NEW YORK: Pitching for blending global technology with Indian talent, Prime Minister Narendra Modi sought big-ticket investment from the international business community to spur his dream project of creating a $5 trillion economy.
Come to India – this was Modi’s overarching message to the crème de la crème of the global business world at the Bloomberg Global Business Forum (GBF).
“India is waiting for you. India is the only destination for you,” PM Modi said in his keynote address at the GBF in New York on September 25. “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 the global business elite.
“Your desires and our dreams match perfectly, your technology and our talent can change the world,” Mr Modi said. Modi highlighted robust democracy, political stability, independent judiciary in India attract global investors.
India got $286 bn FDI in last five years, which is half of what it got in previous 20 years, he said.
Mr Modi underscored that the historic reduction in corporate tax rates by his government creates a golden opportunity and promised more measures to improve business climate.
Ahead of his trip to the US, the Modi government had reduced the effective corporate tax rate to 25.17 per cent from nearly 35 per cent, bringing India at par with major world economies in so far as taxation is concerned.
“Today, there is a government in India that is working towards improving the business environment in the country. India’s decision to cut corporate tax has sent a positive message”, he said.
Unveiling his vision of smart urbanisation, Mr Modi said that India is rapidly modernising its cities, and equipping them with latest technology and citizen friendly infrastructure. “Thus if you want to invest in urbanisation, come to India,” he said.
Raising the bar, Mr Modi said that India is going to spend around $1.3 trillion on creating world-class modern infrastructure “In the coming years, we are going to spend around 1.3 trillion dollars on modern infrastructure in India. Also, lakhs of crores of rupees are being spent on the social infrastructure of the country,” the Prime Minister said during his address at the Bloomberg Global Business Forum.
There is a government in India which respects the business world and values wealth creation, he said, adding the government has been taking big and hard decisions to improve business environment.
“Let me tell you, the new government is only three-four months old. I want to assure that this is only the beginning. Still there is a long way to go. In this journey we want to partner with the global business community. This is a golden opportunity for you,” said the 69-year-old Indian leader.
(Manish Chand is Founder-CEO and Editor-in-Chief of India Writes Network and India and World, a pioneering magazine focused on international affairs. He is in New York to report on and analyse the 74th session of the UNGA and PM Modi’s visit to the US)
- Manish Chand is Founder-CEO and Editor-in-Chief of India Writes Network (www.indiawrites.org) and India and World, a pioneering magazine focused on international affairs. He is CEO/Director of TGII Media Private Limited, an India-based media, publishing, research and consultancy company.
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