PM Modi pitches for investments in India

Pitching India as a favourable investment destination, Prime Minister Narendra Modi on Friday asked the Russian business fraternity to explore the immense opportunities in the field of defence, services sector and manufacturing healthcare equipments.

Speaking at the St. Petersburg International Economic Forum, Prime Minister Modi said, "The eyes of the world are on Asia and there is renewed interest in India. In the last three years there have been substantial reforms guided by the principle of 'Minimum Government, Maximum Governance. India is one of the fastest growing economies and is undertaking reforms at a rapid pace."

He said India has taken various reformist measures to ward off red-tapism and has brought in transparency into the system.

"Minimum government, maximum governance and red carpet instead of red tape have been the basis of governance reforms in India. Political will and clear vision are necessary for reforms. Bureaucracy too has to be vibrant and in tune with leadership," Prime Minister Modi said.

Noting that diversity is India's strength, the Prime Minister said that the Goods and Services Tax (GST) will be implemented from July 1 and this will herald a uniform tax system across the country.

Prime Minister Modi said technology is going to play a key role, and mentioned the Digital India initiative. He said a "digital divide" cannot be allowed to take root in the society.

The Prime Minister outlined the government's initiatives in financial inclusion - and the Jandhan, Aadhaar, Mobile (JAM) trinity. He said India has made 7,000 reforms targeting 'Ease of Doing Business'.

The Prime Minister said that "New India" skill development is a top priority for India's 800 million strong talented youth. He said the 'New India' would have youth that are not job seekers but job creators and can fulfil the global requirements of skilled human resource.

Outlining initiatives in agriculture, the Prime Minister mentioned about the organic farming and food processing as areas for investment. In the manufacturing sector, the Prime Minister highlighted manufacturing of medical device and defence equipments as key areas for foreign investment.

Prime Minster Modi said that the credit rating agencies across the world are unanimously agreeing that India is a rapidly developing country.