Prime Minister Narendra Modi
Prime Minister Narendra Modi

India amongst most investor friendly global economies: PM Modi

ANI | Updated: Jun 26, 2018 15:29 IST

New Delhi [India], June 26 (ANI): Prime Minister Narendra Modi on Tuesday said India is among the most investor friendly global economies.
The Prime Minister stated that the Government of India has taken numerous steps to boost 'Ease of Doing Business' in the country.
"India is among the most investor friendly global economies. Our country offers- Growth, Macro-economic stability, Supportive regulatory framework, Political stability, A talented workforce, Large markets and Good physical infrastructure. Come, invest in India!," Prime Minister Modi said while addressing the third annual meeting of the China-led Asian Infrastructure Investment Bank (AIIB).

"The Government of India has taken numerous steps to further 'Ease of Doing Business.' Like; Foreign direct investment (FDI) regime is liberalised and Goods and Service Tax (GST) is a major systemic reform which has enhanced transparency and efficiency," he added.
Below are the highlights over concerned topics-
-A 'New India' is rising. It is an India that stands on the pillars of economic opportunity for all, knowledge economy, holistic development, and futuristic, resilient and digital infrastructure.
- The Indian story of economic resurgence closely mirrors that of many other parts of Asia. The continent finds itself at the centre of global economic activity & has become the growth engine of the world. In fact we are now living through what many term as the 'Asian Century'.
- Agriculture is the lifeblood of the Indian economy. We are promoting investments in warehouses and cold chains, food processing, crop insurance & allied activities. We are promoting micro-irrigation to ensure optimal use of water with increased productivity.
- We have set a target to construct capacity of 175 GW of renewable energy by the year 2022. Of this, the solar energy capacity will amount to 100 GW. We have added more capacity to renewable energy than conventional energy in 2017.
- From the point of a foreign investor, India counts as an extremely low risk political economy. We have simplified rules and regulations for businesses & undertaken bold reforms. We have provided investors an environment which is efficient, transparent, reliable and predictable.
- The external sector remains robust. Our foreign exchange reserves of more than 400 billion US dollars provide us adequate cushion. Global confidence in India's economy is rising. Total FDI flows have increased steadily & India continues to be one of the top FDI destinations.
- The Government is firmly committed to the path of fiscal consolidation. Government debt as percentage of GDP is consistently declining. India has achieved a rating upgrade after a long wait.
- Our macro-economic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range.
- From the perspective of larger scale of operations & higher value addition, an investor is also attracted by a large domestic market size, availability of skilled labour and good physical infrastructure. On each of these parameters India is well placed & has performed very well.
- India is one of the most investor-friendly economies in the world. Investors look for growth and macro-economic stability. They want political stability and a supportive regulatory framework to ensure protection of their investment.
- I believe that India and AIIB are both strongly committed to making economic growth more inclusive and sustainable. In India, we are applying novel Public Private Partnership models, Infrastructure Debt Funds, and Infrastructure Investment Trusts to fund infrastructure.
On a related note, the theme for this year's AIIB meeting is "Mobilizing Finance for Infrastructure: Innovation and Collaboration."
Leaders from varied organisations and levels of government will be sharing ideas and experiences for creating a sustainable future through sound infrastructure investment. (ANI)