India has given hope to world, owes its growth rate to political stability: Modi

Riyadh: India has strengthened its economy despite the adverse global conditions and has ignited a 'new hope' in the world, with some describing it as a 'bright star', Prime Minister Narendra Modi said while addressing the Indian diaspora in the Saudi capital on Saturday. He added that India owed its growth rate to the political stability in the country.

"India can contribute a lot to the world. Reason for India's growth is the political stability in the country," he said.

He said India has a lot to give to the world, particularly in terms of talented workforce with modern skills, and his government is working in this direction with the mantra of 'sabka sath, sabka vikas' (with all, development for all).

Addressing a gathering of Indian community here on the first day of his two-day visit, Modi said India was earlier "one of the countries" in the world but now it has become "very important country".

"Despite adverse conditions globally, India has strengthened its economy.... Today, India is progressing economically and the world is looking at us...The country of over a crore people can do a lot," he said.

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The Prime Minister said that India has ignited "new hope" and "new excitement" because of its democratic values and the government's mantra of 'sabka sath, sabka vikas'.

He said the World Bank and all the rating agencies say that the economic development in India has generated a "ray of hope" and some say India is a "bright star".

Read: Narendra Modi visits Masmak fortress in Riyadh

Earlier in the day, Modi arrived in Riyadh on his maiden two-day visit to the oil-rich Saudi kingdom as both countries are set to firm up a raft of pacts to bolster their strategic partnership besides exploring ways to enhance security and counter-terror cooperation.

Combating threat of terrorism and radicalisation are expected to figure high on the agenda of the talks between Modi and the leadership of Saudi Arabia, a country known as spiritual home of Islam which recently has formed a major coalition of 34 Muslim nations to fight terror, particularly the ISIS.

Read: Modi in Saudi Arabia: Security, counter-terror cooperation to dominate talks

India's ties with Saudi Arabia, one of the world's leading oil producers, have been on an upswing over the last two decades based on burgeoning energy ties and both countries may look to move beyond buyer-seller relationship in the sector and go for joint ventures and investment in refineries and oil fields.

Immediately after his arrival here, Modi visited the Masmak fortress, a clay and mud-brick complex built around 1865, that is a major symbol of recapture of power by the Al Saud royal dynasty which has been running the country for over a century.