Modi pitches for FDI, sets $100 bn target in 2 years

Tribune News Service

New Delhi, December 19

Prime Minister Narendra Modi once again packaged India as an attractive investment destination due to its low tax rates, sharp reduction in red-tapism and emergence of digital infrastructure.

Addressing entrepreneurs with Assocham industry chamber through video-conferencing on Saturday, the Prime Minister juxtaposed the situation now and earlier to make the case for foreign funds to invest in India.

Pointing out that the sentiment about investing in India has changed, the Prime Minister said there was a time when the circumstances forced people to ask ‘Why India’? The reforms that have now taken place are so visible that people are saying ‘Why not India’? The PM said this was true for India’s start-up infrastructure as well as labour laws and the legal set-up.

The PM Modi has been speaking nearly every day at industry conventions and conferences with overseas entrepreneurs as the government seeks to draw $100 billion worth of FDI inflow in the next two years.

Unlike at FICCI earlier this week, PM Modi dwelt briefly on the agriculture sector where reforms brought by his government six months back has started benefiting farmers.

Besides investment, the Prime Minister also spoke on the need for the private sector to increase investment in research and development (R&D). He wanted more funds for R&D to sectors such as agriculture, defence, space, energy and construction.

India, Vietnam summit tomorrow

PM Narendra Modi will hold a virtual summit with his Vietnamese counterpart Nguyen Xuan Phuc on December 21. During the summit, the two leaders will exchange views on wide-ranging bilateral, regional and global issues and provide guidance for the future development of India-Vietnam Comprehensive Strategic Partnership, said a PMO news release. TNS

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