India most attractive investment destination, best time to invest: PM Modi at WEF

Prime Minister Narendra Modi on Monday has said that commitment to deep economic has made India the most attractive investment destination, adding that it is the best time to invest in the country.

Addressing the ‘State of the World’ address at World Economic Forum’s Davos summit on Monday, PM Modi has said India is formulating policies keeping in mind the next twenty-five years with a focus on ‘high growth’, ‘welfare’ and ‘wellness’.

PM Modi also has said that India is committed to becoming a trusted partner in the global supply chain.

“Commitment to deep economic reforms is one of the key reasons behind the emergence of India as the most attractive investment destination. When the world resorted to quantitative easing programmes during the Covid pandemic, India strengthened the reform process,” Modi has said in the address.

“Unprecedented impetus was given to modernisation of digital and physical infrastructure during the Covid period. Six lakh villages are being connected to the optical fibre network. $1.3 trillion is being spent on infrastructure projects. We have set up a target to generate $80 billion from asset monetization,” PM Modi has said.

On the global supply chain, Modi has said, “We are exploring free trade agreements with multiple countries. The spirit in the Indian workforce to adopt innovation, technology and entrepreneurship will energise our partners. That’s why this is the best time to invest in India.”

Modi has told the forum that not only India is focusing on easing the processes in its quest for self-reliance, it is also incentivising investment and production. The clearest manifestation of that is 26 billion dollars’ worth of Production Linked Incentive schemes in 14 sectors, he has said.

PM Modi also focused on the ecological cost of lifestyle and policies. He pointed towards the challenges that our lifestyle causes for the climate. “Throw away culture and consumerism has deepened the climate challenge. It is imperative to rapidly move from today’s ‘take-make-use-dispose’ economy to a circular economy”, he has stressed.

Referring to the Mission LIFE, that he gave at the CoP26 conference, Modi has said that making LIFE into a mass movement can be a strong foundation for P-3 i.e ‘Pro Planet People’.

Reacting to PM Modi’s address, FICCI DG Arun Chawla has said, “India’s attractiveness amongst global investors is expected to get a further boost with the continued commitment of the Indian government towards reforms, ease of doing business and visionary approach towards higher growth and prosperity over the next 25 years.”

“Industry completely supports India’s commitment towards clean, green, sustainable and reliable energy and will work with the government in accomplishing the net-zero targets by 2070,” Chawla has added.