New Delhi, October 09: "India is undisputedly the only country shining in all their investment parameters like having political stability, investment-friendly policies, transparency, skilled talent pool, and a large market," Prime Minister Narendra Modi said on Thursday. He further added there is an opportunity for everyone including Institutional Investors, manufacturers, supporters of innovation ecosystems, and infrastructure companies.
Addressing the Invest India Conference in Canada through video conferencing Modi hailed the trinity reforms in the field of labor, education, and agriculture and, asserted that India undertook structural reforms amidst the global pandemic to usher in revolutionary changes in the country.
PM Modi said India has ensured reforms of old laws in the field of labour and agriculture adding, they ensure greater participation of the private sector adding, that while it also strengthening the government’s safety nets and will lead to a win-win situation for entrepreneurs as well as for our hard-working people. Highlighting India's resilience, Prime Minister said that the country has emerged as a land of solutions at a time when the whole world has been reeling under the effects of the pandemic.
While explaining how India's story is growing stronger by listing the initiatives of the Government in creating a business-friendly environment he listed initiatives like liberalizing the FDI regime, creating a friendly tax regime for Sovereign Wealth and Pension Funds, bringing significant reforms for developing a robust Bond market, Incentive schemes for Champion sectors. He said schemes in sectors like Pharma, Medical Devices, and Electronics Manufacturing are already in operation. He added for ensuring high-level attention and effective hand-holding for investors, a dedicated Empowered Group of Secretaries has been formed.
Underlining that India is undergoing a rapid change in mindsets as well as markets he said, India has risen from 81 to 48 in the Global Innovation Index rankings and risen from 142 to 63 in the World Bank’s Ease of Doing Business rankings in the last 5 years. Prime Minister said due to these improvements, India received around USD 70 Billion from Institutional Investors between January 2019 to July 2020. This is almost equal to that received in four years between 2013 and 2017. He stressed that continuing confidence of the global investor community in India is seen by the fact that FDI into India went up by 20% in 2019 when global FDI inflows fell by 1%.
Prime Minister said the reforms in the labour laws greatly reduce the number of Labour codes and are both employee and employer-friendly and will further increase ease of doing business. He further added that the reforms in the field of agriculture are far-reaching and will not only give more choice to farmers but will boost exports. He said these reforms will support our efforts to build an AatmaNirbhar Bharat or self-reliant India and by working towards self-reliance, we seek to contribute to global good and prosperity. He highlighted that India is the place to partner in the field of education, to invest in manufacturing or services, and to collaborate in the field of agriculture.
Talking about bilateral ties between two countries, he said the ties are driven by shared democratic values and many common interests. He said the trade and investment linkages between us are integral to our multifaceted relationship. He highlighted that Canada is home to some of the largest and most experienced infrastructure investors. He said Canadian Pension Funds were the first ones to start investing directly in India. Many of them have already discovered great opportunities in a range of areas like highways, airports, logistics, telecom, and real estate.