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India the place to be, we will make it an engine of global growth resurgence, says Modi

PM Narendra Modi calls on long-term global investors to invest in infrastructure in India, and says the country will have a multiplier effect on development and growth across the world.

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New Delhi: The Indian government will do whatever is needed to make the country an engine of global growth resurgence, Prime Minister Narendra Modi said Thursday, inviting the world’s biggest long-term investors to invest in India’s infrastructure space.

Addressing senior representatives of the world’s 20 largest global sovereign wealth and pension funds in a virtual roundtable, PM Modi said India “is the place to be”. Going forward, India will see an “exciting period of progress”, he said as he invited investors to be a part of it. 

“If you want returns with reliability, India is the place to be. If you want demand with democracy, India is the place to be. If you want stability with sustainability, India is the place to be. If you want growth with a green approach, India is the place to be,” he said.

“India’s growth has the potential to catalyse global growth resurgence. A strong and vibrant India can contribute to the stabilisation of world economic order,” he added.

The prime minister said any achievement by India will have a multiplier effect on development and growth across the world.

“India offers you demand, demography and diversity … Our approach is a long-term and sustainable solution to issues,” Modi said.

India is trying to attract long-term investors to invest in infrastructure development in the country as part of its ambitious Rs 111 lakh crore national infrastructure pipeline

The virtual global investor roundtable was organised by the Ministry of Finance and the National Investment and Infrastructure Fund.

It was attended by global institutional investors based in the US, Canada, Korea, Japan, Australia and Singapore apart from countries in Europe and the Middle East. 

They included senior representatives of firms from Singapore-based GIC Private Ltd and Temasek Holdings, Ontario Teachers’ Pension Plan, Qatar Investment Authority,  International Development Finance Corporation, PensionDanmark, Australian Super, Japan Post Bank and Korea Investment Corporation. 

It was also attended by Indian business leaders, and representatives from the government and the Reserve Bank of India. 

Also read: Political stability makes India an attractive investment destination: PM Modi

‘Want investments in both big and small cities’

PM Modi also talked about India’s plan to invest $1.5 trillion as part of the national infrastructure pipeline and said a pioneering multimodal infrastructure plan is being worked out.

“We want investment not just in big cities but in smaller cities and towns too,” he added. 

Modi said India has shown resilience in both fighting the novel coronavirus and reviving the economy, adding that sectors like agriculture and manufacturing are looking up. 

The PM also said the government is committed to building a ‘New India’, free of old policies. 

Reforms calling card

Modi also highlighted the reforms undertaken by his government over the last six years that, he said, will make it easy for firms to do business in India. 

He listed the Goods and Services Tax, the Insolvency and Bankruptcy Code, labour reforms, banking sector and financial market reforms, reduction in corporate tax rates, agricultural reforms and the recent plan to reduce or eliminate the presence of the public sector in many sectors as examples of some of the reforms undertaken by his government.

Also read: India rolls out red carpet for global firms, Modi makes fresh investment pitch to investors


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