Prime Minister congratulated the people of Karnataka and all those who have made Kannada a part of their lives. It is a place where technology is accompanied by tradition. The Prime Minister said that this is a place where a wonderful blend of nature and culture is visible everywhere.
It is a place known for its stunning architecture and vibrant start-ups. Brand Bangalore is the first thing that comes to mind when it comes to talent and technology, and the name is established not only in India but across the world. This land of Karnataka is known for the most beautiful natural hotspots. That is, the soft language Kannada, the rich culture here and the bond that Kannadigas have with all will win everyone's heart, he said.
I am happy to host the Global Investors Meet in Karnataka. This incident is a perfect example of competitive and cooperative federalism. Manufacturing and professionalization in India and manufacturing largely depends on state control over policy decisions. Therefore, if India is to move forward, it is necessary for the states to move forward. States partner with other countries in specific sectors through the Global Investors Meet, which is very good. I see all the companies from all over the world participating in this event. He said that thousands of crores of rupees will be partnered on this platform. Modi said that this will create employment opportunities for the youth on a large scale.
In the 21st century, India has to continuously advance from where it is today. Last year, India recorded about $84 billion in foreign direct investment. And these results are coming as the whole world is grappling with the effects of the Covid global pandemic and war situations. The conditions caused by war and epidemics had the opposite effect. Despite this, the whole world today looks up to India with great hope.
This is a period of economic uncertainty, but all countries are certain of one thing that fundamentals of the Indian economy are strong. In today's fragmented era, India is emphasizing on connecting with the world and working for the world. In this era, supply chains are disrupted, but in this era India promises to supply medicines and vaccines to every needy.
This is an era of market volatility, but the aspirations of 130 crore Indians are ensuring the strength of our domestic market. And most importantly, although this is an era of global crisis, experts, analysts and economists from all over the world are saying that India is a bright spot and we are constantly working on our fundamentals to make the Indian economy stronger day by day. The number of free trade deals India has done in the last few months has given the world a glimpse of our readiness.
Building a new India is only possible with bold reforms, great infrastructure and the best talent. Today, bold reforms are being made in every sector of government. Reforms like GST and IBC have been made in the financial space. The economy was strengthened through reforms in the banking sector and strong macro-economic fundamentals. Similarly, preparations were made to bring digital revolution in the country through steps like UPI. We have abolished more than 1500 old laws, canceled about 40 thousand unnecessary compliances. Prime Minister said that we have criminalized many provisions.
We have taken steps to increase transparency through reforms like faceless assessment along with lowering corporate tax rates. New sectors have been opened for FDI in India. In India, investments in drones, geo-spatial sector, space sector and defense sector are being given an unprecedented boost.
Along with reforms, India is progressing very fast in the infrastructure sector as well. For modern infrastructure, India is working faster and on a larger scale than ever before. You can take the example of airports. The number of operational airports has doubled in the last 8 years.
More than 140 airports have started flying from around 70 airports. And now many more new airports are being built in India. Similarly, the coverage of metro rail has been increased from 5 cities to 20 cities. The recently released National Logistics Policy will help speed up development.
Today, as the world moves towards Industry 4.O, the world is amazed at the role of Indian youth and the talent of Indian youth in this industrial revolution. Indian youth have made more than 100 unicorns over the years. More than 80 thousand startups have been formed in India in 8 years. Today every sector of India is progressing with the power of youth. India posted record exports last year. In the post-Covid situation, this achievement becomes very important. We have made major changes in the Indian education system to expand the potential of India's youth. The number of universities, technological universities and management universities in India has increased by 50 percent over the years, he said.
Today another feature is associated with Karnataka. Karnataka has the power of a double engine i.e. the same party heads both the central government and the state government. This is one of the reasons why Karnataka is developing rapidly in many fields. Karnataka retains its top position in Ease of Doing Business. This is the reason why Karnataka's name is included in the list of top states in terms of FDI. 400 out of Fortune 500 companies are in Karnataka.
Today, Karnataka boasts of being the largest technology cluster in the world. From industry to information technology, fintech to biotech, startups to sustainable energy, new development stories are being written here in Karnataka. According to some development statistics, Karnataka is challenging not only other states of India but also some countries. Today India has entered a new phase in the manufacturing domain with the National Semiconductor Mission. Karnataka's role in this is very important. The PM said that the tech ecosystem here will take chip design and manufacturing to new heights.