India to spend 1.3 trillion dollars on modern infrastructure: PM Modi

Prime Minister Narendra Modi on Wednesday said that India is going to spend around 1.3 trillion dollars on modern infrastructure.

"In the coming years, we are going to spend around 1.3 trillion dollars on modern infrastructure in India. Also, lakhs of crores of rupees are being spent on the social infrastructure of the country," the Prime Minister said during his address at the Bloomberg Global Business Forum.

Prime Minister Modi also outlined the government's recent decision of slashing corporate tax rates and reiterated his government's commitment to improving the business environment in the country.

"Today, there is a government in India that is working towards improving the business environment in the country. India's decision to cut corporate tax has sent a positive message", he said.

He also extended an invitation to the global business community to come and invest in the country and said, "If you want to invest in a market where there is scale, come to India. If you want to invest in one of the largest infrastructure ecosystem and urbanisation, then come to India."

He also met former Mayor of New York City, Michael R Bloomberg ahead of his address at the Bloomberg Global Business Forum.

Bloomberg is one of the founders, CEO, and owner of Bloomberg LP, global financial services, software, and mass media company that bears his name. He served as the 108th Mayor of New York City, holding office for three consecutive terms.

After the Bloomberg summit, Prime Minister Modi will take part in an investment round table which will see the participation of more than 40 major US companies.