Prime Minister Narendra Modi has made a fervent pitch to attract foreign investments across sectors - infrastrucutre, financial services, agriculture, education, health, start-ups and technology - at a Virtual Global Investor Roundtable on November 5 evening.
Addressing 20 of the world's largest pension and sovereign wealth funds with a total Assets Under Management of about $6 trillion, Modi said that India's growth has the potential to catelyse global economic resurgence and any achievements by India will have a multiplier impact on world's development and welfare.
On investment opportunities in manufacturing, Modi said India's quest to become 'atmanirbhar' is not just a vision, but a well planned economic strategy that aims to use the capability of Indian businesses and skills of Indian workers to make the country a global manufacturing powerhouse.
"We have an ambitious plan to invest dollors $1.5 trillion under the national infrastructure pipeline. A pioneering multi-model connectivity infrastrucutre masterplan is being finalised. India has embarked on a massive infrastrucutre building spree of highways, railways, metros, waterways, airports, across the country. We are building millions of affordable houses for the new middle class. We want investment not just in big cities but smaller cities and towns too," the Prime Minister said.
The global institutional investors attending the virtual round table represent key regions including the US, Europe, Canada, Korea, Japan, Middle East, Australia, and Singapore.
Modi showcased India's GST, low corporate tax rates, incentives for new manufacturing, faceless regime for income tax assessment and appeal, new labour law regime, banking sector reforms, liberal FDI regime, etc as suitable policy regimes for investors. He also calles for investments in vehicles like infrastructure investment trust and real estate investment trust. India's large start-up ecosystem also found mention.
"Today investors are moving towards companies which have high environmental, social and governance score. India already has systems and companies which rank high on this," Modi said.
Highlighting India's democracy, demography, demand as well as diversity as major attractions, he invited investors to avail the benefits of multiple markets within one market, multiple weather and multiple levels of development. "This diversity also comes with open minds and open markets in a democratic, inclusive and law abiding system", he said.
Modi emphasised that India's long-term and sustainable development needs gel perfectly well with the requirements of large funds to invest in projects that ensure the best and safest long term returns. The opportunity to own stake in public sector enterprises through the strategic disinvestment and monetisation of asset programmes of the government were also highlighted as investment opportunities. Policy changes allowing private participation in new sectors like coal, space, atomic energy, railways, civil aviation and defence were highlighted.
If you want returns with reliability, India is the place to be, Modi said.
Apart from global investors, the programme also has the participation of several top Indian business leaders.