PM Modi calls on global firms to invest in India
Prime Minister Narendra Modi on Tuesday called on global investors to benefit from India’s vibrant start-up ecosystem that, he said, stands as the third-largest in the world, adding that he firmly believes that any investment in India’s innovation sector would yield huge returns.
While delivering the keynote address at the high-profile financial summit, Future Investment Initiative (FII), dubbed “Davos in the desert”, Mr Modi said, “India is the third-largest start-up ecosystem in the world. Even in Tier-II and Tier-III cities of India, start-ups have come up.
Our start-ups have started investing at a global scale. I invite global investors to benefit from our start-up ecosystem. I firmly believe that any investment in innovation would give highest returns.” While ■
highlighting India’s start-up environment, the scope for infrastructure development, sophisticate technology and the government’s bid to promote skills and ease procedures, Mr Modi said that India had risen in the ease of living and ease of doing business, and added that there was “no illusion in policy” and “no doubt in the goal” on the part of his government.
Citing five emerging trends impacting global business across the world — impact of technology and innovation, importance of infrastructure for the global growth, rapid changes in human resources and future of work, compassion for the environment, and businessfriendly governance, the Prime Minister said that the aim of FII is not only to discuss the economic system but also to understand the rising trends of the world and look for ways aimed at global welfare.
Reiterating his government’s commitment to make India a $5 trillion economy by 2024, Mr Modi said that as many as 400 million people in India would be trained in different skill in the coming three-four years under the Skill India initiative. “This will provide assured skilled manpower to companies investing in India,” he said.
Hailing Saudi Crown Prince Mohammed bin Salman as his “brother and friend”, Mr Modi praised the Saudi Aramco company for its decision to invest in the West Coast Oil Refinery in India, which he said will be “Asia’s biggest oil refinery” and added that India aims to invest $100 billion in refining, pipelines and gas terminals by 2024.
PM Modi told the audience that in his childhood he had “sold tea on a platform” and had lived in poverty. He spoke about the initiatives of his government, like building toilets, which he said, had given dignity to the lives of the poor.
Mr Modi on Tuesday also called on Saudi King Salman bin Abdulaziz Al Saud and the two leaders exchanged views on working closely together to strengthen bilateral ties. Before his meeting with the Saudi King, top ministers of the Gulf nation called on Mr Modi and discussed ways to further deepen bilateral ties in areas of energy, labour, agriculture and water technologies.
In his speech at FII, PM Modi also pressed for the reform of the United Nations while expressing regret over some countries using the global body as a “tool” rather than an “institution” to resolve conflicts.