Updated: July 9, 2020 3:39:03 pm
In a bid to attract foreign investment in India, Prime Minister Narendra Modi Thursday said there is faith that the story of global revival from the coronavirus pandemic will have India playing a leading role.
Addressing the India Global Week 2020 event, PM Modi said India’s talent-force and her ability to reform and rejuvenate are the two key factors that will contribute to global revival. He said amid the pandemic, the government has focused on revival, which is compassionate and sustainable— both for the environment and the economy. “On the one hand, India is fighting a strong battle against the global pandemic. With an increased focus on people’s health, we are equally focussed on the health of the economy,” he said.
Despite the momentary slowdown due to the lockdown, PM Modi said, the country’s economy is on the track of revival and is already witnessing “green-shoots”. “In these times, it is natural to talk about revival. It is equally natural to link global revival and India. There is faith that the story of global revival will have India playing a leading role,” he said.
Talking of reforms, the Prime Minister said during the last six years, his government has introduced total financial inclusion, record housing, and infra construction, ease of doing business, bold tax reforms including the GST among others.
“Thanks to technology, every penny has reached the beneficiaries directly. The relief includes: providing free cooking gas, cash in the bank accounts, free food grains to millions of people, and many other things,” he said.
Calling India “one of the most open economies in the world”, PM Modi said his government is 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 India does today,” he said.
“There are many possibilities and opportunities in various sunrise sectors in India. Our reforms in agriculture provide a very attractive investment opportunity to invest in storage and logistics,” PM Modi said.
He also pointed out investment opportunities in the MSME sector, defence sector, and the private investment opportunities in the space sector, which will enable commercial use of India’s advanced space tech.
The PM also heaped praise on the country’s pharma sector, saying it is an asset not just for India but for the entire world. “It has played a leading role in reducing the cost of medicines especially for developing countries,” PM Modi said.
On the government’s Atma Nirbhar Bharat (Self-reliant India) initiative, PM Modi said it is not about being self-contained or being closed to the world. “It is about being self-sustaining and self-generating,” he added.
“India is ready to do whatever it can to further global good and prosperity. This is an India that is reforming, performing and transforming,” he said.
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