PM Modi promises more reforms, invites Israeli companies to invest in India

With the visiting Israeli Prime Minister Benjamin Netanyahu at his side, PM Modi invited Israeli firms to invest in India

Prime Minister Narendra Modi on Monday promised more economic reforms to further improve the ease of doing business in India as he invited Israeli companies to invest here.

Speaking at an Indo-Israel business event, he referred to the further opening up of the single brand retail to foreign investment recently as also allowing foreign airlines to buy stake in national carrier Air India, saying that substantial reforms have been undertaken by his government.

A number of regulatory issues facing companies have been resolved, he said. "We will not stop, we want to do more and better."

"Everyday we are making it easier to do business in India," he said, listing the introduction of a uniform Goods and Services Tax (GST) nationwide and a transparent tax system as achievements.

India, Modi said, is the fastest growing economy with FDI inflows at all time high. "We have been taking steps over last three years at macro and micro level."

The moto of the government is "reforms, perform and transform", he said.

To enable entry of capital and technology, most of the sectors including defence, have been opened for FDI, he said, adding that more than 90 per cent of the FDI approvals have been put on automatic route.

"We are now among the most open economies," Modi said.

With the visiting Israeli Prime Minister Benjamin Netanyahu at his side, he invited Israeli firms to invest in the country.

India's development agenda is huge and offers vast opportunity to Israeli companies, Modi said.

"I have always had a deep regard for Israel and its people," he said recalling his 2006 visit to Israel as the Chief Minister of Gujarat. "Last year in July, I visited Israel, the first such visit from India. I experienced the remarkable spirit of innovation, enterprise and perseverance that drives Israel."

There is new energy and purpose that have invigorated the ties between the two countries over the last few years, he said, adding that they will help take cooperation between the them to greater heights.

"India's development agenda is huge. It presents a vast economic opportunity for Israeli companies. I invite more and more Israeli people, businesses and companies to come and work in India," he said.

Modi said that along with government and people, the business community of India too is keen to join hands with Israel.

"We stand on the cusp of a new chapter in India-Israel relations driven by our people and mutual opportunities for betterment of lives," he said.

Modi said the just launched India-Israel Innovation Bridge will act as a link between the start-ups of the two nations.

"I have been saying that Indian Industries, start-ups and the academic institutions must collaborate with their Israeli counterparts to access the huge reservoir of knowledge," he said.