chain.
Near-shoring and friend-shoring, which refer to moving business to or conducting business with neighboring and friendly nations, respectively, have become buzzwords in global business after offshore and onshoring.
According to Vaishnaw, trust-shoring means conducting business with or in a nation you can trust.
According to the minister, every investor and CEO he has spoken with in this region has shown a desire to expand their manufacturing operations in India.
"Secondly, the rapid advancement of renewable energy in India has greatly astonished the public. This has been a priority for Modi from the start, and the effects are evident.
"If the energy utilized in manufacturing is renewable, it makes the process much more competitive. A product that costs Rs 100 when it is released on the market using conventional energy would cost Rs 110 when it is released using renewable energy. Everyone is aware of this, he said, thus they really value PM Modi's policies.