India’s growing middle class, widespread digital adoption and infrastructure push, coupled with economic and political stability, make it a launching pad for global growth, Prime Minister Narendra Modi said on Saturday, as he seeks investment from New Zealand in the country.
Speaking at a trade event alongside New Zealand Prime Minister Christopher Luxon, Modi said that New Zealand and India signed a free trade agreement in a record time of nine months, opening up new opportunities in market access, investment, services, technology and talent mobility.
“I am confident that by working with renewed vigor and enthusiasm, we will double bilateral trade by 2030,” he said, referring to the goal set by the two sides to raise two-way trade to 4 billion US dollars in four years.
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He described New Zealand’s commitment to invest US$20 billion in India over the next 15 years as a commitment to partnership in the country’s development journey.
Speaking in Hindi, he said: “India is the world’s fastest growing major economy. Our growing middle class, widespread digital adoption and infrastructure are propelling India into a unique growth story.”
“In India, we have made reform, performance and transformation the foundation of governance. India enjoys policy stability, political stability and sustained growth.”
India is not just a market but a launch pad for global growth, Modi said, listing incentives such as the Production Linked Incentive (PLI) program to encourage manufacturing with US$20 billion to support 14 sectors, rapid growth of airports, regional connectivity and tourism.
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India is the world’s third-largest domestic aviation market, and New Zealand can work with the country to build freight corridors, flight connectivity and joint tourism packages, Modi said.
“Perishable shipping solutions can be developed for kiwi, apples, honey and seafood. New Zealand has extensive experience in horticulture, dairy science and forestry. India has the strength of its consumer market, food gardens and agri-tech talent. Together we can create farm-to-market value chains and global export platforms,” he said.
Modi said that besides the ongoing work to connect the two sides’ digital payment systems, the two sides can promote green bonds and blended finance, and work together in the space sector on small satellites, remote sensing and ocean monitoring.
“I propose that we jointly develop a very ambitious business roadmap. We must identify at least five key projects, combine our strengths, and establish a review mechanism to ensure their timely completion,” he said.
Noting that New Zealand is the third largest missile launching country, Luxon said governments, businesses and community leaders must come together to realize opportunities for both countries.
