Modi addresses Gujarat Summit, urges participants to derive benefit from it

The four-day Gujarat summit is being held at the Mahatma Mandir convention hall in Gujarat capital Gandhinagar.

The summit, held once every two years, was launched in 2003 by PM Modi when he was the Chief Minister of Gujarat.

Speaking at the event, Modi highlighted on the strength of democracy.

"As I have often said India’s strength lies in the three Ds: Democracy, Demography and Demand. Our biggest strength is the depth of our Democracy. Some people say that democracy cannot deliver effective and fast track governance. But we have seen in the last two and a half years that it is possible to deliver quick results in a democratic set up as well," Modi said.

"Coming to Demography, ours is a nation of vibrant youth.  The disciplined, dedicated, and talented youth of India offers a globally unmatched work-force. We are the second largest English speaking country. Our youth are not merely looking for jobs. They have begun taking risks and often prefer to become Entrepreneurs," the PM said.

On the Demand front, he said th rising middle class offers a huge domestic market.

He said India has become the fastest growing major economy in the world.

"Despite the global slowdown, we have registered excellent growth.Today, India is a bright spot in the global economy. We are seen as the engine of global growth," PM Modi said.

The PM said World Bank, IMF and other institutions have projected even better growth in the coming days.

"In 2014-15, India contributed 12.5 per cent of global growth. Its contribution to global growth is sixty eight per cent higher, than its share of the world economy," said he.

Modi said creating an enabling environment for business, and attracting investments, is his top priority.

"We have to do this in order to create opportunities for our youth. With that spirit, we are moving towards implementation of some historic initiatives. This includes the Goods and Services Tax," said he.