On Thursday, Indian Prime Minister Narendra Modi chaired the “Virtual Global Investor Roundtable,” which was organised by the Ministry of Finance and the National Investment and Infrastructure Fund. During the conference, he addressed the Chief Executive Officers and Chief Investment Officers of twenty of the world’s “largest pension and sovereign wealth funds” from “the United States, Europe, Canada, Korea, Japan, Middle East, Australia and Singapore.” This included Ontario Pension, Japan Post Bank and Australian Super and Future Fund. In this coming two weeks, PM Modi will also meet representatives of the funds for one-on-one discussions.
On Monday, speaking about the meeting, Finance Minister Nirmala Sitharaman, who was also an attendee of the event, said that 7000 projects that are a part of the National Investment Pipeline will “form the basis of investment by these funds.”
During the meeting, he discussed the economic structural reforms that have been adopted by India to further its USD 5 trillion economy vision. Prime Minister Modi spoke of an Indian economy that was “free of old practices,” which he believed to be driving India into emerging as one of the “world’s preferred investment destinations.” Speaking of his “Aatmanirbhar Bharat” plan, he said that it was “not just a vision but a well-planned economic strategy” that aims to use India’s production capabilities and skilled labour to become a “global manufacturing powerhouse.”
Further, calling upon the funds to pursue foreign investments in the country, he said that India was the ideal market for investors who wanted “returns with reliability” as India provided a unique market of “demand with democracy.” He added, “A strong and vibrant India can contribute to stabilisation of the world economic order and we would do whatever it takes to make India the engine of global growth resurgence.”
The Modi administrations vision to make India the hub for foreign investment has been brewing for some time now. After a three-year stagnation in the Foreign Direct Investments at USD 60 billion, in 2019-2020 India saw it rise to USD 73.4 billion. In a drive to attract foreign investments, earlier this year, India announced tax exemptions for long-term funds that were investing in infrastructure. Moreover, last year, the Modi-led government also announced a significant cut to corporate tax rates in a bid to make investment opportunities in India competitive with its Southeast Asian counterparts. Further, in July, speaking at the India Global Week, Narendra Modi spoke of his decision to reform the country’s economy to welcome foreign investments.
PM Narendra Modi Appeals to Global Investors as India’s Economy Takes a Positive Turn
During the meeting, he discussed the economic structural reforms that have been adopted by India to further its USD 5 trillion economy vision.
November 6, 2020
SOURCE: DNA