India undergoing rapid change in mindsets as well as markets: PM Modi’s pitch to Candian businessmen
Prime Minister Narendra Modi on Oct 8 made a strong pitch to the Canadian business community for investments in India citing the country’s ‘tax-friendly regime’ as he delivered the keynote at Invest India Conference in Canada.
During the virtual address, aimed to provide a first-hand perspective of the opportunities to invest in India and showcase India as an investment destination, PM Modi stressed on how India emerged as a land of solutions even during the Covid-19 pandemic.
Asking what does the business community looks for before investing in a country, the Indian PM highlighted: “Does the country have a vibrant democracy? Does the country have political stability? Does the country have investment & business-friendly policies? Does the country have a skilled talent pool? The undisputed answer to all these questions is one: India.”
Modi said India emerged as a land of solutions even in this pandemic situation.
“In the post-Covid world, you will often hear of various kinds of problems. Problems of manufacturing, problems of supply chains, problems of PPE, etc. However, India has not let those problems be. We showed resilience and emerged as a land of solutions,” said the PM.
He said that India is playing the role of the pharmacy in the world.
“We have provided medicine to around 150 countries so far. During March-June of this year, our agricultural exports rose by 23%. This happened while the entire country was in a stringent lockdown,” Modi said.
Speaking about the tax policy, PM Modi said: “The India story is strong today and stronger tomorrow. Today, the FDI regime has been very well liberalized. We have created a friendly tax regime for Sovereign Wealth and Pension Funds. We have undertaken significant reforms for developing a robust Bond market,” he said.
“We are proactively monetizing assets across sectors- Airports, Railways, Highways, Power Transmission lines, etc. Real Estate Investment Trusts (REIT) & Infrastructure Investment Trusts (InvITs) have been fully enabled for monetization of assets,” the PM informed.
He said today India is undergoing a “rapid change in mindsets as well as markets.”
“Today, India has embarked on a journey of deregulation and decriminalization of various offenses under the companies act,” the Indian PM assured.
Highlighting various investment opportunities, Modi said: “India has adopted a unique approach posed by the Covid-19 pandemic. We have given relief & stimulus package for the poor and the small businesses. We have also used this opportunity to undertake structural reforms.”
In a direct pitch for investment to the Canadian business community, the prime minister said: “If you are looking to partner in the field of education, the place to be is India. If you are looking to invest in manufacturing or services, the place to be is India. If you are looking to collaborate in the field of agriculture, the place to be is India.”
“Canada is home to some of the largest & most experienced infrastructure investors. Canadian Pension Funds were the 1st ones to start investing in India. Many of them have already discovered great opportunities in a range of areas like highways, airports, logistics” the PM added.
First published in India Blooms