Prime Minister Narendra Modi on Wednesday invited the global business community to invest in India, saying that his government’s recent move on corporate tax cut has created a golden opportunity for investment. He also promised more measures to improve the business climate while addressing the Bloomberg Global Business Forum in New York.
“If you want to invest in a market where there is scale, come to India… If you want to invest in start-ups with a huge market, come to India…If you want to invest in one of the world’s largest infrastructure ecosystem, come to India,” he told global corporates. He also said that the country is investing heavily in developing infrastructure.
— Narendra Modi (@narendramodi) September 25, 2019
Earlier this month, the government had reduced the effective corporate tax rate to 25.17 per cent from nearly 35 per cent, thus bringing India at par with major global economies on the taxation front.
The PM said that USD 1 trillion has been added to the economy in the last 5 years, adding that the government has set a target for 5 trillion economy in the next five years. Further encouraging the companies to invest in India, he said that democracy, political stability, predictable policy, and independent judiciary guarantee investment.
“India will continue tax reforms,” he said. On Foreign Direct Investment, he said, “India got USD 286 bn FDI in last five years, which is half of what it got in previous 20 years.”
The PM also spoke on the energy sector, saying that 120 GW out of 175 GW renewable energy target has been achieved. He said the government is targeting 450 GW in the near future.
He further told the gathering that India is rapidly modernising its cities and equipping them with the latest technology and citizen-friendly infrastructure. “Thus if you want to invest in urbanisation, come to India,” he was quoted as saying by PTI. He said India has also opened its defence industry “like never before” and sought investments in the sector.
Modi also sought investments in the defence sector, saying India has opened its defence industry “like never before.” To improve business sentiment, the Modi government in its second term has also repealed 50 laws to improve ease of doing business, the news agency said.
“We have taken numerous decisions to increase investors confidence including scraping of 50 old laws which were coming in way of development,” he said. “This is just the beginning. We have a long innings ahead. The world business has a golden opportunity to partner with India in this journey.”
While pitching India as ‘the’ investment destination, he said democracy and an English-based judicial system gives added confidence to investors as there would be no problem of interpretation.
The government is looking at investing Rs 100 lakh crore in building new airports, railway lines, electrification, laying new roads and giving houses to all. “Infrastructure is a priority,” Modi emphasised.
-With PTI inputs