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WEF Davos Agenda: Best time to invest in India, says PM Modi

WEF Davos Agenda: Best time to invest in India, says PM Modi

During his address, Modi also called for collective action by the countries against the problems being faced by the world, including challenges posed by cryptocurrency technology.

PM Modi also mentioned asset monetisation being done by his government. PM Modi also mentioned asset monetisation being done by his government.

Prime Minister Narendra Modi on Monday said that India has carried out a host of economic reforms to improve the 'Ease of Doing Business', and told investors that this is the best time to invest in the country.
 
While delivering the 'State of the World' special address at the World Economic Forum's virtual Davos Agenda, the prime minister listed out the reforms undertaken by his government to solve the issue of retrospective tax in the country.
 
He also mentioned asset monetisation being done by his government and the large-scale infrastructure projects being carried out in India. Besides, India has simplified corporate tax and reduced more than 25,000 compliances in the last year, the prime minister said.
 
Mentioning the digital infrastructure in the country, including the CoWIN portal for COVID-19 vaccination, Modi said that India has more than 50 lakh software developers, while the country is third in the world in terms of number of unicorns. Besides, over 10,000 start-ups have been registered in the last six months.
 
"Indians have the capability to adapt to innovation and new technologies. Their spirit of entrepreneurship can provide a new energy to the global partners. That is why this is the best time to invest in India," Modi said.
 
Keeping India's view on climate change, the prime minister said that India's growth will be green, clean, sustainable and reliable. The 'throw away' culture and 'consumerism' have made climate change an even bigger issue, he said, and called for quickly moving towards a circular economy. 

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India is not only focusing on 'Aatmanirbharta', or self-reliance, but also incentivising investment and production. India is moving ahead with 'Make in India' and 'Make for the World' mantra, Modi said. He said production linked incentive schemes worth $26 billion have been approved by the government for 14 sectors.
 
Modi also called for collective and synchronised actions by all the countries to fight the challenges being faced by the world. He said supply chain disruptions, inflation and climate change are among those problems which require collective action by the countries, and also pointed out cryptocurrency.
 
"With the type of technology that is related with cryptocurrency, actions taken by any one country will not be sufficient to deal with the challenges posed by it. All the countries will need to have the same approach to it," Modi said.
 
Calling for reforms in multilateral organisations, PM Modi asked if these organisations are prepared to deal with the new world order and new challenges. Saying that the conditions today are vastly different from the time when these organisations were formed, Modi said it is the responsibility of all democratic countries to call for reforms in such organisations so that they can be made capable enough to deal with the current and future challenges.

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