Despite global slowdown, India among fastest-growing major economies: Vice President Naidu in Comoros

Despite the global slowdown, India continues to be one of the fastest-growing major economies and is poised to be a USD 5 trillion economy by 2024-25, said Vice President Venkaiah Naidu here on Thursday.

Naidu, who is on a five-day trip to the Union of Comoros and Sierra Leone, made the remark while addressing the Indian diaspora. He urged the community to join in “scripting” new India’s growth story.

Outlining the economic development and social transformation taking place in the new India under the leadership of Prime Minister Narendra Modi, Naidu said, “Despite the global slowdown, India continues to be one of the fastest-growing major economies and is poised to be a US$ 5 trillion economy by 2024-25.”

While lauding the Indians based in Comoros for sharing their prosperity with “Comorian brothers and sisters”, he asked them to make Comoros more prosperous and also contribute to India’s growth. “Help create a more prosperous, harmonious, sustainable planet,” he added.

The Vice President said that he was happy that despite being only about 250 in number, the Indian diaspora has made a significant contribution in various fields, including social and economic.

He also lauded them for keeping alive India’s cultural heritage and for enjoying a reputation of being a peace-loving community.

Referring to measures taken by the Indian government to boost the economy, he said that the recent steep slashing of corporate tax was expected to spur investments. “Doing business in India is not only lucrative to investors but is also becoming simpler. Our policy is now that of ‘Red Carpet’ and not ‘Red Tape’. Many archaic regulations are being dismantled and seamless processes are being introduced,” he added.

He also told the diaspora that India has become one of the most open economies of the world for Foreign Direct Investment in the wake of the reforms initiated by the government.

The Vice President also highlighted that India’s trade with African nations registered a 12 per cent increase from the previous year. “India is now the 5th largest investor in Africa with a cumulative investment of US $54 Billion,” he added.

Naidu also said that he was looking forward to a fruitful meeting with President of the Union of Comoros, Azali Assoumani. India and Comoros are also expected to sign several agreements in the presence of both the dignitaries tomorrow.

Upon his arrival in Comoros on Thursday, Naidu was accorded military honours and was warmly received by Assoumani. The Vice President is accompanied by a high-level delegation comprising Sanjeev Kumar Balyan, Minister of State for Animal Husbandry, Dairying and Fisheries, Ramvichar Netam Member of Parliament (Rajya Sabha), and senior officials.

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