On the evening of July 30, the Australia India Chamber of Commerce (AICC) attended an exclusive budget address broadcast from the Indian government. The address featured Prime Minister Modi, followed by the Honourable Minister for Commerce, Piyush Goyal. Attendees at the AICC headquarters at International Chamber House in Melbourne, members of the AICC board, Deputy Chair Daryl Koch, as well as our founding Patron, the Honourable Ted Baillieu AO.

This exclusive address was made possible through the AICC's partner, the Confederation of Indian Industry (CII) led by Mr Abhay Mehta. Through a previously signed MOU, the AICC has been supporting the CII's goal to create and sustain growth of industry in India, and connecting Australian industry and government to assist with advisory and consultative processes between the two countries.

Highlights of Prime Minister Modi's address

1. Technology and Future Prospects

Prime Minister Modi emphasised that technology is the future of India. He expressed confidence that the country will become a global player, stating, "To me, it’s not just words; I know our country will become a global player."

2. Energy Security and Transition

The Prime Minister highlighted the equal importance of energy security and energy transition for the nation's development.

3. Attracting Global Investors

Modi urged the nation to seize the opportunity presented by global investors' growing interest in India, cautioning, "Take advantage of this; please don’t lose it!"

4. Journey from Independence to Development

Reflecting on India's history, Modi noted that the country was exploited during colonial rule but has made significant progress since independence. He expressed a vision for India to be a fully developed economy by its centenary of independence.

5. Poverty Alleviation

In the last decade, 25 crore (250 million) people have risen out of poverty, marking a significant achievement.

6. Economic Growth

Modi proudly announced that India is now the fifth-largest economy in the world. He confidently stated that the day is not far when India will become the third-largest economy.

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Interested in staying ahead on India’s journey towards becoming a global leader in technology, energy security, economic growth, and poverty alleviation? Become a member of the Australia India Chamber of Commerce today.