NEW DELHI: Prime Minister Narendra Modi on Thursday urged global investors to invest in India as the country offers offers lower tax rates, tax incentives to manufacturers, along with ease of doing business, while following a path of fiscal prudence.
“If you want returns with reliability, India is the place to be. If you want demand with democracy, India is the place to be. If you want stability with sustainability, India is the place to be. If you want growth with a green approach, India is the place to be,” Modi said at the Virtual Global Investor Roundtable (VGIR) 2020.
Highlighting the country’s growth potential, PM said that a strong and vibrant India can contribute to stabilisation of the world economic order. He also noted that India has the potential to catalyse global economic resurgence as any achievements by India will have a multiplier impact on world’s development and welfare.
He urged investors to invest in the country’s infrastructure and manufacturing sector as his government aims to attract up to $1.5 trillion into ports, roads and other projects.
India plans to offer new opportunities to global investors as the government sells its stake in state run companies and monetises their assets while confining its role to a few strategic sectors, he added.
Stating that India has shown remarkable resilience during the coronavirus pandemic, be it fighting the virus or ensuring economic stability, the Prime Minister said that the world has witnessed India’s national character.
“As India bravely fought the global pandemic, the world also saw India’s true strengths. It has successfully brought out traits that Indians are known for: A sense of responsibility, a spirit of compassion, national unity, the spark of innovation. India has shown remarkable resilience in this pandemic, be it fighting the virus or ensuring economic stability,” he said.
He said that it is because of the strength of our systems that we could provide foodgrains to around 800 million people, money to 420 million people and free cooking gas to around 80 million families. It is because of the support of the people who practise social distancing and wearing of masks that India has given such a strong fight to the virus.
The VGIR 2020 was attended by 20 top institutional investors from the US, Europe, Canada, Korea, Japan, Middle East, Australia and Singapore.
The roundtable is being organised by the ministry of finance and the National Investment and Infrastructure Fund.
(With agency inputs)