Prime Minister Narendra Modi will shortly chair a Virtual Global Investor Roundtable (VGIR) to market India as a lucrative investment destination to global investors. The Prime Minister will emphasise on the reforms undertaken by his government to facilitate ease of doing business in the country. The roundtable is being seen as a step towards the goal of $5 trillion economy in the times of economic turmoil. The event will revolve around the economic and investment outlook of India. Apart from the global investors top names from the Indian corporate world will also be in attendance.
Around 20 of the world's largest pension and sovereign wealth funds with total assets under management of about $6 trillion will attend the summit. These global institutional investors represent key regions including the US, Europe, Canada, Korea, Japan, Middle East, Australia, and Singapore.
At least six prominent Indian businessmen - Reliance Industries Chairman Mukesh Ambani, HDFC Chairman Deepak Parekh, Sun Pharma Managing Director Dilip Shanghvi, Infosys co-founder Nadan Nilekani, industrialist Ratan Tata, Kotak Mahindra Bank CEO Uday Kotak - will attend the virtual investors' summit. They are likely to bring their ideas to the table for making India a favourite among global investors.
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7:11 PM: Any development in India will have a multiplier effect on global growth, says PM Modi.
7:10 PM: India's growth has the potential to catalyse global economic resurgence, says PM Modi
7:09 PM: "If you want returns with reliability, India is the place to be. If you want demand with democracy, India is the place to be. If you want stability with sustainability, India is the place to be. If you want growth with a green approach, India is the place to be," says PM Modi
7:08 PM: Every sector in India is looking up, says PM Modi.
7:06 PM: Our strategy oof financial sector has also been holistic, says PM Modi.
7:03 PM: "I am conscious of your requirement to provide your funds in trust with best and safest returns. I would like to emphasise that our approach is of finding long-term and sustainable solutions for issues," says PM Modi.
7:02 PM: "India offers you democracy, demography, demand as well as diversity," says PM Modi.
7:00 PM: "India's quest to become Atma Nirbhar is not just a vision but a well-planned economic strategies that intends to use the capabilities of our businesses and skills of our workers to make India into a global manufacturing powerhouse," says PM Modi.
6:58 PM: "We are building a new India which is free of old practices. Today India is changing for the better," says PM Modi.
6:57 PM: "India has shown remarkable resilience in this pandemic, be it fighting the virus or ensuring economic stability. This resilience is driven by strength of our systems, support of our people and stability of our policies," says PM Modi.
6:55 PM: I hope that our better understanding of each other's perspective will result in better alignment of your plans and our vision, PM Modi says.
6.49 PM: Twenty institutional investors from key regions including the US, Europe, Canada, Korea, Japan, Middle East, Australia, and Singapore are scheduled to participate in VGIR 2020. If they find India an attractive investment destination, other investors from around the globe are likely to follow suit.
6:43 PM: Tax-related reforms are likely to be prominently highlighted during the investors summit. Indian government has implemented faceless assessment, substantial corporate tax cuts and similar changes to streamline tax regimes in the country.
6:34 PM: With stock markets in India back at pre-COVID levels, PM Modi might urge global investors to come to India to benefit from this recovery.
6:28 PM: With companies moving production activities out of China, PM Modi is likely to invite investors to come consider India as an alternative.
6:25 PM: PM Modi will tell them attending investors about the reforms his government has taken to facilitate ease of doing business in India. The aim of this summit is to attract investment required for moving towards the goal of making India a $5 trillion economy.
6.24 PM: PM Narendra Modi will chair a Virtual Global Investor Roundtable with representative from 20 of world's largest pension and sovereign wealth funds and top names from Indian corporate sector in attendance.