NEW DELHI: In 2014, the average Indian voter was restless for change. Regular revelations about corruption scandals, frustrating policy paralysis, incessant price hikes and widespread unemployment all coalesced in a virtually stalled economy.
Other economists offered similarly dire warnings after the growth rate almost halved in just two years:All this can be characterised as a kind of “ICU” view of the economy – one where a turn-around would rest on setting the right incentives, with credibility and urgency to drive both policy and implementation.
Chief Ministers have also been spruiking for investment from overseas, the past few years seeing these state leaders travel to Singapore, China and Japan, while state specific investor summits have become common, such as in Gujarat and Uttarakhand. He meets with CEOs of global business giants to attract FDI, as well as seeking to engage the 20 million-strong Indian diaspora around the world.FDI should be understood as ‘First Develop India'.
Among the countries that Modi visited, Japan committed to invest about US$35 billion and South Korea about US$10 billion. China assured US$20 billion, France announced US$2.26 billion, and the UAE pledged to contribute to India’s US$75-billion infrastructure fund.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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