According to Prime Minister Narendra Modi, India is not only a large market but also a starting point for global expansion. During the India-New Zealand Business Event, the Prime Minister made a clear statement to the international business community about India's economy. He mentioned rapid economic growth, digital transformations, and improved infrastructure in India as opportunities for foreign companies.
Speaking about the India-New Zealand Free Trade Agreement (FTA), he stated that it would give rise to many new opportunities in markets, investments, technologies, and talents. Prime Minister Modi arrived in New Zealand on his third leg of the three-country visit. He departed from there on Saturday afternoon.
PM Modi said that India-New Zealand relations are at a turning point. Elevating the relationship to a strategic partnership is not just a diplomatic achievement, but a renewed resolve for our shared future.
New Zealand's commitment to invest $20 billion in India over the next 15 years signals not just investment but also a commitment to partner in India's development journey.
Describing India as the world's fastest-growing major economy, PM Modi said that the growing middle class, widespread digital adoption, and infrastructure development make India's development unique.
The Prime Minister invited business leaders to be a part of India's manufacturing landscape. The Production Linked Incentive (PLI) scheme provides support worth approximately $20 billion to 14 sectors, from food processing to textiles. In the aviation sector, India is the world's third-largest domestic aviation market. Airports, regional connectivity, and air cargo are experiencing rapid growth.
Together with New Zealand, we can develop cargo corridors, flight connectivity, and joint tourism packages. PM Modi said that better cargo solutions can be developed for perishable goods like kiwi, apples, honey, and seafood.
In the agricultural sector, PM Modi also suggested leveraging New Zealand's horticulture and dairy expertise, and developing a complete farm-to-market value chain and global export platform for the Indian market.
The PM said that India is a global leader in fintech, accounting for 50 percent of the world's real-time digital payments. Cooperation can also be expanded in green bonds and blended finance. Under the Smart City Mission, more than 8,000 projects are underway in 100 cities, offering opportunities for collaboration in vehicle, water, and waste management.
New Zealand PM Christopher Luxon expressed his deep appreciation for India's economic transformation and urged businesses from both countries to be prepared for new trade opportunities.
"I've been a big fan of India for a long time. I first visited India in my mid-20s when I worked for Unilever, the company that owns Hindustan Unilever," Luxon said.
Christopher Luxon further explained that when he visited India in the mid-1990s, people received their daily wages in coins. "Under Prime Minister Modi's leadership, 250 million people have been lifted out of poverty. There are now 440 million people in the middle class, which is expected to reach 750 million by the end of this decade."
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