New York: Prime Minister Narendra Modi invited Wednesday global businesses to invest in India. He said the historic reduction in corporate tax rates by his government creates a golden opportunity and promised more measures to improve business climate.
Speaking at the ‘Bloomberg Global Business Forum’ here, the Prime Minister said India offers a golden opportunity for investment in the country.
“If you want to invest in a market where there is scale, come to India… If you want to invest in start-ups with a huge market, come to India…If you want to invest in one of the world’s largest infrastructure ecosystem, come to India,” Narendra Modi told global corporates.
Earlier this month, the government had reduced the effective corporate tax rate to 25.17 per cent from nearly 35 per cent, thus bringing India at par with major global economies on taxation front.
Narendra Modi further told the gathering that India is rapidly modernising its cities, and equipping them with latest technology and citizen friendly infrastructure. “Thus if you want to invest in urbanisation, come to India,” Modi said.
Modi pointed out that India has also opened its defence industry ‘like never before’ and sought investments in the sector.
It should be mentioned here that to improve business sentiment, the Modi government in its second term has also repealed 50 laws to improve ease of doing business.
“There is a government in India which respects the business world and values wealth creation,” Modi asserted.
“Let me tell you, the new government is only three-four month old. I want to assure that this is only the beginning. Still there is a long way to go. In this journey we want to partner with the global business community. This is a golden opportunity for you,” added the Indian Prime Minister.
India is aiming to become a USD 5 trillion economy by 2024-25.
Modi also said that 120 GW out of 175 GW renewable energy target has been achieved by India and the country was targeting 450 GW in near future. He informed the gathering that India has received USD 286 billion foreign direct investment in last five years, which is half of what it got in previous 20 years.
PTI