Prime Minister Shri Narendra Modi delivered the keynote address at Invest India Conference in Canada through video conference today.
The Prime Minister said India is undisputedly the only country shining in all their investment parameters like having political stability, investment and business friendly policies, transparency in governance, skilled talent pool and a large market. He said there is an opportunity for everyone including Institutional Investors, manufacturers, supporters of innovation ecosystems and infrastructure companies.
The Prime Minister said in the post-Covid world, India showed resilience and emerged as a land of solutions to overcome various kinds of problems related to manufacturing, supply chains, etc. He added, despite disrupted logistics, money was directly delivered into bank accounts of over 400 million farmers, women, poor and needy people within a matter of days. He listed various initiatives taken by the Government to overcome the disruption owing to the pandemic and stressed that this shows the strength of governance structures and systems that have been built over the last few years.
The Prime Minister said while the entire country was in a stringent lockdown, India was providing medicine to around 150 countries and played the role of the pharmacy to the world. He added during March-June of this year, agricultural exports rose by 23%. He said before the pandemic, India hardly manufactured PPE kits but today not only does India manufacture millions of PPE kits every month, it exports them too. He committed to ramping up production and helping the entire world in vaccine production for Covid-19.
The Prime Minister explained how India's story is growing stronger by listing the initiatives of the Government in creating a business friendly environment. He listed initiatives like liberalizing the FDI regime, creating a friendly tax regime for Sovereign Wealth and Pension Funds, bringing significant reforms for developing a robust Bond market, Incentive schemes for Champion sectors. He said schemes in sectors like Pharma, Medical Devices and Electronics Manufacturing are already in operation. He added for ensuring high-level attention and effective hand-holding for investors, a dedicated Empowered Group of Secretaries has been formed. He emphasized proactive monetization of assets across sectors like Airports, Railways, Highways, Power Transmission lines, etc. He said Real Estate Investment Trusts and Infrastructure Investment Trusts have been fully enabled for monetization of both public and private assets.
The Prime Minister said today India is undergoing a rapid change in mindsets as well as markets. It has embarked on a journey of deregulation and decriminalization of various offences under the companies act. He said India has risen from 81 to 48 in the Global Innovation Index rankings and risen from 142 to 63 in the World Bank’s Ease of Doing Business rankings in the last 5 years.
The Prime Minister said due to these improvements, India received around USD 70 Billion from Institutional Investors between January 2019 to July 2020. This is almost equal to that received in four years between 2013 and 2017. He stressed that continuing confidence of the global investor community in India is seen by the fact that FDI into India went up by 20% in 2019 when global FDI inflows fell by 1%.
The Prime Minister said India has already received over USD 20 Billion during the first 6 months of this year from across the globe when Covid-19 has been at peak globally. He said India has adopted a unique approach posed by the Covid-19 pandemic. He said relief and stimulus packages were given to the poor and the small businesses and at the same time this opportunity to undertake structural reforms which will ensure more productivity and prosperity.
The Prime Minister said India has undertaken a trinity of reforms in the field of education, labour and agriculture. Together, they impact almost every Indian. He said India has ensured reforms of old laws in the field of labour and agriculture. They ensure greater participation of the private sector while also strengthening the government’s safety nets and will lead to a win-win situation for entrepreneurs as well as for our hard-working people. He said the reforms in the field of education will further harness the talent of our youth and have set the stage for more foreign universities to come to India.
The Prime Minister said the reforms in the labour laws greatly reduce the number of Labour codes and are both employee and employer friendly and will further increase ease of doing business. He added the reforms in the field of agriculture are far-reaching and will not only give more choice to farmers but will boost exports. He said these reforms will support our efforts to build an AatmaNirbhar Bharat or self reliant India and by working towards self-reliance, we seek to contribute to global good and prosperity. He highlighted that India is the place to partner in the field of education, to invest in manufacturing or services and to collaborate in the field of agriculture.
The Prime Minister said India-Canada bilateral ties are driven by shared democratic values and many common interests. He said the trade and investment linkages between us are integral to our multifaceted relationship. He highlighted that Canada is home to some of the largest and most experienced infrastructure investors. He said Canadian Pension Funds were the first ones to start investing directly in India. Many of them have already discovered great opportunities in a range of areas like highways, airports, logistics, telecom and real estate. He said Mature Canadian investors who have been in India for many years now can be our best brand ambassadors. Their experience, their plan to expand and diversify can be the most credible evidence for other Canadian investors to come here too. He promised no barriers for the Canadian investors in India.
There is one thing common to most people in the audience.
— PMO India (@PMOIndia) October 8, 2020
It has people who take investment decisions.
I want to ask you:
What do you think about before investing in a country?: PM
Does the country have a vibrant democracy?
— PMO India (@PMOIndia) October 8, 2020
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.
In the post-Covid world, you will often hear of various kinds of problems.
— PMO India (@PMOIndia) October 8, 2020
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: PM
India is playing the role of the pharmacy to the world.
— PMO India (@PMOIndia) October 8, 2020
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: PM
The India story is strong today and stronger tomorrow.
— PMO India (@PMOIndia) October 8, 2020
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: PM
We are proactively monetizing assets across sectors- Airports, Railways, Highways, Power Transmission lines, etc.
— PMO India (@PMOIndia) October 8, 2020
Real Estate Investment Trusts (REIT) & Infrastructure Investment Trusts (InvITs) have been fully enabled to for monetization of assets: PM
Today, India is undergoing a rapid change in mindsets as well as markets.
— PMO India (@PMOIndia) October 8, 2020
Today, India has embarked on a journey of deregulation and decriminalisation of various offences under the companies act: PM
India has adopted a unique approach posed by the Covid-19 pandemic.
— PMO India (@PMOIndia) October 8, 2020
We have given relief & stimulus package for the poor and the small businesses.
We have also used this opportunity to undertake structural reforms.
These reforms ensure more productivity and prosperity: PM
India has undertaken a trinity of reforms in the field of education, labour and agriculture.
— PMO India (@PMOIndia) October 8, 2020
Together, they impact almost every Indian: PM
India has ensured reforms in the field of labour and agriculture.
— PMO India (@PMOIndia) October 8, 2020
They ensure greater participation of the private sector while strengthening the government’s safety nets.
These reforms will lead to a win-win situation for entrepreneurs as well as hard-working people: PM
The reforms in the field of education will further harness the talent of our youth.
— PMO India (@PMOIndia) October 8, 2020
These reforms have also set the stage for more foreign universities to be able to come to India: PM
If you are looking to partner in the field of education, the place to be is India.
— PMO India (@PMOIndia) October 8, 2020
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: PM
India-Canada bilateral ties are driven by our shared democratic values and many common interests.
— PMO India (@PMOIndia) October 8, 2020
The trade and investment linkages between us are integral to our multi-faceted relationship: PM
Canada is home to some of the largest & most experienced infrastructure investors.
— PMO India (@PMOIndia) October 8, 2020
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: PM
