Bengaluru, Feb 11 (IANS) Union Defence Minister Rajnath Singh inaugurated the prestigious Global Investors’ Meet (GIM) in Bengaluru on Tuesday.
In his inaugural speech, the Defence Minister said that the state and the Centre are working with the true spirit of Team India.
Addressing the gathering at the Palace Grounds in Bengaluru, Singh emphasised, “When you invest in Karnataka, you are not investing in just one state you are typing into the collective strength of India’s vast resources and talent pool. Today, India is in the era of cooperative federalism, where we work with the true spirit of Team India.”
He added that a remarkable example of this is the GST framework in which representatives from both the central and state governments come together to collectively decide tax rates through consensus.
“This is a testament to how central and state governments are collaborating to save the country’s economy. I believe one of the biggest reasons behind the growing culture of cooperative federalism in India today, is the leaders of the experience of our Prime Minister, who himself served as the Chief Minister of Gujarat for many years. I too have the experience of serving as Chief Minister of UP. This experience of governance at the state level has given us a deep understanding of the importance of cooperative federalism between the centre and the state,” he said.
The Defence Minister added that today, India’s cooperative federalism is stronger than ever before, adding that this is the perfect moment to invest.
“The opportunity before you is unprecedented, now it is the time to grab it. Think about the long-term investment with confidence and make the right choice,” he said.
The Defence Minister added: “Once Mahatma Gandhi ji gave us a talisman, guiding principles for decision making. He urged to consider the urges of the most marginalised people before making any decision. In a similar spirit, I want to offer you a talisman of my own. Whenever you have doubts about India’s future or India’s potential, just do one thing, come to Bengaluru.”
“When you witness the ambition and groundbreaking work happening in Bengaluru, all your doubts about India’s future will fade away. Your uncertainties will disappear and your confidence in India’s potential will grow stronger than ever,” he stressed.
“Beyond all these factors, when you invest in Karnataka, you are not just gaining Karnataka’s resources, you have the strength of the entire nation. By standing with Karnataka, India’s economic system will be deeply integrated which means investing here gives you access to the country’s vast and diverse resources,” he said.
“If your business requires minerals, you can source from Chhattisgarh and Odisha. If need skilled manned power, the hardworking professionals from Uttar Pradesh and Bihar will be ready to contribute. If your supply chains depend on MSMEs, you will find robust support from Noida and Coimbatore’s MSMEs entities,” he stated.
He added that being home to HAL and a thriving aerospace industry, Bengaluru plays a pivotal role in India’s ascent to the skies.
The Defence Minister further added: “We have moved beyond the era of IT and software and stepped into the age of AI. It is Bengaluru, which laid the foundation of India’s software industry. I had immense faith in the talent and innovation of Bengaluru youth. Just as it gave its software technology foundation to India, I am confident that in the near future, Bengaluru will give India its first foundational Artificial Intelligence model.”
He said that for the investor who seeks world-class infrastructure, Karnataka is offering next-generation infrastructure.
“If you require skilled resources, Karnataka stands out with its highly talented and future workforce,” he stated.
“In India, we have actively worked to address challenges at investors previously faced. The cumbersome process of multiple clearances has been replaced by a single window system ensuring a faster and hassle-free experience.
The Defence Minister said that investors also need a market demand; India is already one of the world’s fastest-growing markets, and several economic decisions have been taken to further market demand.
“Reserve Bank of India has reduced the repo rate from 6.5 per cent to 6.2 per cent, making borrowing more affordable,” he stated.
–IANS
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