Modi invites US companies to invest in India

“ATMANIRBHAR BHARAT WILL TRANSFORM INDIA FROM A PASSIVE MARKET TO AN ACTIVE MANUFACTURING HUB” NARENDRA MODI Prime Minister

Prime Minister Narendra Modi on Thursday invited US firms to invest in India by leveraging the country’s stable tax regime and attractive foreign direct investment (FDI) policies.

Addressing the Us-india Strategic Partnership Forum (USISPF), he said India received over $20 billion dollars in FDI flows this year, and tech giants such as Google and Amazon have announced long-term plans for India.

FDI flows into India rose 20 per cent in 2019 — a year during which global flows fell 1 per cent — said Modi said, adding that this shows the success of the government’s FDI policy. Clarifying the Atmanirbhar Bharat policy, he said it merges local with global and shows India’s strength in integration with the global force. “Atmanirbhar Bharat will transform India from a passive market to an active manufacturing hub,” he said. He added that the coal, mining, railways, defence, as well as space and atomic energy sectors had been opened up. Production-linked incentive schemes for mobiles and electronics, and the pharma sector, were well received globally. Reforms in agricultural marketing would also create several opportunities, he added. He said entities are stressing on reliability and policy stability, and India offers all of these benefits. “India is becoming a leading attraction for foreign firms, be it America, Europe or Australia.”