Prime Minister Narendra Modi said Tuesday that the trend of minerals being extracted from the country and sent abroad to manufacture products that are then sold back in India is “not acceptable” and is being changed.
At the inaugural speech at Odisha’s biennial investment summit, now called the Utkarsh Odisha conclave, Modi said, “Expansion of India’s economy rests on two major pillars — an innovative service sector and quality products. The country’s rapid progress cannot rely solely on the export of raw materials, so the entire ecosystem is being transformed.”
He also pointed to the recent Coldplay concerts in Mumbai and Ahmedabad, and said these are evidence of the scope for major live musical events to boost the economy. “Major global artists are attracted to India, and the concert economy boosts tourism and creates numerous jobs. States and the private sector to focus on the necessary infrastructure and skills for the concert economy,” said the Prime Minister.
Over the past decade, India’s strength in manufacturing has also become evident, the PM said at the event in Bhubaneswar.
Reiterating that India is rapidly progressing towards becoming the world’s third-largest economy, Modi expressed confidence that India would become a $5-trillion economy in the not-so-distant future.
Recognising the challenges in the global supply chain due to global issues, Modi said India cannot rely on fragmented and import-based supply chains. “Instead, a robust supply and value chain must be built within India to minimise the impact of global fluctuations. This responsibility lies with both the government and the industry,” he said.
Attending the investors’ meet in Odisha for the first time, the PM recalled the state’s rich legacy of maritime connection with the Southeast Asian region. He said Odisha was now beginning to revive this heritage in the 21st century.
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Presenting Odisha as the land of “numerous opportunities”, Modi assured investors of success if they come to Odisha.
Referring to the recent visit of the Singapore President to the state, Modi said the country was very enthusiastic about its relationship with Odisha. He highlighted that ASEAN countries have also shown interest in strengthening trade and traditional connections with Odisha.
“Odisha is outstanding and symbolises optimism and originality of New India. Odisha had numerous opportunities and its people have always shown a passion for outperforming. With new opportunities emerging in Odisha, the state will soon reach unprecedented heights of development,” said the PM.
Considering Odisha’s strength in the seafood export sector, the Prime Minister said the trend of exporting seafood for processing in other countries was also being changed. Odisha is one of the largest exporters of seafood to the Southeast Asian region.
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On the increasing focus on sustainable lifestyles across the world, Modi said India was focusing on green technology and a green future, including solar, wind, hydro and green hydrogen, which will power the energy security of a developed India.
The Prime Minister also emphasised the need to explore Odisha’s tourism potential, with its 500-kilometre coastline, over 33% forest cover, and endless possibilities for eco-tourism and adventure tourism. “India is focusing on ‘Wed in India’ and ‘Heal in India’, and Odisha’s natural beauty and environment are very supportive of these initiatives,” he said.
