New Delhi: Prime Minister Narendra Modi Thursday made a fresh appeal to foreign investors to invest in the country, saying India is reforming and is one of the most open economies in the world.
Speaking at the India Global Week 2020 via a video address, Modi said the country is rolling out a red carpet for foreign investors, and explained the opportunities in various sunrise sectors, including agriculture and defence.
The PM added that Indians are “natural reformers”, and highlighted the structural reforms brought in by his government over the last few months.
“India remains one of the most open economies in the world. India is laying a red carpet for all global companies to come and establish their presence in India. Very few countries offer the kind of opportunities that India does today,” he said.
“There are many possibilities and opportunities in various sunrise sectors in India,” Modi said, stating the reforms in agriculture provide a very attractive investment opportunity to invest in storage and logistics.
He highlighted the scope for investment in the defence sector too. “One of the world’s biggest militaries invites you to come and make products for it,” he said.
During his address, PM Modi also pointed out that the government has been striving to make the Indian economy more productive, investment-friendly and competitive.
It is natural to link global revival and India, said Modi. There is faith that the story of global revival will have India playing a leading role, he added, striking a positive note on India’s economic revival.
“Indians have the spirit to achieve what is believed to be impossible. No wonder that in India we are already seeing green-shoots when it comes to economic recovery,” he said.
The finance ministry has cited indicators like power and petroleum consumption, kharif sowing and freight movement through roads and railways to claim that initial signs of economic recovery are emerging.
India announced a nationwide lockdown beginning 25 March to curb the spread of the pandemic leading to a complete halt in economic activity. While the country opened up partially beginning June, economists forecast the economy to contract by 5-12 per cent in 2020-21.
Modi said India is fighting a strong battle against the Covid-19 pandemic with focus both on people’s health, and on the health of the economy. He ended his address on a positive note: “This is an India that is reforming, performing and transforming.”