Global companies want to invest in India: PM Modi

Prime Minister Narendra Modi on Thursday said many global companies want to invest in India and asked the state governments to compete among themselves to attract them.

Addressing the nation from the ramparts of the Red Fort on India's 78th Independence Day, Modi said most of the people he met in his third term wanted to invest in India.

It's a "golden opportunity" to make India a hub of global manufacturing, he said, and called upon state governments to make polices to attract investment, while ensuring good governance and law and order.

Modi also said the country needs to work on "design in India" and "design for the world".

Igniting growth and pride

The Prime Minister, in his 11th Independence Day speech, also said Indian professionals must lead the rising global gaming industry.

In sync with the Industry 4.0 revolution, the PM said the government's focus is on comprehensive skill development, spanning every sector, from agriculture to sanitation.

Through the Skill India programme, India has ignited growth and a new momentum, he added.

'Vocal for Local' has become the mantra of India's arthatantra (economy), he said.

With 'One District, One Product', each district now takes pride in its produce and strives to identify its unique strengths to specialise in one particular product, aiming to boost exports, he said.

The country is also working tirelessly towards becoming 'aatmanirbhar' in the energy sector and combating climate change, Modi added.

Strong banking system

Highlighting the major reforms undertaken by his government, the PM also expressed that Indian banks are among the few banks that are strong globally.

The Prime Minister said a strong banking system gives strength to the formal economy. He said that earlier the banking sector was going through tough times, but there is now growth in the segment.

"Just imagine what was the condition of our banking sector. There was no growth, no expansion, and there was no faith (in the banking system). Our banks were going through difficult times ... We took big reforms to make the banking sector strong. Today, because of the reforms, our banks are among the few strong banks globally," Modi said.

He emphasised that a strong banking system is crucial to fulfil the needs of the middle class, farmers, homebuyers, startups, and the MSME sector.

Meeting climate targets

Talking about the climate targets, the P< revealed that India is the only country among G20 nations to have achieved its climate targets under the 2015 Paris Agreement ahead of schedule.

He said India's efforts to tackle the global issue of climate change have "reassured and surprised" the world.

"I want to tell the world about the strength of my country's people. My country and its people have accomplished what other G20 nations have not.

"We have met the climate targets set under the Paris Agreement ahead of schedule. India is the only nation among the G20 countries to do so, and we are proud of it," the prime minister said.

As part of its national climate plan, or nationally determined contributions (NDCs), to limit global warming to 1.5 degrees Celsius, India has committed to achieving 500 GW of non-fossil fuel-based electricity installed capacity by 2030. The prime minister expressed his confidence that India will meet this target.

"This is important for humanity and will serve as a guarantee of a bright future for our children," he said.

At present, the country has a power generation capacity of 446 gigawatts (GW), including around 195 GW from non-fossil energy sources.