India bright spot, best destination for investors: PM | Latest News India - Hindustan Times
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India bright spot, best destination for investors: PM

By, Bhopal
Jan 11, 2023 11:39 PM IST

Institutions and credible voices that track global economy have expressed unprecedented confidence in India, and investors who are pumping their money into new India exude the same optimism, Prime Minister Narendra Modi said on Wednesday, pitching India as a global investment destination due to its strong democracy, young demography, political stability, and business-friendly policies.

Institutions and credible voices that track global economy have expressed unprecedented confidence in India, and investors who are pumping their money into new India exude the same optimism, Prime Minister Narendra Modi said on Wednesday, pitching India as a global investment destination due to its strong democracy, young demography, political stability, and business-friendly policies.

 (PTI)
(PTI)

Speaking at the Madhya Pradesh government’s Global Investors Summit (GIS) in Indore, the PM also highlighted reforms the government had undertaken to boost the ease of living and doing business.

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“The 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. India will be among the fastest-growing economies in the G20 group this year,” he said via video conference.

His comments came days after IMF praised the resilience of India’s economy amid relative global economic gloom and sluggish rates of growth in most developed countries, which are struggling to temper runaway inflation and shocks of the protracted Russia-Ukraine conflict.

Modi said that India was receiving record amounts of foreign direct investment (FDI) due to its strong democracy, young demography and political stability. “India has become an attractive destination for investment where the path of “reform, transform and perform” was undertaken since 2014. Even during a once-in-a-century crisis, we took the path of reform,” said the PM in an address to global investors, a day after the Parvasi Bharatiya Diwas concluded at the same venue.

Modi said that new India was marching ahead and trusted its private sector. “We have opened several strategic sectors like defence, mining, and space for the private sector and there is lot of investment interest,” he added.

He underlined the government’s Green Hydrogen Mission and said it will usher in investment possibilities of about 8 lakh crore. He said that India led the world in smartphone data consumption and was the third-largest aviation and auto market.

Highlighting reforms undertaken in the last eight years, the PM said the government created a modern dispute resolution framework, such as Insolvency and Bankruptcy Code, and a system for “One Nation One Tax” in the form of the goods and services tax. “We opened space in defence and mining for private players and introduced new labour laws,” he said.

He also spoke about making corporate tax globally competitive, exempting sovereign wealth funds and pension funds from tax, allowing 100% FDI in several sectors and decriminalising minor economic mistakes, thereby removing hurdles in the path of investment.

“Speedy work of highway construction, dedicated freight corridors, industrial corridors, expressways, logistic parks, these are becoming the identity of new India,” he added.

The PM said that the summit was happening in MP at a time when Amrit Kaal (the 25-year period between 2022 and 2047, the 100th year of Independence) had begun. “Together, all of us are working 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.

“MP Azab hai, Gazab hai and Sajag hai (MP is unique, extraordinary and aware ),” Modi added.

The PM said that worth 4 lakh crore worth products were manufactured by different sectors in the state, which had received hundreds of crores of rupees in investments. “Production Link Incentive scheme is making Madhya Pradesh a big pharma and textile hub. I urge the investors coming to MP to take maximum advantage of the scheme,” he added.

Chief minister Shivraj Singh Chouhan said the summit saw representatives of 82 countries and 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 added.

Before the summit, Chouhan held road shows in Delhi, Mumbai, Pune and Bengaluru to invite investors and also held one-to-one discussions with industrialists across the country and abroad. “There are buyers, sellers, over 5,000 industrialists, and 70 big industrial houses are participating in the summit. There is immense enthusiasm for investment in Madhya Pradesh, not only among domestic investors but also by investors from across the world,” he added.

Unveiling 'Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch Now!
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