E-Paper
Noting green-shoots, PM Modi beckons global investors
Addressing over 5,000 participants in various countries in an event called ‘India Global Week 2020’ organised by the London-based group India Inc. headed by Manoj Ladwa, Modi set out details of the initiatives taken to encourage foreign investment.
Prime Minister Narendra Modi on Thursday told a virtual meeting of diaspora and other individuals based across the globe that India is already witnessing ‘green-shoots’ of economy recovery and beckoned global investors by offering them a red-carpet welcome.
Addressing over 5,000 participants in various countries in an event called ‘India Global Week 2020’ organised by the London-based group India Inc. headed by Manoj Ladwa, Modi set out details of the initiatives taken to encourage foreign investment.
“India remains one of the most open economies in the world…We have brought reforms in the MSME sector. A booming MSME sector will also complement big industry. There are investment opportunities in the defence sector”.
“With relaxed FDI norms, one of the world’s biggest militaries invites you to come and make products for it. Now, there are more opportunities for private investment in space sector. This will mean greater access to commercial use of space tech for the benefit of people,” he added.
Noting India’s efforts to deal with the coronavirus pandemic, Modi said his government is equally focused on the health of the economy, and mentioned initiatives such as Ayushman Bharat, tax reforms and efforts to increase the ease of doing business.
India, he told the virtual audience, will have a key role in scaling-up production of a vaccine for coronavirus, when it is found in ongoing trials across the globe. The pandemic has once again shown that India’s pharma industry is an asset for the entire world, he added.
On his government’s relief package for those adversely affected by the pandemic, he said it has been smart and targeted to provide the most poor with the most help.
He said: “Thanks to technology, every penny has reached the beneficiaries directly. The relief includes, providing free cooking gas, cash in the bank accounts, free food grains to millions of people and many other things”.
“As soon as we unlocked, we have launched one of the world’s largest public works program to provide employment to millions of workers. This will not only re-energise the rural economy, but also help in creation of durable infrastructure in the rural areas.”, he added.
Speakers at the three-day event themed ‘Be the revival: India & a better new world’ include Indian ministers S Jaishankar, Ravi Shankar Prasad and Piyush Goyal; British ministers such as Dominic Raab, Matt Hancock and Priti Patel; and Congress MP Shashi Tharoor.
