India's aspiration to become self-reliant will reinvigorate globalism, stated Prime Minister Narendra Modi during his special address at the viral Davos Agenda Summit by the World Economic Forum (WEF). He exuded confidence that India's 'Atmanirbhar Bharat' initiative will receive support from the Fourth Industrial Revolution.
"The Atmanirbhar Bharat campaign we are running today is fully committed to global good and global supply chain. India has the capacity and the capability, as well as reliability to strengthen global supply chain. India has a very large consumer base and the more it expands, the more it will benefit global economy," PM Modi said.
Wooing corporate leaders attending the special address, PM Modi emphasised that India has implemented several reforms that have created conducive environment for business and investments.
"Even in this time of coronavirus, India has accelerated the pace of structural reforms in almost every sector. These reforms are being supported by production linked incentives. Now there is a predictable and friendly environment in India, from tax regime to FDI norms," the Prime Minister said. "India is making efforts to improve ease of doing business. On top of that, India is also matching pace of achieving the goals of climate change with its growth."
Responding to Siemens CEO Joe Kaeser during the interactive session, the Prime Minister stated that making India a manufacturing and export hub is a big part of the government's vision.
"Government has continuously implemented several major measures to boost manufacturing in India. To this end, corporate tax has been cut to 15 per cent for new manufacturing units. GST rates have been reduced. Tax structure has been simplified through GST and faceless assessment. Labour laws have been reformed," Modi said.
In response to ABB CEO Bjorn Rosengren, Modi listed out the ongoing infrastructure projects in the country. He further informed that projects worth $1.5 trillion will be implemented in the country in the next five years under the National Infrastructure Pipeline.
To Mastercard's Ajay Banga, Modi explained the massive financial inclusion that has taken place in the country in recent times and how digital economy can MSME sector. In a reply to an observation from Arvind Krishna of IBM, the prime minister emphasised the depth of digital India.
Modi said that the country's digital profile has been completely transformed. The government's vision is to transform the country through access, inclusion and empowerment while ensuring the privacy of the user. To Nobuhiro Endo, Chairman of the Board, NEC Corporation, Modi explained India's approach towards the opportunities created by urbanisation.
"India is focussing on sustainable urbanisation with focus on ease of living, ease of doing business and climate-sensitive development. This commitment has led to $150 billion investment... in urban India from 2014 to 2020,"Modi said.
(With PTI inputs)