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Prime Minister Narendra Modi said on Saturday that India has become the centre point of the world's hopes in the current challenging times for the global economy.

He claimed that at a time when many countries are worried over their falling economies, India is touching new heights in several sectors and scripting a new story of development.

"Today the entire world is passing through a new phase of struggle. Some countries are facing shortage of essential commodities while some are grappling with energy crisis. Almost every country is worried over its falling economy. Amidst this India is touching new heights in many sectors and scripting a new story of development," he said.

The Prime Minister was addressing a public meeting after inaugurating or laying the foundation stone for a slew of development projects in Visakhapatnam.

"The world is looking at you with interest. Experts and intellectuals are praising India. Today, India has become the focal point of the hopes of the entire world," he said.

Modi claimed that this became possible as India is working by giving priority to aspirations and needs of people. "Our every policy and decision is to improve the life of the common man," he said.

He stated that on one hand investment is increasing in the country due to schemes and policies like PLI, GST, IBC, national infrastructure pipeline and Gati shaktint increasing while on the other schemes for welfare of the poor continued to expand.

He said crores of poor were getting free ration for 2.5 years while for 3.5 years, under PM Kisan yojna every year Rs 6,000 being credited in bank accounts of each farmer.

Modi stated that the government's policies on sunrise sectors were opening new avenues for youth and every sector from drones to gaming and from space to startup were getting an opportunity to develop.

The Prime Minister said the country was making efforts to tap vast opportunities offered by the blue economy. For the first time, the blue economy has become big priority of the country, he added.

Modi, who laid the foundation for modernization and upgradation of Visakhapatnam Fishing Harbour, hoped that the project would improve the standard of life of fishermen.

He believes that empowerment of the poor and their increased access to modern technologies would help achieve the dream of developed India.

Modi stated that the country suffered in the past due to an isolated view of infrastructure as it impacted supply chain and increased cost of logistics and claimed that his government is focusing on an integrated view of infrastructure. "Since supply chain and logistics depend on multimodal connectivity, we adopted a new approach."

He pointed out that the projects launched by him in Visakhapatnam reflect the new vision of infrastructure and inclusive growth.

He termed Visakhapatnam as a special city of India and pointed out that for thousands of years the port here was used for trade till West Asia and Rome.

"Today Visakhapatnam is the central point of India's trade," he said and hoped that these projects will open new avenues and take development to new heights in Andhra Pradesh and Visakhapatnam.

Andhra Pradesh Governor Biswa Bhusan Harichandan, Chief Minister Y.S. Jagan Mohan Reddy, Union Railway Minister Ashwini Vaishnaw and others were present.