Indian Prime Minister Narendra Modi said Tuesday at the World Economic Forum (WEF) in Davos that globalization is losing luster and India is paving way towards a $5-trillion economy by 2025 as the country is open for business.
In his 50-minute speech the PM laid out his vision for his country in a multipolar world. He talked about digital data revolution, cyber security, artificial intelligence, terrorism as well as climate change. He promoted ayurveda, yoga and Indian way of life.
Delivering his speech in Indian language Hindi the Indian premier added, “The result of all this is that we get to witness new types of tariff and non-tariff barriers. Bilateral and multilateral trade agreements and negotiations have come to a kind of standstill. Most nations have seen a decrease in cross-border financial investment.”
Modi sought inspiration from Upanishads, Rabindranath Tagore and Mahatma Gandhi. He continued that India has thriving multiculture and diverse democracy, and can lead the way and offer solutions to challenges.
The Indian leader mentioned the destiny of India is linked to a common thread. He quoted Hindu texts in Sanskrit phrase that explained the world is one family and this belief is key to eradicate the fault lines of the current day.
Corporate leaders in India appreciated Modi’s speech saying he spoke like a global leader and he highlighted some fundamental issues like poverty and terror that most of the countries in the world have lately faced.