Modi invites foreign investors, assures global companies of structural reforms3 min read . Updated: 09 Jul 2020, 03:16 PM IST
- The story of global revival will have India playing a leading role and the country is already seeing green shoots of economic recovery
- Gains in financial inclusion, ease of doing business, bold tax reforms, healthcare initiatives have set the foundation for the next round of initiatives
NEW DELHI: Prime Minister Narendra Modi on Thursday rolled out a red carpet for foreign investors in India, reiterating his government’s ability to carry out deep structural reforms.
“India remains one of the most open economies of the world. We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunity that India does today," Modi said speaking at the India Global Week virtual conference.
Modi said there are possibilities and opportunities in various sunrise sectors in India. “Our reforms in agriculture provides a very active investment opportunity to invest in storage and logistics. We are opening the doors to the investors to come and invest directly in the hard work of our farmers," he said.
The government has brought reforms in the MSME sector that will complement big industries, Modi said. "There are investment opportunities in defence sector. With relaxed FDI norms, one of the world’s biggest militaries invites you to come and make products for it."
With more opportunities for investment in private sector, there is greater access to commercial use of space tech for the benefit of people, he said. "India’s tech and startup sector is vibrant. There is a market of millions of digitally empowered people. Imagine, the kind of products we can make for them," he added.
Modi said the story of global revival will have India playing a leading role and India is already seeing green shoots of economic recovery.
Gains in financial inclusion, ease of doing business, bold tax reforms, healthcare initiatives have set the foundation for the next round of initiatives, he said. "In this time of a pandemic, we have provided relief to our citizens and undertaken deep structural reforms. We are making the economy more productive, investment friendly and competitive."
Portraying the Atma Nirbhar Bharat campaign as a people’s movement, Modi said 130 crore Indians have given a call for self-reliance. A self-reliant India merges domestic production and consumption with global supply chains. "Atma Nirbhar Bharat is not about self-contained or being close to the world. It is about being self-sustaining and self-generating. We will pursue policies that promote efficiency, equity and resilience."
Speaking at another forum at the same event, Jitesh Gadhia, investment banker and a member of the House of Lords said India should rightly seek to play an important role in the post-covid world. “Supply chains are emerging as the key pivot. India can’t wait around otherwise some of those opportunities will go to Vietnam and Bangladesh. I hope India puts its foot on the accelerator to capture some of those opportunities," he added.
At a time when countries like the US have put restrictions on business and student visas for immigrants, Modi told the global audience that India is a powerhouse of talent that is eager to contribute and ever ready to learn.
“World over, you have seen the contribution of Indian talent force. This includes Indian professionals, doctors, nurses, bankers, lawyers, scientists, professors, our hard working labourers. Who can forget the Indian tech industry and tech professionals? They have been showing the way for decades. There is two way synergy that is directly beneficial," he added.
Modi said the coronavirus pandemic has once again shown that India’s pharma industry is an asset not just for India but for the entire world. It has played a leading role in reducing the cost of medicine, especially for the developing countries, he added.
"Vaccines made in India are responsible for two-third of the vaccine needs of the world’s children. Today also, our companies are active in international efforts for development and production of covid-19 vaccine. I am certain that India will have an important role in developing and scaling up production once it is discovered," Modi said.