India's commitment to deep economic reforms making it most attractive destination for investment: PM Modi at Davos Agenda
Jan 17, 2022
New Delhi [India], January 17 : Prime Minister Narendra Modi said that India's commitment to deep economic reforms is a major reason that makes it the most attractive destination for investment today.
"During the Corona period, when the world was focusing on interventions like Quantitative Easing Program, India paved the way for reforms. The biggest projects to modernize digital and physical infrastructure were given unprecedented momentum in the Corona era itself," said PM Modi while addressing the World Economic Forum's Davos Agenda virtually on Monday.
"India's commitment to deep economic reforms is another major reason that is making India the most attractive destination for investment today," he added.
The Prime Minister also said that India is committed to being a trusted partner of the world in global supply chains. "We are making avenues for free-trade agreements with many countries."
"There was a time when India was identified with the license raj. Most of the things were controlled by the government. I understand the challenges for business in India. We are constantly trying to overcome every challenge.
"Today India has the third-largest number of Unicorns in the world. More than 10,000 start-ups have been registered in the last 6 months," said PM Modi.
Emphasising that India is promoting Ease of Doing Business, minimizing government intervention, PM Modi said that India has made it the most competitive in the world by simplifying, reducing its corporate tax rates. "Last year alone, we have reduced more than 25,000 compliances."
"Indians have the capacity to adopt innovation and new technology and their spirit for entrepreneurship could give new energy to our global partners. So this is the best time to invest in India," he added.
Noting that entrepreneurship among Indian youth is at a new high today, PM Modi said that in 2014 where there were a few hundred registered startups in India. "Currently, their numbers have crossed 60,000."
"India also has more than 80 unicorns, of which more than 40 were made in 2021 itself," added PM Modi.
Pointing out that while following the path of self-reliance, the Prime Minister said that India's focus is not only on easing the processes but also on incentivizing investment and production.
"With this approach, USD 26 billion worth of Production-Linked Incentive schemes have been implemented in 14 sectors today."
Further, PM Modi said that India is making policies, taking decisions regarding the present as well as the goals of the next 25 years.
"In this period, India has set the goals of high growth, a saturation of welfare and wellness. This period of growth will also be green, it will also be clean. It will also be sustainable, it will also be reliable," he added.
