Union Minister K Rammohan Naidu praises 'Modinomics' for India's economic growth at CII Summit

Mumbai: Terming the growth India has achieved in the last over 12 years as driven by "Modinomics," Union Minister for Civil Aviation K Rammohan Naidu on Thursday said that India today stands at a defining moment in its economic journey.

Speaking at the inaugural session of the 31st edition of the two-day CII Partnership Summit being organised in Visakhapatnam in Andhra Pradesh, Naidu also said the world needs trust between nations, confidence between governments and industries and leadership that can turn uncertainty into opportunity.

"Today, India stands at a defining moment in its economic journey. With the world's largest young population, a rapidly growing digital ecosystem and expanding capabilities in manufacturing, technology and innovation, India is emerging as a global force," Naidu said.


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Attributing the confidence that India is showing today to the "strong and decisive" leadership of Prime Minister Narendra Modi, he said.

"Today, the world is talking about India, recognising its economic growth, resilience and growing global confidence.... And the term that I want to use here is modinomics. The world has seen economics, but India, what it is seeing through this growth, is modinomics today," Naidu said.

And even through these challenging global circumstances, he said, Modi has steered the nation with confidence and commitment and determination.

"And his Viksit Bharat (2047) vision is not merely an economic target for all of us. It is a national mission to transform the lives of 140 crore Indians. And under his leadership, India is ready to innovate, manufacture and lead," the Union Civil Aviation Minister said.

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Stating that the global economic landscape is undergoing a very significant transformation, he said artificial intelligence, semiconductors, quantum computing, and advanced manufacturing are all redefining economic competitiveness.

Andhra Pradesh is determined to be an important contributor in the growth journey, he said and added that "under the leadership of our Chief Minister, the state is positioning itself as one of India's leading destinations for investment, manufacturing, and innovation."

Andhra is not merely a state that welcomes investments today; it is a state committed to transforming investments into production, production into employment, and employment into economic progress for its people, he said.

Naidu said that the civil aviation ministry is doing its best to connect directly to most of the countries in the global south, especially the African nations, and also to the South American nations besides trying to improve international and domestic connectivity.

His ministry, he said, has brought in a flagship UDAAN scheme, which has been praised by many different countries for the kind of impact it has created for domestic travel.

"We have extended the scheme for the next 10 years with an outlay of Rs 30,000 crores, and the task for that scheme is to create 100 new airports in this country," he added.