India set to contribute as new engine of global growth: Modi tells US

Asking developed nations to open their markets for goods and services from countries like India, Prime Minister Narendra Modi today said India is poised to contribute to the global economic development as a "new engine of growth".

"This is the time when the world needs new engine of growth. It would be nice if the new engines are democratic engines," Modi said in his address to the American business community at the annual gala of the US India Business Council (USIBC).

"Today India is poised to contribute as a new engine of global growth. A larger Indian economy has multiple benefits for the world," the Prime Minister said as he listed out the achievements of his government in economic reforms and liberalisation of policies.

As a result, India has now emerged as the one of the fastest growing economies of the world and urged the American businesses to come and invest in India, set up efficient manufacturing units.

"India is much more than a market," he said, adding that it is a "reliable partner", as he listed out the key features of a resurgent Indian economy that is geared to become "driver of global economy".

A partnership between American capital and innovation, and Indian human resources and entrepreneurship can be very powerful, he said, adding its very important for "us that developed countries open their markets, not only to goods from countries like India but also to services."

India and other developing countries often complain that rich nations like the US have trade policies which give preference to domestic firms, preventing market access to products and services from developing nations.

The Prime Minister said as India marches ahead on the path of development, it needs to learn from the America experience, in particular its entrepreneurship, technological advancement and products which ranges from drugs to drones.

"Indeed, to me America is not just has a great past, but it is a country with an exciting future," the Prime Minister said.

Modi exuded confidence that Indo-US partnership would benefit both the countries.

"We will continue to make progress on improving the investment climate and Ease of Doing Business," he said.

Modi said his government has taken decisive steps to curb corruption.

"We would continue to have disciplined and prudent macroeconomic policies," he told the US corporate leadership.