The Prime Minister said India was the best place to generate long-term returns. (File)
New Delhi:
Prime Minister Narendra Modi on Thursday wooed global investors by showcasing recent agricultural and labor reforms and a faster-than-expected economic recovery and said the government will do whatever it takes to do India is the engine of the resumption of global growth.
Speaking to 20 major global investors, the prime minister said the ‘Autonomous India’ campaign means the country is becoming a closed economy, but instead offers opportunities to be part of India’s history. growth of India.
India’s quest to become “atmanirbhar“(autonomous) is not just a vision, but a well-planned economic strategy,” he said.
“It is a strategy that aims to use the capabilities of our companies and the skills of our workers to make India a global manufacturing power, a strategy that aims to use our technological strength to become the global center of innovations, a strategy that aims to contribute to global development using our immense human resources and their talents, ”he said.
The 2020 Global Investor Virtual Roundtable (VGIR), hosted by the Ministry of Finance, saw the participation of CEOs and CIOs of the top 20 institutional investors from the United States, Europe, Canada, Korea, from Japan, the Middle East, Australia and Singapore. .
These pension and sovereign wealth funds have total assets under management of approximately $ 6 trillion.
“I am pleased that the global investment community has shown confidence in our future. The last five months have seen a 13% increase in FDI inflows compared to last year. Your active participation in this roundtable strengthens even more confidence, ”PM Modi told me.
Some of the major funds participating in the event include Temasek, AustralianSuper, CDPQ, CPP Investments, GIC, Future Fund, Japan Post Bank, Japan Bank for International Cooperation, Korean Investment Corporation, Nippon Life, Mubadala Investment Company, Ontario Teachers, Teachers Retirement. Texas and Pension Denmark.
Soliciting global investment, the prime minister said India was the best place to generate long-term returns.
“If you want reliable returns, India is the place to be. If you want democratic demand, India is the place to be. If you want stability and sustainability, India is the place to approach, India is the place, “said Prime Minister Modi.
India offers “democracy, demographics, demand as well as diversity. Our diversity is such that you get multiple markets within one market. These come with multiple pocket sizes and multiple preferences. These come with multiple weather conditions and levels of development, ”he said.
This diversity is also accompanied by openness and open markets in a democratic, inclusive and law-abiding system, he noted.
Emphasizing that the country’s growth has the potential to catalyze the global economic resurgence, Prime Minister Modi said that any achievement by India will have a multiplier impact on the development and well-being of the world.
“A strong and vibrant India can help stabilize the global economic order. We will do everything in our power to make India the engine for the resumption of global growth. There is an exciting time of progress ahead. I invite you to be a part of it, “he added.
Speaking about various reform initiatives undertaken by the government, Prime Minister Modi said that opening up agricultural markets opens up exciting new opportunities for partnership with farmers.
With the help of modern processing technology and solutions, India will soon emerge as an agricultural export hub, he said.
To improve the country’s manufacturing potential, the government introduced a “ one nation, one tax ” system in the form of GST, one of the lowest corporate tax rates, and additional incentives for the new manufacturing, he noted.
In addition, he said, a faceless scheme for the assessment of income tax and new labor laws are taking back the balance between the welfare of workers and the ease of doing business for employers.
Incentives linked to production in specific sectors and institutional management empowered to retain investors have been put in place to promote the inflow of foreign funds into the country, he said.
Regarding infrastructure development, he said the government has an ambitious plan to invest $ 1.5 trillion in the national infrastructure pipeline.
A pioneering multimodal connectivity infrastructure master plan is being finalized, Prime Minister Modi said, adding that India has embarked on a frenzy to build massive infrastructure of highways, railways, subways, waterways and airports across the country.
In addition, he said, the country is building millions of affordable homes for the new middle class.
The Prime Minister further stated that he was aware of the requirement of these global fund houses to seek the best and safest avenues for their investments.
“I’m speaking to some of the best financial minds, those who can turn new areas of innovation and growth into sustainable business propositions. At the same time, I am aware of your requirement to provide the funds in your trust in the safest and most secure manner. long-term returns, ”he said.
Foreign investment in India for this fiscal year, at $ 35.7 billion, was the highest on record for the first five months of a fiscal year, growing 13% from the same period a year ago .
The Prime Minister will have one-on-one interactions with the leaders of these fund houses over the coming weeks to address their concerns.
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)
