Auckland, 11 July (H.S.):
Prime Minister Narendra Modi said on Saturday that India is no longer merely a large market but has emerged as a launchpad for global growth. Inviting New Zealand's business community to become partners in India's growth journey, he said the Free Trade Agreement (FTA) between the two countries would open new opportunities in trade, investment, technology, services, and talent exchange.
Addressing leading business leaders and chief executive officers (CEOs) from both countries in Auckland, alongside New Zealand Prime Minister Christopher Luxon, Modi said India and New Zealand are bound by shared democratic values, the rule of law, diversity, and a commitment to sustainable development. He said these common foundations would take the economic partnership between the two nations to new heights.
He said the two countries concluded the Free Trade Agreement in a record nine months, describing it as a historic achievement in bilateral relations. Expressing confidence, he said both nations would achieve their goal of doubling bilateral trade to NZ$7 billion (approximately ₹35,000 crore) by 2030.
The Prime Minister said New Zealand has committed to investing US$20 billion in India over the next 15 years. He described the commitment as not merely an investment, but a pledge to become a partner in India's development journey.
PM Modi said India is the world's fastest-growing major economy. The country's rapidly expanding middle class, digital revolution, modern infrastructure, skilled young workforce, and continuous economic reforms provide unprecedented opportunities for investors. He added that policy stability, political stability, and sustained economic growth have made India a key engine of global economic expansion.
Our message to the world is clear—India is not just a market, but a launchpad for global growth, the Prime Minister said.
Urging the business community to take advantage of the Production Linked Incentive (PLI) Scheme, the Prime Minister said incentives worth nearly US$20 billion are being offered across 14 sectors, ranging from food processing to textiles. He invited New Zealand companies to become an integral part of India's manufacturing sector.
He said India is witnessing rapid expansion in airports, regional air connectivity, air cargo, and tourism, and has become the world's third-largest domestic aviation market. He suggested developing cargo corridors, enhanced flight connectivity, and joint tourism packages between the two countries.
PM Modi said India is a global leader in fintech, accounting for nearly 50 per cent of the world's real-time digital payments. He added that after opening the space sector to private participation, the country now has more than 400 space startups, including one unicorn.
He said the Free Trade Agreement also gives special importance to businesses from the Māori community. India and New Zealand, he said, can develop a new model of inclusive and sustainable trade based on shared values.
The Prime Minister urged the business communities of both countries to prepare an ambitious commercial roadmap. He called on both sides to combine their respective strengths, identify at least five major joint projects, and establish an effective review mechanism to ensure their time-bound implementation. He said such an approach would enable both countries to fully realise the true potential of the India-New Zealand economic partnership.
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Hindusthan Samachar / Jun Sarkar
