PM Modi: Exporting Raw Materials and Importing Finished Goods “Not Acceptable,” Calls for Revamping India’s Ecosystem

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Bhubaneswar, Odisha — At the inaugural session of Odisha’s biennial investment summit, now rebranded as the Utkarsh Odisha Conclave, Prime Minister Narendra Modi firmly asserted that India must move away from the long-standing trend of exporting raw materials only to import finished products later. Highlighting this shift as crucial for economic growth, Modi said, “The country’s rapid progress cannot rely solely on the export of raw materials. The entire ecosystem is being transformed to ensure we produce quality products here in India.”

A New Vision for India’s Economy

Modi emphasized that India’s economic foundation now rests on two pillars: innovative services and high-quality manufacturing. He noted the nation’s emergence as a global manufacturing hub over the past decade and reiterated the goal of becoming a $5-trillion economy in the near future.

Recognizing disruptions in global supply chains, Modi stressed the need for India to build robust domestic supply and value chains. “We cannot rely on fragmented, import-based supply chains. A strong, self-sufficient system is key to minimizing the impact of global fluctuations,” he said.

Odisha: The Land of Opportunities

In his first address at an Odisha investors’ summit, Modi highlighted the state’s historical significance as a hub for maritime trade with Southeast Asia and its modern-day potential as an investment destination.

“Odisha is a land of numerous opportunities, symbolizing the optimism and originality of New India,” said Modi, while encouraging investors to explore the state’s untapped potential in industries like seafood export, eco-tourism, and green technology.

With over 500 km of coastline, 33% forest cover, and abundant natural beauty, Modi suggested that Odisha could play a pivotal role in India’s growing focus on sustainable development. He pointed out the state’s contributions to seafood exports and noted that instead of sending seafood abroad for processing, efforts were underway to create value chains within India.

Green Technology for a Green Future

Modi reiterated India’s commitment to sustainable lifestyles and a green future, listing advancements in solar, wind, hydro, and green hydrogen technologies as central to India’s long-term energy security. “Odisha will play a critical role in powering India’s green energy ambitions,” he said.

Boosting India’s “Concert Economy”

In a lighter but strategic remark, the PM referenced the recent Coldplay concerts in Mumbai and Ahmedabad as evidence of India’s growing appeal to global artists. He termed these events a key driver of the “concert economy,” which boosts tourism, creates jobs, and supports infrastructure development. “States and private sectors must invest in the necessary skills and infrastructure to support the concert economy,” Modi urged.

Enhancing Tourism in Odisha

Calling for greater focus on eco-tourism and adventure tourism, Modi described Odisha’s unique landscape as ideal for global tourism campaigns like “Wed in India” and “Heal in India”. He expressed confidence that Odisha’s natural beauty, combined with India’s initiatives, could draw significant international interest.

Strengthening Global Ties

The Prime Minister also referenced the recent visit of the Singapore President to Odisha, underscoring the state’s growing importance on the international stage. He said ASEAN countries had expressed enthusiasm about enhancing trade ties and traditional connections with Odisha, providing further opportunities for growth.

Conclusion

“Odisha has always outperformed expectations and will soon reach unprecedented heights of development,” Modi concluded, as he assured investors of success in the state’s burgeoning sectors.

The Utkarsh Odisha Conclave not only showcased Odisha’s promise but also highlighted India’s commitment to a self-reliant economy driven by innovation, sustainability, and a focus on local value creation.

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