Introducing with treasury of golden opportunities ‘India’, PM Modi delivers keynote address at Saudi Arabia's Future Investment Initiative Forum

Riyadh, October 29: Today during his visit to Saudi Arabia, Prime Minister Narendra Modi addressed the third session of Saudi Arabia's Future Investment Initiative Forum where he talked about India's economy, its challenges and opportunities for equitable growth and prosperity.

 

During the address, PM Modi said that the purpose of this forum is not just to discuss the economy here but also to understand the emerging trends in the world and find ways for world welfare in it.

“India has set a target of doubling its economy to $ 5 trillion in the next five years. Today in India, if we want to speed up development, then we have to understand the emerging trends,” PM Modi continued.

He also added that today, India has become the third-largest startups' ecosystem in the world. Many of our startups are investing globally. There have been many reforms in the last five years, FDI investment of $ 286 billion in India

PM Modi said, “Today, an eco-system from research and development to tech-entrepreneurship is being prepared in India. The results of our efforts have also started coming.”

He also said that Infrastructure is an opportunity multiplier. Infrastructure gives businesses huge investment opportunities. So for the growth of business and other infrastructure is necessary. Today we do not think about infrastructure in silos but our effort is an integrated approach. We have also dramatically increased our speed and scale of building infrastructure. The growth of infrastructure in India will be in double-digit, and there is no possibility of capacity saturation. Due to this, investors will also be assured of returns.

Highlighting on One Nation One Power Grid, PM Modi said that we are integrating India's infrastructure with such efforts as One Nation One gas grid, and One Water grid, One Nation One Mobility Card, One Nation One Optical Fiber Network.

 

On increasing investment in gas and oil infrastructure in India, PM Modi said, “By the year 2024, we aim to invest up to 100 billion dollars in refining, pipelines and gas terminals.”

He also said that Comparing India's tax structure with the best tax structure in the world today abolished over 1500 old laws; 350 million people were added to the bank. DBT Saves $ 20 Billion, Launches Ayushman Bharat, and World’s Largest Healthcare Program.

“Be it Insolvency and Bankruptcy Code or a taxation system by country, we have made difficult decisions. Today India is comparable with tax structure and IPR business regimes,” said PM Modi.

Talking further, PM Modi said that India has been consistently doing better in the global ranking. 10 Rank Jump in Logistics Performance Index; 24 number improvements in Global Innovation Index. We were 142 in the World Bank's Ease of Doing Business Index since 2014. Rising above that, today we are at 63rd number in 2019.