Prime Minister Narendra Modi, during Virtual Global Investor Roundtable on Thursday, said the government will do whatever it takes to make India the engine of global growth resurgence. He said there has been a 13 per cent rise in FDI inflows in the last 5 months compared to last year and that Atma Nirbhar Bharat is not just a vision but well-planned economic strategy. PM Modi said the COVID-19 pandemic has brought out a sense of responsibility, compassion, national unity and the spark of innovation among Indians.
Here are key points raised by PM Modi during the Virtual Global Investor Roundtable:
- Prime Minister Narendra Modi said India has shown remarkable resilience amid the pandemic by fighting the virus and ensuring economic stability. He attributed this resilience to the strength of the systems in India, support of the people and stability of the government's policies.
- The Prime Minister said India's quest to become Atma Nirbhar is not just a vision but a well-planned economic strategy. "It is a strategy that aims to use the capabilities of India's businesses and skills of its workers to make India into a global manufacturing powerhouse. It aims to use the country's strength in technology to become a global centre for innovations and aims to contribute to global development using its immense human resources and their talents," he said.
- PM Modi said investors are moving towards companies which have a high environmental, social and governance (ESG) score. He said India believes in following the path of growth with equal focus on ESG.
- The PM also said India offers the investors democracy, demography, demand as well as diversity. "Such is our diversity that you get multiple markets within one market. These come with multiple pocket sizes and multiple preferences. These come with multiple weathers and multiple levels of development," he added.
- The PM explained how the government's approach to finding long-term and sustainable solutions gels well with the investor's requirement. "We have taken multiple initiatives to improve our manufacturing potential, we ushered in One Nation One Tax system in the form GST, one of the Lowest Corporate Tax rates and added incentive for new manufacturing, Faceless regime for IT assessment and appeal, a new labour laws regime balancing the welfare of workers and ease of doing business for the employers. Production Linked Incentive schemes in specific sectors and empowered institutional arrangement to handhold investors," PM Modi added.
- India has an ambitious plan to invest $ 1.5 trillion under the National Infrastructure Pipeline, he said, adding the country has embarked on a massive infrastructure building spree of highways, railways, metros, water-ways, and airports. Millions of affordable houses for the neo-middle class are also planned. He called for investments not just in big cities but in smaller cities and towns too.
- Elaborating on the government's strategy for the financial sector, the PM said the Centre had taken major initiatives like comprehensive banking sector reforms, strengthening of financial markets, unified authority for the International Financial Services Centre, fin-tech based payment systems like BHIM-UPI, among others.
- Digital innovation has always been at the centre of government policies, he said, adding that India has one of the largest numbers of start-ups and unicorns in the world.
- The Prime Minister also highlighted the recent reforms in agriculture has opened up new possibilities to partner with the farmers of India. He said India would soon emerge as an agriculture export hub, with the help of technology and modern processing solutions.
- PM Modi assured investors that said India is the place to be if one wants returns with reliability, demand with democracy, stability with sustainability and growth with a green approach. He assured them the government will do whatever it takes to make India the engine of global growth resurgence.