Mera Saansad
Search Search
English language

PM chairs Virtual Global Investor Roundtable

Published By : Admin | November 5, 2020 | 19:01 IST
India has shown remarkable resilience in this pandemic, be it fighting the virus or ensuring economic stability: PM
India offers Democracy, Demography, Demand as well as Diversity: PM Modi
If you want returns with reliability, India is the place to be: PM Modi

Prime Minister Shri Narendra Modi chaired Virtual Global Investor Roundtable today.

Addressing the roundtable, the Prime Minister said through this year, as India bravely fought the global pandemic, the world saw India’s national character and India’s true strengths. He said the pandemic has successfully brought out traits like a sense of responsibility, a spirit of compassion, national unity and the spark of innovation, for which Indians are known for.

The Prime Minister remarked that India has shown remarkable resilience in this pandemic, by fighting the virus as well as ensuring economic stability. He attributed this resilience to the strength of the systems in India, support of the people and stability of the Government's policies.

The Prime Minister said New India is being built which is free of old practices and today,  India is changing for the better. He added India’s quest to become AatmaNirbhar is not just a vision but a well-planned economic strategy. He stressed it is a strategy that aims to use the capabilities of India’s businesses and skills of its workers to make India into a global manufacturing powerhouse. Shri Modi said it aims to use the country’s strength in technology to become a global centre for innovations and aims to contribute to global development using its immense human resources & their talents.

The Prime Minister said today, investors are moving towards companies which have a high Environmental, Social & Governance (ESG) score. He showcased India as a nation with such systems in place and with companies ranking high on ESG score. He said India believes in following the path of growth with equal focus on ESG.

The Prime Minister said India offers the investors Democracy, Demography, Demand as well as Diversity. He said “Such is our diversity that you get multiple markets within one market. These come with multiple pocket sizes & multiple preferences. These come with multiple weathers and multiple levels of development.”

The Prime Minister explained how the Government’s approach of finding long-term and sustainable solutions for issues, gels well with the investor’s requirement to provide the funds in  your trust, the best and safest long-term returns. He listed various initiatives of the Government aimed at improving the manufacturing potential and improving ease of doing business.

He said, “We have taken multiple initiatives to improve our manufacturing potential, we ushered in One Nation One Tax system in the form GST, one of the Lowest Corporate Tax rates and added incentive for new manufacturing, Faceless regime for IT assessment and appeal, a new labour laws regime balancing the welfare of workers and ease of doing business for the employers. Production Linked Incentive schemes in specific sectors and empowered institutional arrangement to handhold investors.”

The Prime Minister expressed that India has an ambitious plan to invest $ 1.5 trillion under the  National Infrastructure Pipeline. He listed various social and economic infrastructure projects planned in India under the pipeline, aimed for faster economic growth and alleviation of poverty in the country. He said India has embarked on a massive infrastructure building spree of highways, railways, metros, water-ways, airports across the country. He added millions of affordable houses for the Neo-middle class are also planned. He called for investments not just in big cities but in smaller cities and towns too and said mission-mode schemes are being implemented for development of such cities.

The Prime Minister elaborated the holistic strategy for the development of the financial sector. He listed some of the major initiatives for the development of the financial sector like comprehensive banking sector reforms, strengthening of financial markets, unified  authority for the International Financial Services Centre, one of the most liberal FDI regimes, a benign tax regime for foreign capital, suitable policy regimes for investment vehicles like Infrastructure Investment Trust and Real Estate Investment Trust, Implementation of  Insolvency and Bankruptcy Code, Financial empowerment through Direct Benefit Transfer  and fin-tech based payment systems like Ru-Pay cards and BHIM-UPI.

The Prime Minister remarked that initiatives around innovation and digital  have always been at the centre of government policies and reform. He pointed out that India has one of the largest number of start-ups and unicorns in the world and is still growing very fast. He listed the initiatives of the government to enable the private enterprise to flourish. He said today each sector in India like manufacturing, infrastructure, technology, agriculture, finance and  even social sectors like health and education are looking up.

The Prime Minister highlighted that the recent reforms in agriculture has opened up new exciting possibilities to partner with the farmers of India. He envisioned India to soon emerge as an agriculture export hub, with the help of technology and modern processing solutions. He pointed out the opportunity created by National Education Policy in setting up campuses of foreign universities here. He expressed happiness that the global investor community has shown confidence in India’s future. He added the last 5 months have seen a 13 % rise in  FDI inflows compared to last year.

The Prime Minister pitched India is the place to be, if one wants returns with reliability, demand with democracy, stability with sustainability and growth with a green approach. He said India's growth has the potential to catalyse global economic resurgence. He added any achievement by India  will have a multiplier impact on World's development and Welfare. He said a strong and vibrant India can contribute to stabilization of the world economic order. He assured the investors that the Government will do whatever it takes to make India the engine of global growth resurgence.

After the event Mr. Mark Machin, President & CEO of CPP Investments remarked that the VGIR 2020 roundtable was a very productive and helpful forum which provided us insight into the government’s vision to build out the India economy and accelerate the growth of international institutional investment in India. India is key to our long-horizon investment strategy, focused on growth markets, and we have a strong appetite to build on our existing investments across infrastructure, industrial and consumer sectors”.

Mr. Charles Emond, President & CEO of Caisse de dépôt et placement du Québec (CDPQ) while talking about India said, “India is an important market for CDPQ—we have invested several billions in sectors such as renewables, logistics, financial services and technology-enabled services—and  we aim to strengthen our presence over the coming years. I’d like to sincerely thank Prime Minister Modi and his government for taking the lead on organizing this roundtable where global investors and business leaders could discuss opportunities to support a stronger economy for India.”

Mr. Jase Auby, Chief Investment Officer, Teacher Retirement System of Texas, USA shared his view on India and his participation at the Roundtable, “I am pleased to participate in the 2020 Virtual Global Investor Roundtable. Pension fund investors dedicate large portions of their portfolios to assets expected to benefit from growing economies and markets. The structural reforms undertaken by India are likely to provide a strong foundation for such high growth well into the future.”

 

Click here to read PM's speech

Login or Register to add your comment
Explore More
140 crore Indians have taken a collective resolve to build a Viksit Bharat: PM Modi on Independence Day

Popular Speeches

140 crore Indians have taken a collective resolve to build a Viksit Bharat: PM Modi on Independence Day
View All
Snacks, Laughter And More, PM Modi's Candid Moments With Indian Workers In Kuwait

Media Coverage

Snacks, Laughter And More, PM Modi's Candid Moments With Indian Workers In Kuwait
View All
NM on the go

Nm on the go

Always be the first to hear from the PM. Get the App Now!
Download App
...
Joint Statement: Official visit of Shri Narendra Modi, Prime Minister of India to Kuwait (December 21-22, 2024)
December 22, 2024

At the invitation of His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Prime Minister of India His Excellency Shri Narendra Modi paid an official visit to Kuwait on 21-22 December 2024. This was his first visit to Kuwait. Prime Minister Shri Narendra Modi attended the opening ceremony of the 26th Arabian Gulf Cup in Kuwait on 21 December 2024 as the ‘Guest of Honour’ of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.

His Highness the Amir of the State of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, Crown Prince of the State of Kuwait received Prime Minister Shri Narendra Modi at Bayan Palace on 22 December 2024 and was accorded a ceremonial welcome. Prime Minister Shri Narendra Modi expressed his deep appreciation to His Highness the Amir of the State of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for conferring on him the highest award of the State of Kuwait ‘The Order of Mubarak Al Kabeer’. The leaders exchanged views on bilateral, global, regional and multilateral issues of mutual interest.

Given the traditional, close and friendly bilateral relations and desire to deepen cooperation in all fields, the two leaders agreed to elevate the relations between India and Kuwait to a ‘Strategic Partnership’. The leaders stressed that it is in line with the common interests of the two countries and for the mutual benefit of the two peoples. Establishment of a strategic partnership between both countries will further broad-base and deepen our long-standing historical ties.

Prime Minister Shri Narendra Modi held bilateral talks with His Highness Sheikh Ahmad Abdullah Al-Ahmad Al-Jaber Al-Mubarak Al-Sabah, Prime Minister of the State of Kuwait. In light of the newly established strategic partnership, the two sides reaffirmed their commitment to further strengthen bilateral relations through comprehensive and structured cooperation in key areas, including political, trade, investment, defence, security, energy, culture, education, technology and people-to-people ties.

The two sides recalled the centuries-old historical ties rooted in shared history and cultural affinities. They noted with satisfaction the regular interactions at various levels which have helped in generating and sustaining the momentum in the multifaceted bilateral cooperation. Both sides emphasized on sustaining the recent momentum in high-level exchanges through regular bilateral exchanges at Ministerial and senior-official levels.

The two sides welcomed the recent establishment of a Joint Commission on Cooperation (JCC) between India and Kuwait. The JCC will be an institutional mechanism to review and monitor the entire spectrum of the bilateral relations between the two countries and will be headed by the Foreign Ministers of both countries. To further expand our bilateral cooperation across various fields, new Joint Working Groups (JWGs) have been set up in areas of trade, investments, education and skill development, science and technology, security and counter-terrorism, agriculture, and culture, in addition to the existing JWGs on Health, Manpower and Hydrocarbons. Both sides emphasized on convening the meetings of the JCC and the JWGs under it at an early date.

Both sides noted that trade has been an enduring link between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. They also emphasized on the need for promoting exchange of business delegations and strengthening institutional linkages.

Recognizing that the Indian economy is one of the fastest growing emerging major economies and acknowledging Kuwait’s significant investment capacity, both sides discussed various avenues for investments in India. The Kuwaiti side welcomed steps taken by India in making a conducive environment for foreign direct investments and foreign institutional investments, and expressed interest to explore investment opportunities in different sectors, including technology, tourism, healthcare, food-security, logistics and others. They recognized the need for closer and greater engagement between investment authorities in Kuwait with Indian institutions, companies and funds. They encouraged companies of both countries to invest and participate in infrastructure projects. They also directed the concerned authorities of both countries to fast-track and complete the ongoing negotiations on the Bilateral Investment Treaty.

Both sides discussed ways to enhance their bilateral partnership in the energy sector. While expressing satisfaction at the bilateral energy trade, they agreed that potential exists to further enhance it. They discussed avenues to transform the cooperation from a buyer-seller relationship to a comprehensive partnership with greater collaboration in upstream and downstream sectors. Both sides expressed keenness to support companies of the two countries to increase cooperation in the fields of exploration and production of oil and gas, refining, engineering services, petrochemical industries, new and renewable energy. Both sides also agreed to discuss participation by Kuwait in India's Strategic Petroleum Reserve Programme.

Both sides agreed that defence is an important component of the strategic partnership between India and Kuwait. The two sides welcomed the signing of the MoU in the field of Defence that will provide the required framework to further strengthen bilateral defence ties, including through joint military exercises, training of defence personnel, coastal defence, maritime safety, joint development and production of defence equipment.

The two sides unequivocally condemned terrorism in all its forms and manifestations, including cross-border terrorism and called for disrupting of terrorism financing networks and safe havens, and dismantling of terror infrastructure. Expressing appreciation of their ongoing bilateral cooperation in the area of security, both sides agreed to enhance cooperation in counter-terrorism operations, information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking and other transnational crimes. The two sides discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. The Indian side praised the results of the fourth high-level conference on "Enhancing International Cooperation in Combating Terrorism and Building Resilient Mechanisms for Border Security - The Kuwait Phase of the Dushanbe Process," which was hosted by the State of Kuwait on November 4-5, 2024.

Both sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. Both sides appreciated the bilateral cooperation during the COVID- 19 pandemic. They discussed the possibility of setting up of Indian pharmaceutical manufacturing plants in Kuwait. They also expressed their intent to strengthen cooperation in the field of medical products regulation in the ongoing discussions on an MoU between the drug regulatory authorities.

The two sides expressed interest in pursuing deeper collaboration in the area of technology including emerging technologies, semiconductors and artificial intelligence. They discussed avenues to explore B2B cooperation, furthering e-Governance, and sharing best practices for facilitating industries/companies of both countries in the policies and regulation in the electronics and IT sector.

The Kuwaiti side also expressed interest in cooperation with India to ensure its food-security. Both sides discussed various avenues for collaboration including investments by Kuwaiti companies in food parks in India.

The Indian side welcomed Kuwait’s decision to become a member of the International Solar Alliance (ISA), marking a significant step towards collaboration in developing and deploying low-carbon growth trajectories and fostering sustainable energy solutions. Both sides agreed to work closely towards increasing the deployment of solar energy across the globe within ISA.

Both sides noted the recent meetings between the civil aviation authorities of both countries. The two sides discussed the increase of bilateral flight seat capacities and associated issues. They agreed to continue discussions in order to reach a mutually acceptable solution at an early date.

Appreciating the renewal of the Cultural Exchange Programme (CEP) for 2025-2029, which will facilitate greater cultural exchanges in arts, music, and literature festivals, the two sides reaffirmed their commitment on further enhancing people to people contacts and strengthening the cultural cooperation.

Both sides expressed satisfaction at the signing of the Executive Program on Cooperation in the Field of Sports for 2025-2028. which will strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations.

Both sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. Both sides also expressed interest in collaborating on Educational Technology, exploring opportunities for online learning platforms and digital libraries to modernize educational infrastructure.

As part of the activities under the MoU between Sheikh Saud Al Nasser Al Sabah Kuwaiti Diplomatic Institute and the Sushma Swaraj Institute of Foreign Service (SSIFS), both sides welcomed the proposal to organize the Special Course for diplomats and Officers from Kuwait at SSIFS in New Delhi.

Both sides acknowledged that centuries old people-to-people ties represent a fundamental pillar of the historic India-Kuwait relationship. The Kuwaiti leadership expressed deep appreciation for the role and contribution made by the Indian community in Kuwait for the progress and development of their host country, noting that Indian citizens in Kuwait are highly respected for their peaceful and hard-working nature. Prime Minister Shri Narendra Modi conveyed his appreciation to the leadership of Kuwait for ensuring the welfare and well-being of this large and vibrant Indian community in Kuwait.

The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. Both sides agreed to hold regular meetings of Consular Dialogue as well as Labour and Manpower Dialogue to address issues related to expatriates, labour mobility and matters of mutual interest.

The two sides appreciated the excellent coordination between both sides in the UN and other multilateral fora. The Indian side welcomed Kuwait’s entry as ‘dialogue partner’ in SCO during India’s Presidency of Shanghai Cooperation Organisation (SCO) in 2023. The Indian side also appreciated Kuwait’s active role in the Asian Cooperation Dialogue (ACD). The Kuwaiti side highlighted the importance of making the necessary efforts to explore the possibility of transforming the ACD into a regional organisation.

Prime Minister Shri Narendra Modi congratulated His Highness the Amir on Kuwait’s assumption of the Presidency of GCC this year and expressed confidence that the growing India-GCC cooperation will be further strengthened under his visionary leadership. Both sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024. The Kuwaiti side as the current Chair of GCC assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan in areas including health, trade, security, agriculture and food security, transportation, energy, culture, amongst others. Both sides also stressed the importance of early conclusion of the India-GCC Free Trade Agreement.

In the context of the UN reforms, both leaders emphasized the importance of an effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for the UN reforms, including of the Security Council through expansion in both categories of membership, to make it more representative, credible and effective.

The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:● MoU between India and Kuwait on Cooperation in the field of Defence.

● Cultural Exchange Programme between India and Kuwait for the years 2025-2029.

● Executive Programme between India and Kuwait on Cooperation in the field of Sports for 2025-2028 between the Ministry of Youth Affairs and Sports, Government of India and Public Authority for Youth and Sports, Government of the State of Kuwait.

● Kuwait’s membership of International Solar Alliance (ISA).

Prime Minister Shri Narendra Modi thanked His Highness the Amir of the State of Kuwait for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Kuwait. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability. Prime Minister Shri Narendra Modi also invited His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Crown Prince His Highness Sheikh Sabah Al-Khaled Al-Sabah Al-Hamad Al-Mubarak Al-Sabah, and His Highness Sheikh Ahmad Abdullah Al-Ahmad Al-Jaber Al-Mubarak Al-Sabah, Prime Minister of the State of Kuwait to visit India.