Right time to come to India, Modi tells French investors

Framing India’s stable polity and the path of reform, perform and transform as key components driving national economic growth, Prime Minister Narendra Modi late on Tuesday told a gathering of top global honchos that this was the right time to come to India. He said everyone’s progress was linked to the progress of India.

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Addressing the 14th India-France CEOs Forum in the presence of French President Emmanuel Macron in Paris on Tuesday, Modi said customs structures in India had been rationalised and the country was on the path to become the world’s third largest economy.

“We have established a stable polity, and predictable policy ecosystem. Following the path of reform, perform and transform, today India is the fifth largest economy in the world. It is the fastest growing major economy in the world. It will soon become the world’s third largest economy. India’s skilled young talent and innovation spirit are our identity on the global stage,” he said, pitching India as a preferred global investment destination and lauding Indian and French industrialists for powering ties between the two nations.

Modi flagged AI, semiconductor and quantum missions; space technology opened for the FDI, infrastructure as potential investment segments.

He said India’s public expenditure on infrastructure was more than $114 billion a year with the target of 500 Gigawatts of renewable energy by 2030 for which solar cell manufacturing was being promoted.

“By 2047, we are aiming for 100 Gigawatts of nuclear power. The sector is being opened up to the private sector,” Modi told the French industry, referring to the recent Budget announcement on amendments to the Atomic Energy Act for enabling private entry.

Modi said India had rationalised more than 40,000 compliances and to promote trust-based economic governance, a committee for regulatory reforms had been formed.

“Customs rate structure has been rationalised,” the PM added, inviting French CEOs to invest in advanced technology, fintech, pharma, agriculture, aviation and space.

Modi met Google CEO Sunder Pichai at the CEOs’ forum and discussed AI potential for the country. The Indian-origin Alphabet Inc. CEO also discussed how Google and India can work together on the country’s “digital transformation”.