Economy

India an attractive global investment destination: Modi at USISPF

Our Bureau New Delhi | Updated on September 03, 2020 Published on September 03, 2020

Prime Minister Narendra Modi delivers a special keynote address at US-India Strategic Partnership Forum's 3rd Annual Leadership Summit via video conferencing in New Delhi on Thursday.   -  @narendramodi

Atmanirbhar Bharat is about transforming India into an active manufacturing hub at the heart of global value chain, he said

`Atmanirbhar Bharat’ (self-reliant India) is about transforming India from being just a passive market to an active manufacturing hub at the heart of the global value chain, Prime Minister Narendra Modi has said.

"1.3 billion Indians have embarked on one mission to make an 'Aatmanirbhar Bharat' (self-reliant India). 'Aatmanirbhar Bharat' merges the local with the global. It ensures India's strengths act as a global force multiplier," the PM said, speaking at the leadership summit of the US India Strategic and Partnership Forum (USISPF) on the theme 'Navigating New Challenges'.

On the disruptions caused by the Covid-19 pandemic world over, the PM said that the pandemic had also shown the world that the decision of developing global supply chain should not be just based on your cost but also be based on trust. Along with affordability of geography, companies are now looking for reliability and policy stability, and India has all these qualities, Modi added.

“As a result, India is becoming one of the leading attractions for foreign investment, be it from the US, the Gulf, the EU or Australia. The world believes in us,” he said.

The PM pointed out that India had received over $ 20 billion foreign investment flows during this year, and companies like Google and Amazon had announced long term plans for India.

“India offers a transparent and predictable tax regime. Our system encourages and supports honest taxpayers. Our GST is a unified fully IT enabled indirect tax system,” he said, adding that the Insolvency and bankruptcy code has reduced risks for the financial system and labour reforms reduced compliance burden for employers.

Modi said the road ahead was full of opportunities in both the public and private sectors. “They cover core economic sectors as well as social sectors. Recent sectors opened include coal, mining, railway, defence, space and atomic energy,” he said.

Elaborating on the support being provided to key sectors, the PM said the production linked incentive schemes that have been launched for industries like mobile, electronics and pharmaceuticals had been very well received. “Such schemes are being planned for other champion sectors,” he said.

The reforms in the agriculture market and $14 billion agriculture financing facilities also offered several opportunities.

On the handling of the pandemic in India, Modi said that although it is a country with 1.3 billion people and limited resources, it has one of the lowest death rates per million in the world and the recovery rate is also steadily rising.

Stressing that India’s goal was working for global good, the PM said that despite our large local needs during the pandemic outbreak, India did not shy away from its global responsibility of being the largest producers of generics and ensured constant supply to the world.

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Published on September 03, 2020
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