Best time to invest in India: PM Modi at Davos forum

Tribune News Service

New Delhi, January 17

Prime Minister Narendra Modi today told a gathering of world's business and political leaders that this was the best time for investment in India.

Pointing out that in the economic arena India was moving forward with some encouraging results, he said a strong democracy like India was bringing to the world a “beautiful gift”. The PM was delivering an online special address at the Davos World Economic Forum.

The gift, he said, was “a bouquet of hope” even as India was battling yet another wave of Covid pandemic with the right circumspection and caution. “There was a time when India was recognised for its licence raj. But the present government understands the difficulties faced by businesses and has been constantly trying to remove all such challenges. Today, the ease of doing business has been increasing, government interference has reduced and corporate tax rates have been cut to make these more competitive in the world. These deepening economic reforms are another big reason why India is the most attractive destination,” he said.

Green, clean growth

Today India is making policies for next 25 years. This period of growth will be green, clean, sustainable and reliable. We will fulfil all expectations. —Narendra Modi, PM

Just like expatriate Indians were displaying their skills on the global stage, the youth in India were ready to take “your businesses to new heights”, said the PM while listing insurance, defence, banking and space as sectors that had been deregulated and where overseas companies ought to invest.

The Prime Minister gave a detailed overview of the reforms so far such as reducing 25,000 compliance-related norms, scrapping retrospective taxation and in general restoring the confidence of the industry. “The geospatial mapping space has been deregulated and outdated regulations scrapped in the IT and BPO sectors. India is committed to becoming a trusted partner in the global supply chain,” he added.

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