Bharat has emerged as the most buoyant economy in the world that has 8% growth prospects for decades to come, stresses VP Jagdeep Dhankhar

The Hon’ble Vice-President of India, Shri Jagdeep Dhankhar today stated that Bharat is now one of the most buoyant economies in the world and a favorite destination for global investment. Delivering the inaugural address at the 2nd edition of the Uttar Pradesh International Trade Show 2024, held in Greater Noida today, Shri Dhankhar highlighted, “Today, Bharat is a near $4 trillion economy that has 8% growth prospects for decades to come. India is now a global happening place and Uttar Pradesh, the state bubbling with activity”.

Praising the country’s infrastructure development, Shri Dhankhar cited  addition of 8 new airports annually, rapid expansion of metro systems, and the daily construction of 28 kilometres of highway. Shri Dhankhar pointed to the 12 new industrial zones taking shape under Prime Minister Modi’s leadership, which will boost manufacturing and position India to capitalize on emerging technologies like AI, electric mobility, and semiconductors.

The Vice-President emphasized the significant advancements in India’s infrastructure, stating, “We now have the world’s second-largest metro network, and the number of cities with airports has doubled from 70 to 140. India is the largest connected nation globally, with over 800 million broadband users.” He further highlighted the impact of digital technologies, which have enabled housing for 170 million people, health coverage for 60 million, and loans for 58 million small businesses annually.

“In terms of digital financial transactions, India records the highest globally, with 13 billion transactions per month. Additionally, we boast the world’s third-largest startup ecosystem, featuring 117 unicorns and the third-largest purchasing power in the world,” he noted.

Shri Dhankhar also underscored the importance of the semiconductor industry, stating, “This industry, which is critical to our growth, is projected to surpass $55 billion by 2026. I have no doubt this century belongs to Bharat”, he noted.

Additionally, the Vice-President highlighted Bharat’s remarkable leap from “Make in India” to “Conceptualize, Design, and Make in India.” He noted that India is now engaged in its own concept evolution, with both multinational corporations and Indian companies adopting a synergetic stance.

This event, Shri Dhankhar remarked, aligns with Prime Minister Modi’s vision of an ‘Atmanirbhar Bharat’ and embraces the motto of ‘Local to Global.’ “First, it was ‘Vocal for Local,’ and now we are taking it to the next level with ‘Local to Global.’ India’s progress is evident in various sectors, and this trade show serves as the right epicentre to propel that growth,” he added.

Shri Dhankhar lauded Uttar Pradesh’s transformation into Uttam Pradesh under the synergy between Prime Minister Shri Narendra Modi’s vision and Chief Minister Shri Yogi Adityanath’s execution. He highlighted that this same synergy is propelling India’s transformation towards a Viksit Bharat by 2047.

Commending the Chief Minister of Uttar Pradesh Shri Yogi Adityanath, the Vice President highlighted how Uttar Pradesh, once plagued with challenges, has been transformed into a beacon of progress and development. “Nothing is more important for investment than Law and order. Law and order defines Democracy and the CM of UP Yogi Adityanath defines Law and order!” he noted.

The Vice-President also highlighted the significance of showcasing Vietnam as the Partner Country at the trade show, describing it as a natural partnership that will foster cultural and economic exchanges between the two nations while strengthening the resolve for a greater role for Global South in international affairs. “Vietnam has impressive GDP of $435 billion, and we look forward to witnessing their exceptional products and innovative manufacturing practices”, VP said.

Shri Dhankhar said, “In this phenomenal economic upsurge and unprecedented infrastructure growth across the nation, the largest state of Uttar Pradesh is playing a pivotal role, unlike the scenario that existed a few years ago.” The Vice President expressed confidence that under CM Yogi Adityanath’s able leadership, Uttar Pradesh will achieve its target of becoming a $1 trillion economy by 2027, contributing significantly to India’s emergence as a $5 trillion economy.

With its vast resources, burgeoning population, and strategic location, Uttar Pradesh is emerging as a growth engine propelling India’s economic trajectory. The Vice President stated, “Uttar Pradesh is no longer a sleeping giant; it is now a state in action, leveraging its strengths such as fertile land, a young workforce, religious tourism, and a vibrant ecosystem of Micro, Small, and Medium Enterprises (MSMEs).”

Recalling the past, the Vice-President noted, “A decade ago, our economy was staggering, and the mood of the nation was shaky. But the last decade has seen unprecedented transformation.

Finally the Vice-President called for collective effort, stating, “Ladies and gentlemen, as we advance, we are witnessing a new dawn for Uttar Pradesh—a future where our nation stands tall as a global leader in trade, innovation, and cultural heritage.”

The Vice-President also visited the exhibition on the premises.

Shri Yogi Adityanath, Chief Minister of Uttar Pradesh; Shri Jitan Ram Manji, Minister of Micro, Small and Medium Enterprises, Govt. of India, Shri Nand Gopal Gupta ‘Nandi’, Minister of Industrial Development, Export Promotion, NRI, Investment Promotion, Govt. of Uttar Pradesh, Shri Rakesh Sachan, Minister of MSME, Khadi and Villages Industries, Sericulture Industries, Handloom and Textile, Govt. of Uttar Pradesh and other dignitaries were also present on the occasion