India is creating a unique digital model
The continued regulatory reforms in bond markets ensure improved ease of access for investors, Prime Minister Narendra Modi has told American investors on 3 Sept 2020.
There are tax exemptions to ‘Sovereign Wealth Funds’ and ‘Pension Funds’ for Infrastructure investment, he told the USISPF’s ‘The US India Summit 2020’.
FDI into India rose by 20% in 2019 when the global FDI inflows fell by 1%. “This shows the success of our FDI regime,” he added.
“We have received over US$20 billion of foreign investment flows during this year. Google, Amazon and Mubadala Investments have announced long-term plans for India.
“All of the above steps will ensure a brighter and more prosperous tomorrow. They will also contribute to a stronger global economy,” said the Prime Minister.
The importance of investment in driving growth cannot be overstated. “And we are tackling both demand and supply side of it.”
As a result, India is also becoming one of the leading attractions for foreign investment. “Be it America or the Gulf, be it Europe or Australia – the world believes in us,” said Modi in a special keynote address to the American and Indian business communities.
The Theme of the 5-day Summit that began on the 31 of August is “US-India Navigating New Challenges”.
He expressed his happiness that India’s business community, especially the small business has been proactive. Starting from almost nothing, they made us the second largest PPE kits manufacturer in the World, applauded the Prime Minister.
Work is actively underway on the world’s largest housing program and that the renewable energy infrastructure is being expanded, elaborated the Prime Minister, highlighting the efforts to boost the Rail, road and air connectivity in the country.
India is creating a unique digital model to build a national digital health mission. “We are using the best of fin-tech to provide banking, credit, digital payments and insurance to millions. All these initiatives are being taken using world-class technology and global best practices,” he said.
Modi said that the pandemic has shown the world that decisions on developing global supply chains should be based not only on costs. They should also be based on trust. Along with affordability of geography, companies are now also looking for reliability and policy stability. “India is the location which has all of these qualities,” he underlined.
Owing to these, he said, India is becoming one of the favourable destinations for Foreign Investment. #investment #manufacturing #digital #technologies #infrastructure #projects #FDI /fiinews.com
