Newyork:25/9/19:Prime Minister Narendra Modi urged the global investors and businesses to invest in India to avail the golden opportunity arising out of its huge market, its huge infrastructure ecosystem and a growing startup ecosystem.
In his keynote address at the third edition of Bloomberg Global Business Forum in New York, Prime Minister said his government is working towards improving the business environment in the country. He said India has cut corporate tax and has done away with 50 old laws that were detrimental to the development.
Talking about the banking sector reforms, Prime Minister said that the Insolvency & Bankruptcy Code has been formulated to strengthen the banks and 377 million people have been brought under the banking sector in the last 4 years.
He said, India has opened its defence sector like never before. 90% of FDI is through automatic route now.
Mr. Modi informed the forum, India is going to invest 1.3 trillion dollars in modern infrastructure in the coming years. He said, lakhs of crores of rupees are also being spent on improving the social infrastructure of the country and new infrastructure for future generations. India is rapidly defeating poverty and moving up in the ladder, increasing the purchasing power.
He said, the 4 factors that make India reliable for investors and make India unique are – Democracy, Demography, Demand and Decisiveness.
Exhorting the business leaders present there, the Prime Minister said ‘Your technology and our talent can change the world. Your scale and our skills can speed up global economic growth.’
On this occasion, Prime Minister also interacted with philanthropist and Bloomberg CEO Michael Bloomberg and said challenge before India is nuclear energy. He said if India gets the opportunity to produce nuclear energy that will revolutionalize its power needs.
Mr. Modi also highlighted steps taken towards promoting organic farming, Ayushman Bharat scheme, Digital India and Atal Tinkering Labs. Mr. Bloomberg said that the world needs a strong India.
Bloomberg Global Business Forum meet is an annual event organized by philanthropist Michael Bloomberg every year to share the ideas and visions of global leaders from public and private sectors on key issues. The theme of the third edition of the annual event in 2019 is – Restoring Global Stability.
In continuation of his vision to attract foreign investment and expand India’s economic cooperation, Prime Minister is now holding a round table conference with the top CEOs in New York.