Prime Minister Narendra Modi has pitched India as the best investment destination across the globe.
The PM said, “India is becoming a leading attraction for foreign investment as it offers affordability of geography, reliability and political stability.” He further added that India offers transparent and predictable tax regime.
He was delivering Special Key Note Address at the US-India 2020 Summit of the US-India Strategic Partnership Forum (US-ISPF) – a non-profit organisation working for the partnership between India and the US.
The 5-day-long Summit began on 31 August with the theme “US-India Navigating New Challenges.”
It is pertinent to mention here that India received over US $ 20 billion of foreign investment this year. FDI into India rose by 20 per cent in 2019, when the global FDI inflows fell by 1 per cent and this shows the success of our FDI regime.
Speaking about the significance of FDI in driving growth and how India is tackling both demand and supply side of it, the Prime Minister said that this is being done by making India one of the lowest tax destinations across the globe, with further incentive for new manufacturing units. He also referred to the boosting of the rail, road and air connectivity.
He expressed his happiness that India’s business community, especially the small business, has been proactive. “Starting from almost nothing, they have made us the second largest PPE kit manufacturer in the World,” he said.
He also highlighted that the work is actively underway on the world’s largest housing programme and that the renewable energy infrastructure is being expanded.
The Prime Minister referred to the Insolvency and Bankruptcy Code which reduces risk for the entire financial system. He also dwelt on the Comprehensive Labour Reforms that reduce compliance burden for employers and how it provides social security protection to the workers.
