Modi beckons global firms with investment-friendly environment
   Date :10-Jul-2020

Prime Minister Narendra M
 
 
NEW DELHI ;
 
Green shoots of economic revival are already visible in India that is coming out of coronavirus lockdown 
 
WOOING global companies, Prime Minister Narendra Modi on Thursday said Asia’s third-largest economy is one of the most open in the world and offers investment friendly, competitive business environment and immense opportunities. Speaking at the India Global Week 2020, he said green shoots of economic revival are already visible in India that is coming out of coronavirus lockdown.
 
“India remains one of the most open economies in the world. We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities India does today,” he said. He listed recent reforms in agriculture as well as those in defence and space sectors to seek global capital. “We are making the economy more productive, investment-friendly and competitive,” he said. “There are many possibilities and opportunities in various sunrise sectors in India.” Reforms in the agriculture sector provide a very attractive investment opportunity to invest in storage and logistics, he said. “We are opening the doors to investors to come and invest directly.”
 
Also, reforms have been brought in the small, micro and medium enterprises (MSME) sector, which will complement big industries. “There are investment opportunities in the defence sector,” he said, referring to opening up of certain parts of defence manufacturing to the private sector. Also, there are opportunities for private investment in space sector. “This will mean greater access to commercial use of space tech for the benefit of people,” he said. Modi said the talk of global economic revival after the pandemic is often linked to the revival of the Indian economy. Indians, he said, have the spirit to achieve what is believed to be impossible. “No wonder that in India, we are already seeing green shoots when it comes to economic recovery.” “When India talks of revival it is a revival with care, revival with compassion, a revival which is sustainable - both for the environment and the economy,” he said.
 
“On the one hand, India is fighting a strong battle against the global pandemic. With an increased focus on people’s health, we are equally focused on the health of the economy.” History, he said, has shown that India has overcome every challenge, be it social or economic. During the last six years, India has made great gains in areas such as financial inclusion, housing and infra construction, ease of doing business and bold tax reforms like the GST, he said.