INDIA REMAINS “one of the most open economies in the world,” said Prime Minister Narendra Modi Thursday, making a pitch for global firms to invest in sectors ranging from agriculture to defence and space. While the government has been pushing for self-reliance, the move is not about being closed to the world, he said during his address at India Global Week 2020 organised by India Inc, a London-headquartered media house.
“We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities that India does today. There are many possibilities and opportunities in various sunrise sectors in India,” said the Prime Minister.
“Our reforms in agriculture provide a very active investment opportunity to railways in storage and logistics. We are opening the doors to investors to come and invest directly in the hard work of our farmers,” he said. The reforms announced by the government for micro, small and medium enterprises (MSMEs) will complement these industries, he said.
“There are also 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,” he added.
There are more opportunities now for private investment in the country’s space sector, according to the Prime Minister. There is also a market of “millions” of “digitally empowered aspirational thinkers,” he said, adding, “Imagine the kind of products you can make for them.”
With the government pushing for a self-reliant India through its ‘Atmanirbhar Bharat’ campaign, India will be pursuing policies that promote efficiency, equity and resilience, he said.
“AtmaNirbhar Bharat merges domestic production and consumption with global supply chains. Atmanirbhar Bharat is not about being self-contained or being closed to the world, it is about being self-sustaining and self-generating,” he said.
During his address, the Prime Minister also reiterated that “green shoots” of recovery were visible in the country’s economy. During the Covid-19 pandemic, India had undertaken “deep structural reforms” and implemented “targeted” relief packages for the country’s poor.
Going forward, India is expected to play a “leading” role in global revival post the Covid-19 pandemic, he said. “There is faith that the story of global revival will have India playing a leading role,” he said. This was closely linked with two factors: talent and India’s ability to reform and rejuvenate.
Even during the pandemic, the country’s pharmaceutical sector has been playing a crucial role by providing access to affordable medicines, according to him. The country also has an important role to play in producing and scaling up supplies of a Covid-19 vaccine, once it is discovered, he said.
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