New Delhi | Prime Minister Narendra Modi on Friday said the world now acknowledges India's strategic importance due to the "reform, perform and transform" mantra his government pursued over the past 10 years.
In a video address to the News9 Global Summit being held in Germany's Stuttgart, he said his government brought a regime of progressive and stable policy-making, removed red tape, introduced an efficient tax system in GST to prepare the country for fast growth in the 21st century.
A strong foundation has been laid on which the grand edifice of Viksit Bharat will be built, he said, adding that Germany will be a dependable partner of India in its development journey.
The theme of the media event was "India and Germany: A roadmap for sustainable growth", he noted, describing the European powerhouse as one of India's most important partners.
In the last few years, the Indo-German partnership has been strengthened, he added.
"India is the fastest growing economy and every country in the world wants to partner with India for development. Germany's 'Focus on India' document is an example of it. This document shows how the world is acknowledging India's strategic importance," the prime minister said.
The "reform, perform and transform" mantra of the last 10 years has been behind the change in the world's thinking, he said in his address to the summit.
"In every sector, new policies have been made. We ended red tape and facilitated the ease of doing business. India strengthened banks so that timely capital is made available for development. The complicated tax system was simplified," Modi said.
For fast development of any country, it is important to increase investments in physical, social and digital infrastructure, Modi said.
"In India, on the three fronts, work of infrastructure creation is going on at a fast pace. Our effort should be that India's dynamism meets Germany's precision, Germany's engineering combines with India's innovation," he said.
Modi said three lakh Indians live in German and the 50,000 Indians are the largest group of foreign studying studying in the country.
Over 1,800 German firms are operating in India, and they have invested more than USD 15 billion in the last three-four years, he added.
The bilateral trade is of around USD 34 billion, he said, expressing confidence it will increase in future.
Noting that the Indo-German strategic partnership completed 25 years this year, he said German Chancellor Olaf Scholz was on his third visit to India recently, highlighting their deep ties.
Germany recently brought out its first country-specific strategy aimed at India, he noted.
He urged German firms to ramp up their investment in India and invited those to the country which still does not have a base here, reiterating his call that it is the right time to invest in the world's fastest growing large economy.
Noting that manufacturing and engineering have played a key role in Germany's development, Modi said India is on way to become a big manufacturing hub.
India is a leading country in mobile and electronic manufacturing, is the leader in two-wheeler manufacturing and the fourth largest producer of four-wheelers, he said.
It has happened because his government's focus on boosting physical, social and digital infrastructure, he added.