Highlighting the importance and ease of doing business in India, Prime Minister Narendra Modi said that institutions and credible voices that track the global economy have unprecedented confidence in India and global investors, who are investing heavily in New India, exude the same optimism.
PM Modi was speaking at the Global Investor Summit (GIS) being held in Indore by the Madhya Pradesh government which began Wednesday.
He said a recent survey by a prestigious international bank found that most investors preferred India as the destination for investing.
International Monetary Fund (IMF) sees India as a bright spot in the global economy, and the World Bank has expressed earlier that India is in a better position to deal with global headwinds than many other countries,” the Prime Minister said, adding, “India will be among the fastest-growing economies in the G-20 group this year.”
Modi said that India is receiving record-breaking foreign direct investment (FDI) and the reason for this is was ‘strong democracy, young demography and political stability of India’.
India has become an attractive destination for investment where the path of ‘Reform, Transform and Perform’ has been undertaken by India since 2014,” the Prime Minister said addressing global investors in Indore.
Speaking about giving a boost to the private industry, Modi said that today’s ‘New India’ was marching ahead and it trusts its private sector. “We opened space in defence and mining for private players and introduced new labour laws,” he said.
He further informed that India is ranked 1 in smartphone data consumption and is the world’s third-largest aviation and auto market.
The Prime Minister said that the government has approved the ‘Green Hydrogen Mission’ a few days ago, which will usher investment possibilities of about ₹8 lakh crore.Highlighting the reforms undertaken in the last eight years, the PM said they have created a modern dispute resolution framework such as Insolvency and Bankruptcy Code (IBC) and a system for ‘One Nation One Tax’ in the form of goods and services tax (GST).
Modi also spoke about making corporate tax globally competitive, exempting sovereign wealth funds and pension funds from tax, allowing 100% Foreign direct investment (FDI) through the automatic route in several sectors and decriminalising minor economic mistakes, thereby removing hurdles in the path of investment.
Talking about better connectivity, the PM said, “Speedy highway construction, dedicated freight corridors, industrial corridors, expressways, logistic parks, are becoming the identity of New India.”
The PM said that the summit was happening in MP at a time when India’s Azadi ka Amrit Kaal has begun. “All of us are working together for making a developed India. When we talk of a developed India, it’s not just our aspiration but the resolution of every Indian,” the PM said.
Giving a new slogan for the state, Modi said MP Azab hai, Gazab hai and Sazag hai (MP is strange, wonderful and aware). “Madhya Pradesh’s role in building a developed India is very important. From faith and spirituality to tourism, skill development and education, Madhya Pradesh is strange, wonderful and aware,” he said.
The Prime Minister informed that production worth ₹4 lakh crore has taken place in different sectors so far where hundreds of crores of rupees have been invested in Madhya Pradesh. The importance of the Production Link Incentive scheme in making Madhya Pradesh a big pharma and textile hub. I urge the investors coming to MP to take maximum advantage of the PLI scheme”, the Prime Minister appealed.
State chief minister Shivraj Singh Chouhan said the GIS is truly global as representatives of 82 countries were participating and there were 10 partner countries. “Presidents of two countries, several foreign ministers, finance ministers and mineral ministers of different countries will be participating in the summit,” he said.
Before the summit, the CM held road shows in Delhi, Mumbai, Pune and Bengaluru. He also held one-to-one discussions with industrialists across the country and abroad and invited them to participate in the summit.
According to the chief minister, there are buyers, sellers, over 5000 industrialists, and 70 big industrial houses participating in the summit.