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PM addresses Economic Times Global Business Summit

Published By : Admin | March 6, 2020 | 19:41 IST
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The Prime Minister, Shri Narendra Modi addressed the Economic Times Global Business Summit today. Broad theme of the Global Business Summit 2020 is  ‘Collaborate to Create: Sustainable Growth in a Fractured World’.

Addressing the delegates from around the world, the Prime Minister said that the vision of Collaborate to create for Sustainable Growth, is a need of the day and also the basis for the future. “The idea of ​​Collaborate To Create is as old as it is relevant,” he added.  He stressed that new challenges emerge in every era which further strengthens our spirit of Collaborate To Create. He said today, a huge challenge in the form of "Covid-19 Novel Coronavirus" is in front of the world. “We have to face this challenge together and emerge victorious with the resolve power of Collaborate To Create,” he added.

The Prime Minister said there was a time when things used to run according to the predictions of a particular class and their opinion was considered to be the final. But with the development of technology and the 'Democratization' of Discourse, now Opinion Matter is done by people of every section of society, he added.

The Prime Minister said the path in front of us was to walk on the same path as has been going on before, or to make our own path. We created a new route, moved ahead with a new approach and gave the highest priority to people's aspirations, he added.

Shri Modi emphasized that there is no harm in saying the right thing. But a class is hated, irritated by those who follow Doing the Right Things. So when there is a change in the Status Quo, such people start to see some kind of disruptions, he added.

PM contrasted that those who enlighten the world about refugee rights oppose the CAA for refugees. Those who cry for the constitution day and night, oppose the implementation of the constitution in Jammu and Kashmir, for removing the temporary system like Article 370.

Referring to the quote in RamcharitManas “It's easier to preach than really act”, the Prime Minister said nation building, development of the country, governance are conviction and not convenience. “Conviction To Do The Right Thing, Conviction To Break The Status Quo,” he added.

 

The Prime Minister listed the actions taken by the government to free all the systems of the country from the imprisonment of old ideas and the Convenience of Inaction, like DBT, RERA legislation, IBC, Mudra scheme, creation of the post of Chief of Defense Staff, giving 10 percent reservation to the poor of the general class.

The Prime Minister said since 2014, the country has moved ahead with Cooperation in Spirit, Collaboration in Action and Combination of Ideas. “Today, India is creating a model of Sustainable Growth, which is beneficial for the whole world. 21st century India is learning a lot and is equally ready to benefit the development of the people of the country,” he added.

The Prime Minister listed out the achievements which were clearly visible in different sectors in the last six years, like the pace of Highways Construction, the pace of Railway electrification, capacity addition in airports, increased cargo handling at our Major Ports and reduced turnaround time at Major Ports. The Prime Minister stressed that this was achieved by removing silos in government departments and emphasizing collaboration.

The Prime Minister said that economic or social, today the country is going through a big phase of change. In the last few years, India has become an even stronger part of the Global Economy System in spite of the weak Global Economy, he added. “Recently, India has become the 5th largest economy in the world. Just 6-7 years ago we were at number 11. In such a short time we have come to 5th,” he said.

The Prime Minister announced the government is working at four different levels to achieve the goal of an economy of $ 5 trillion. 

First - Connect with private sector

Second-Fair Competition

Third- Wealth Creation

And fourth - Deletion of Archaic Laws

He further said that the Government has prepared a roadmap for investment of more than Rs 100 lakh crore in the field of infrastructure and chosen a path of Powerful Progressive Push (PPP) for the development of the country through Public-Private Partnership (PPP) !!! “Government is opening more and more sectors of the economy to the private sector,” he added. He said that to enhance Fair Competition, both Corruption and Cronyism are strictly dealt with.  He stressed that the Government has focused on Simplification, Rationalization, Transparency. The Prime Minister said that today, India is among the major countries in the world where Corporate Tax is the lowest and has improved 77 ranks in Ease of Doing Business's rankings in just 5 years. “In 2019, the Foreign Direct Investment of about 48 Billion Dollar came in the country. This growth was more than 16 percent. Similarly, Private Equity and Venture Capital Investment of 19 Billion Dollars came to India last year. It also grew more than 53%,” he added.

The Prime Minister said that the government is in constant contact with all stakeholders, taking feedback continuously, taking major decisions at every level. By liberating the country from the status quo, we are moving towards creation by cooperation not only at the national level but also internationally, he added. The Prime Minister also listed out the role of India in building international level institutions like International Solar Alliance, Coalition for Disaster Resilient Infrastructure.

The Prime Minister said that the 21st century itself is full of many possibilities. “Amidst these possibilities, there is a lack of a Common Global Voice today. Today, the question before the whole world is to somehow adjust to the changing circumstances or to develop a new path in a new way,” he added.

The Prime Minister said that in the midst of changing global conditions, India has also made very wide changes. There was a period when India was neutral by creating equal distance between countries. Even today India is neutral, but by equal friendship, he added. “Keeping distance in that period, an attempt was made to escape. Today, we are trying to keep friendship and walk together. This is the very essence of India's foreign policy, today's economic policy of India,” he added.

The Prime Minister concluded with the quote of Mahatma Gandhi ji "I want the rise of India so that the whole world can benefit from it" and said that this quote has the Indian thinking of Globalisation and the mantra of collaboration for the future.

 

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List of Outcomes: Prime Minister of Japan’s visit to India for the 16th India-Japan Annual Summit
July 02, 2026
Sl. No.OutcomeDescription
1. India-Japan Joint Declaration on Economic Security Promotes project-based collaboration for enhancing joint resilience in key sectors including semiconductors, critical minerals, information and communication technology including AI, clean energy and pharmaceuticals. India-Japan Fact Sheet 2.0 captures growing India-Japan G2G and B2B engagement in this crucial area.
2. India-Japan Joint Statement on Cooperation in the Field of Artificial Intelligence Elevates the India-Japan relationship to a strategic research and development partnership in the AI domain. Building on the India-Japan AI Initiative, the Joint Statement provides a roadmap for greater cooperation across the entire AI technology stack in pursuit of the shared vision of safe, secure, trusted, inclusive, and human-centric AI.
3 Joint Statement on Energy Resilience (between MoPNG and METI, Japan) Strengthens cooperation in strategic stockpiling and reserve mechanisms for crude oil and petroleum products. Promotes collaboration in joint investments across the maritime energy transport value chain.
4. Celebrating the 75th Anniversary of India-Japan Diplomatic Relations Outlines a series of commemorative events to celebrate 2027, the 75th anniversary of establishment of diplomatic relations, as the India-Japan Year of Shared Horizons
5. Memorandum of Cooperation for India-Japan Cooperative Biogas for Growth (CBG) Initiative Promotes cooperation towards the goal of establishing 1,000 biogas and organic fertilizer plants all across India, leveraging the extensive network of dairy cooperatives.
6. Memorandum of Cooperation in the Field of Batteries Promotes cooperation in battery-related projects and expands business opportunities with an aim of building a trusted, resilient and sustainable battery supply chain.
7. Memorandum of Cooperation in the Field of Pharmaceuticals and Medical Devices Sector Strengthens pharma supply chains, including in Active Pharmaceutical Ingredients (APIs) and Key Starting Materials (KSMs), through promotion of bilateral investment and business linkages, technical collaboration and industry-academia collaboration.
8. Memorandum of Cooperation in the Field of Geology and Mineral Exploration Strengthens cooperation in upstream critical minerals exploration through exchange of technical expertise.
9. Memorandum of Cooperation between IndiaAI Mission and Ministry of Economy, Trade and Industry (METI), Japan Promotes institutional cooperation between IndiaAI Mission and Japan’s GENIAC initiative – through B2B matchmaking, webinars on AI policies and challenges and support for joint projects through access to computing resources
10. Memorandum of Cooperation on Next Generation Mobility Partnership (NGMP) Establishes a framework for operationalizing the Next Generation Mobility Partnership (NGMP) which was announced at the 15th Annual Summit in August 2025. The NGMP would accelerate private sector-led cooperation and investment in mobility sectors including rail, automotive and road infrastructure, aviation, shipbuilding and ports, logistics, and urban development, positioning India as a hub for “Make in India for the World” exports to third countries.
11. Memorandum of Understanding between India’s Centre for Cellular and Molecular Platforms (C-CAMP) and RIKEN, Japan Establishes a framework for academic, translational research and start-up oriented innovation in deep-tech and life sciences, covering healthcare, agriculture and environment.
12. Memorandum of Understanding between National Center for Biological Sciences-Tata Institute of Fundamental Research and RIKEN, Japan Creates a framework for cooperation in basic biological and neuroscience research between the two leading research institutions
13. Memorandum of Understanding between IIT Bombay, BharatGen Technology Foundation and National Institute of Informatics, Japan Furthers collaboration on large language models (LLMs), with a focus on developing LLMs for enhanced scientific reasoning, through joint research exchanges
14. Memorandum of Understanding between SarvamAI and Preferred Network on LLM Development Creates a framework for cooperation across the full AI technology stack, including foundation models.
15. Memorandum of Understanding Between National Internet Exchange of India (NIXI) and Japan Network Information Center (JPNIC) Promotes cooperation in National Internet Registry operations, IPv6 adoption, internet security improvements, capacity building, student/professional exchanges and exchange of views on internet governance at regional and global forums.
16. Exchange of Letters Between International Financial Services Centres Authority (IFSCA) and Financial Services Agency, Japan (JFSA) Establishes a framework for cooperation in development, regulation and supervision of financial services as well as information exchange on financial-market trends and best practices, particularly in FinTech and RegTech.