Prime Minister (PM) Narendra Modi on Wednesday pitched India as 'the' investment destination for global investors, saying reforms by his government were just the beginning of a long innings. Modi promised to personally act as a bridge for businesses and said India had a government that respected corporates and wealth creators.
“India’s growth story has four important factors that are rare to find anywhere else in the world. These factors are democracy, demography, demand, and decisiveness,” he said. “Democracy together with political stability, predictable policy and independent judiciary gives confidence of safety and security of investment and of growth,” he said, speaking at the Bloomberg Global Business Forum in New York.
The PM said his government’s decision to slash corporate tax rates was a “big revolutionary step” for investment, and that the move had been hailed by businesses as historic.
“If you want to invest in a market where there is scale, come to India,” Modi said. “If you want to invest in a market where the latest trends and features are appreciated, come to India. If you want to invest in start-ups with a huge market, come to India. If you want to invest in one of the world's largest infrastructure ecosystem, come to India.”
India, he said, was waiting for global investors. “India is your only destination. I am waiting to welcome you,” he said.
“Your desires and our dreams match perfectly. Your technology and our talent can change the world. Your scale and our skills can speed up global economic growth,” he said. “Your prudent method and our pragmatic mind can write new stories in management. Your rational ways and our human values can show the path which the world is looking for. And if there is any gap anywhere, I will personally act as a bridge.”
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Modi said democracy and an English-based judicial system gave added confidence to investors as there would be no problem of interpretation.
The government is looking at investing Rs 100 trillion in building new airports, railway lines, electrification, laying new roads and giving houses to all. “Infrastructure is a priority,” Modi emphasised.
“We have taken numerous decisions to increase investors confidence including scraping of 50-old laws which were coming in way of development,” he said. “This is just the beginning. We have a long innings ahead. The world business has a golden opportunity to partner with India in this journey.”
Stating that the target of nearly doubling the economy to $5 trillion by 2024 was achievable, he said about $1 trillion was added to the size of the economy during the last five years.
Modi also interacted with over 40 business leaders and American CEOs, highlighting the steps taken by India to build a $5 trillion economy. “Captains of industry interact with PM @narendramodi in New York. The extensive agenda includes harnessing investment opportunities in India and boosting commercial linkages between India and USA,” the Prime Minister's Office tweeted.