Presenting ‘New India’ as the most investor-friendly economies in the world, PM Modi inaugurates the 3rd annual meeting of AIIB in Mumbai
Mumbai, June 26: Positioning India at the top with initiating it as one of the most investor-friendly economies in the world, Prime Minister Narendra Modi inaugurated the third annual meeting of the Asian Infrastructure Investment Bank in Mumbai. Believing that both, India and AIIB coming together and working for macroeconomic stability, the collaboration would attract a wide range of investors in the growing economy.
Terming the role India plays in attracting investment; Prime Minister Modi said that the Indian story of economic revival closely mirrors that of many other parts of Asia. The mainland finds itself at the center of global economic activity & has become the growth engine of the world. In fact, we are now living through what many terms as the ‘Asian Century’.
Prime Minister Narendra Modi being the Guest of Honour for the AIIB meeting, ‘A’ listed out all the areas where foreign investment is required, institutional handholding on a multilateral basis is required in boosting infrastructure and necessary to upgrade the living standards of the people through digital connectivity. The ambitious Ayushmaan Bharat which has been just launched where 100 billion people will be getting medical assurance has begun and sustains in having a long-term benefit for the people. Also, an important point slated by the Prime Minister was that of the interest rates.
Making it one of the major take away, PM Modi said that the interest rate should be made reasonable and sustainable. Positioning India as the best market area of investment and in boosting the infrastructure development, PM Modi emphasized saying that they are applying novel Public Private Partnership models, Infrastructure Debt Funds, and Infrastructure Investment Trusts to fund infrastructure.
Availing the need of attracting investors, PM Narendra Modi said that looking at a long-term effect India has performed well in terms of the perspective of the larger scale of operations & higher value addition, an investor is also attracted by a large domestic market size, availability of skilled labor & good physical infrastructure.
Pertaining to the increasing FDI flow, PM Modi said that from the foreign investor’s perspective, India counts as an extremely low-risk political economy. Simplifying the business reforms, the government has brought reliability, transparency in the working pattern. Apart from that, the government has also set a target of constructing capacity of 175 GW of renewable energy by the year 2022. Of this, the solar energy capacity will amount to 100 GW. Along with this, the government has added more capacity to renewable energy than conventional energy in 2017.
Increasing investment in the Agriculture department as it is the lifeblood of the Indian economy, the government has been promoting investments in warehouses and cold chains, food processing, crop insurance & allied activities. Along with this, they are promoting micro-irrigation to ensure optimal use of water with increased productivity.
Lastly, Prime Minister Modi presents the ‘New India’ that stands on the pillars of economic opportunity for all, knowledge economy, holistic development, and futuristic, resilient and digital infrastructure.