Modi invites investors, India is the only destination for you
NEW YORK : Prime Minister Narendra Modi today presented a report card of the country’s progress in the five years under him and invited the US industry to come and invest in India. Portraying the country as an ideal destination for investors, he said it was a “golden opportunity to partner India”.
“Your desires, and our dreams, match. Your technology and our talent can change the world. Your scale and our skill can speed up global economic growth… If there is any gap, I will act as a bridge,” he said in his address to the Bloomberg Global Business Forum.
Foreign Direct Investment is vital now to prop up the sluggish economy. It is also important if the Prime Minister’s goal of pushing the economy to 5 trillion dollars in the next five years is to be achieved.
Since returning to power, the government has pushed several measures to streamline investment procedures and boost manufacture. These include easing rules like 30 per cent sourcing from India for single brand retailers and legalisation of contract manufacturing to allow 100 per cent investment.
The government also met a longstanding demand of corporates by giving huge tax cuts. Finance minister Nirmala Sitharaman said it would “attract fresh investment in manufacturing and boost Make In India”.
India, PM Modi said, is rising in global FDI rankings “at a time when FDI is falling all over the world”. This, he said, was because of reforms that the government has brought in over the last five years. India is a unique combination of 4 factors, he said – “Democracy, Demography, Demand and Decisiveness”.
PM delivered the keynote address at the Bloomberg Global Business Forum (GBF) on Wednesday in New York. PM Modi who is in the US to attend the United Nations General Assembly (UNGA) was invited for the event by Bloomberg LP and Bloomberg Philanthropies founder and former mayor of New York City, Michael R Bloomberg. Modi met Michael Bloomberg ahead of the address in the event.
He said, “I am in favour of using social media for good governance “India has the 3rd biggest coal reserve in the world. We invite the world to bring their technology for coal gasification in India that will produce clean energy. The gas can then be used for mobility as well as a source of energy,” he said.
With the changing environment, we will have to focus on disaster-resilient infrastructure. We will have to change our curriculum, bring new materials for this. “We have young talent and focussed on innovation.
“Your prudent method and our pragmatic mind can write new stories in management. Your rational ways and our human values can show the path which the world is looking for. And if there is any gap anywhere, I will personally act as a bridge,” said PM Modi.
“Now in the coming years, India is going to invest 1.3 trillion dollars in modern infrastructure. Also, lakhs of crores of rupees are being spent on social infrastructure of the country,” he said.
“Since the arrival with a fresh and bigger mandate, we are taking one after another big decision. Recently we have deducted corporate tax to increase investment. We have abolished 50 old laws. This is just the beginning.” said PM Modi.(With Agency Report),
