Vibrant Gujarat Lecture Series

 17th  Jun 2013, Sabarmati Auditorium, Swarnim Sankul-1, Gandhinagar

Shri Modi’s speech during interactive session on “Achieving India’s Full Economic Potential” with Mr. Jim O’Niell

Mr. Jim O’Neil, Mr. Jitesh Gadhia, my colleagues from the state government, captains and representatives of industry, ladies and gentlemen.

It is a real pleasure to welcome and meet a person like Jim O’Neil. He has been a leading expert on the global economy, particularly the emerging markets. He is also well known as a currency guru. I welcome you Jim, to India and to Gujarat. I hope that today’s interaction will enrich my team and me. I am sure that we will leave the session with newer insights on the global and Indian economy.

Friends, in 2003, Goldman Sachs led by Jim, had predicted that the BRIC countries would overtake the G6 countries by 2050. The world was taken aback. We, in India, were pleasantly surprised.

In the following decade, the BRIC countries behaved to a great extent as predicted, particularly China. We were hoping that India too would grow at a similar rapid pace.

Unfortunately, however, we have not been able to achieve our full potential. Not only that the last decade has been stuck in uncertain and uneven growth. This is further compounded by policy paralysis and mis-governance. We have lost a historic opportunity in the process.

I have read Jim’s 2008 paper ‘10 Things for India to Achieve its 2050 Potential’ with keen interest. I am quite convinced about what he is saying. You will notice that many of the domains he talks about do not fall within the jurisdiction of a state government in the federal structure of India. Yet you will find considerable similarity in our approaches to growth and development. In fact, many of the ideas which Gujarat has followed and Jim professes as well are very common-sensical.

They are the basics for the development of a developing region like India or its constituents. Many of you may recollect that we started our journey with strengthening governance. It was a bad time in 2001 as we were hit by a devastating earthquake. Amongst our initial steps were setting up mechanisms for inter-departmental sharing and coordination. E-governance, system re-engineering and rigorous monitoring, were other areas of focus.

Transparency, openness and people’s participation were also insisted upon right from the beginning. The overall idea was to move from Government to Governance. From Rules and Acts to Responsible Action.

I am now happy to say that these seeds that we sowed, have grown into towering trees. Our innovations in the social sector and progress on HDI parameters have been appreciated far and wide.

Many of our initiatives have been recognized at national and international levels. This includes awards from World Bank, CAPAM and the United Nations. Another paradigm shift was weaving the entire development model around a well thought- out strategy. In the initial one month itself, we had laid out our strategy of Panchamrut or Five Nectars. This comprises of the domains of energy, water, knowledge, human resource and security.

Since then, we have been working aggressively to develop these sectors and domains on a fast track basis. We have just completed our annual school enrollment drive, which we started 10 years back. This has had a tremendous positive impact on basic education, particularly the girl child education. Starting with our focus on strengthening the primary and secondary education, we moved on to creation of new age academic institutions and universities.

The result is that today there is a six fold increase in the intake capacity of technical institutions and a four-fold increase in the number of universities. Not only the numbers, but in terms of quality as well; we have tried to engage with the global best. Earlier this year itself, 120 international and 52 national universities had come together to give a brighter shape to our higher education system.

A decade before, the financial situation of Gujarat was weak. This was further compounded by crumbling of livelihood and infrastructure due to successive   droughts and the earthquake. Our public sector units were running in losses. The state finances were running into severe fiscal deficits. Starting with tightening on the expenditure front, we improved the management of the public sector undertakings substantially.

We also enacted the Fiscal Responsibility Act and adopted various means of reducing non-developmental expenditure. Thereby, we were able to allocate more money on the development front. The result is that we are in surplus now. Most of our PSUs have turned around and have enhanced their market cap. Another beauty of this exercise is that it is achieved without levying new taxes or enhancing them.

Another front on which Gujarat stands out clearly is in establishing global linkages in trade and investment matters. In fact, Gujarat today is amongst the most preferred FDI destinations in India. Not only that, we have developed long term relationships with a large number of countries and their Industry. Our biennial global investors summit has become a platform for global tie ups. The last event held in January 2013 saw participation of 121 countries as well as most of the Indian states.

Against India’s average 2-3% agricultural growth, Gujarat’s agriculture has been growing at around 10% annually over the last decade. This has happened due to a lot of hard work on the part of government, agricultural universities and scientists, and most importantly the farmers. We have focused on water harvesting on a wide scale. At the same time we have also introduced micro irrigation techniques to ensure more crop per drop.

Simultaneously, we introduced scientific agricultural practices to enhance agricultural productivity and crop diversification. We have recently concluded our annual agri-fair which has become a platform for dissemination of knowledge in agriculture, food processing, horticulture and animal husbandry.

On the infrastructure front, we have been working with the desire to benchmark it to the best globally. We already have the best in India, but we are going further. Both on the core and industrial infrastructure, as well as social infrastructure; we have evolved PPP models and practices which are considered to be the best in India. In 2011, a joint study of The Economist and ADB established that Gujarat is the best PPP destination in India.

We are further making a huge shift in our approach by establishing large size investment regions. We are planning to promote them as global hubs of economic activity.

Ensuring environmental safety and quality has been my pre-eminent  desire. We have been insisting to do things in a way that we consume lesser Natural resources and still become more productive. We are the biggest earners of carbon credits in India.

Going further, Gujarat has emerged as a global hub of solar energy in addition to its sizeable share in wind energy. We have established Asia’s biggest solar park with a capacity of 600 mega watts. We are also keen on developing eco-friendly practices and systems, particularly in our urban and industrial locations.  We are working with the motto of Gujarat’s growth for India’s growth. We know that India cannot develop unless the States develop.

We also know that there is a lot to be done by us in the states, particularly if India has to achieve its full potential.

We can definitely do better if the national policies are aligned towards a greater vision of a developed India. I am a positive person.  I am sure that we will do even better than predicted by Jim.

 

Thank you.  

  • Reena chaurasia September 01, 2024

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Prime Minister Starmer,

Friends,

Namaskar!

First of all, I extend my heartfelt gratitude to Prime Minister Starmer for his warm welcome and gracious hospitality. Today marks a historic milestone in our bilateral relations. I am pleased that, after years of dedicated efforts, the Comprehensive Economic and Trade Agreement between our two countries has been concluded today.

This agreement is more than just an economic partnership; it is also a blueprint for shared prosperity. On the one hand, it paves the way for enhanced market access in the UK for Indian textiles, footwear, gems and jewellery, seafood, and engineering goods. It will also unlock new opportunities for India’s agricultural produce and processed food industry. Above all, this agreement will be especially beneficial for India’s youth, farmers, fishermen, and the MSME sector.

On the other hand, UK-made products such as medical devices and aerospace components will become more accessible and affordable for Indian consumers and industries.

Alongside the trade agreement, a consensus has also been reached on the Double Contribution Convention. This will inject new momentum into the service sectors of both countries, particularly in technology and finance. It will enhance the ease of doing business, reduce operational costs, and boost confidence of doing business. Additionally, the UK economy will benefit from access to skilled Indian talent.

These agreements will boost bilateral investment and generate new employment opportunities in both countries. Moreover, these agreements between two vibrant democracies and major global economies, will also contribute to strengthening global stability and shared prosperity.

Friends,

To infuse new momentum and energy into our Comprehensive Strategic Partnership over the next decade, Vision 2035 is being launched. This will serve as a roadmap for a strong, trusted, and ambitious partnership in the areas of technology, defence, climate, education, and people-to-people connectivity.

A Defence Industrial Roadmap has been developed to deepen our collaboration in defence and security. We will also work to further strengthen our Technology Security Initiative.

It is our commitment that, from AI to Critical Minerals, Semiconductors to Cyber Security, we shall create the future together.

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Friends,

In the field of education as well, both our countries are writing a new chapter together. Six universities from the UK are opening campuses in India. Just last week, the University of Southampton inaugurated its campus in Gurugram, India.

Friends,

We thank Prime Minister Starmer and his government for their strong condemnation of the terrorist attack in Pahalgam. We are united in our view that there can be no place for double standards in the fight against terrorism. We also agree that forces with extremist ideologies must not be allowed to misuse democratic freedoms.

Those who misuse democratic freedoms to undermine democracy itself must be held to account.

On the matter of extradition of economic offenders as well, our agencies will continue to work together in close coordination and cooperation.

Friends,

We have continued to share our perspectives on peace and stability in the Indo-Pacific, the ongoing conflict in Ukraine, and the situation in West Asia. We support early restoration of peace and stability. Respect for sovereignty and territorial integrity of all countries is essential. Today’s era demands development, not expansionism.

Friends,

Last month, in the tragic accident that took place in Ahmedabad, several of those who lost their lives were our brothers and sisters from the UK. We extend our heartfelt condolences to their families.

The people of Indian origin living in the UK serve as a living bridge in our relationship. They did not just bring curry from India, but also creativity, commitment, and character. Their contribution is not limited to the UK’s thriving economy — it is equally visible in the country's culture, sports, and public service.

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Friends,

I would be remiss not to mention cricket when India and the UK are coming together, especially during a Test series. For both of us cricket is not just a game but a passion. And also, a great metaphor for our partnership. There may be a swing and a miss at times. But we always play with a straight bat. We are committed to building a high scoring solid partnership.

The agreements concluded today, along with our Vision 2035, are milestones that carry forward this very spirit.

Prime Minister,

I thank you once again for your warm hospitality. I would also like to take this opportunity to extend an invitation to you to visit India. I am eagerly looking forward to hosting you in India soon.

Thank you very much.