A nation with a strong defence industry will not only be more secure. It will also reap rich economic benefits - it can boost investment, expand manufacturing, support enterprise, raise the technology level and increase economic growth in the country.

By lifting 250 million people out of poverty in India, we have demonstrated that sustainable development can be successful. We are ready to share our experiences of our success with the Global South.

Much of India that we dream of still lies ahead of us: housing, power, water and sanitation for all; bank accounts and insurance for every citizen; connected and prosperous villages; and, smart and sustainable cities.

The advancement of agriculture, commerce and manufactures, by all proper means, will not, I trust, need recommendation. But I cannot forbear intimating to you the expediency of giving effectual encouragement as well to the introduction of new and useful inventions from abroad, as to the exertions of skill and genius in producing them at home; and of facilitating the intercourse between the distant parts of our country by a due attention to the Post Office and Post Roads.

As the Indian economy adds strength to our region and the world, it will also benefit Mongolia.

If we have to develop India, the chariot of development needs to run on two wheels- eastern and western India.