BizNewsConnect

Pandemic doesn’t deter India, says PM

Nation is favourable investment destination

The Prime Minister said the road further ahead is full of opportunities especially in Private and Public sectors and referred to the opening up of sectors such as Coal, Mining, Railways, Defence, Space, and Atomic Energy.

NEW DELHI, Sep 3 (BNC Network) Prime Minister Narendra Modi said that the prevailing pandemic failed to impact the aspirations and ambitions of 1.3 billion Indians.

Delivering the Special Key Note Address at the US-India 2020 Summit through video conference on Thursday, Modi expressed his happiness that India’s business community, especially the small business has been proactive. Starting from almost nothing, they made us the second largest PPE kits manufacturer in the World.

The US-India Strategic Partnership Forum (USISPF) is a non-profit organization that works for the partnership between India and the U.S. The Theme of the 5 day Summit that began on the 31st of August is “US-India Navigating New Challenges”. 

Modi said the global pandemic has “impacted everyone and that it is testing our resilience, our public health systems, our economic systems.”

The current situation demands a fresh mind set. A mind set where the approach to development is human centric. Where there is a spirit of cooperation between everyone, he said.

Modi said that the pandemic has shown the world that decision on developing global supply chains should be based not only on costs. They should also be based on trust. Along with affordability of geography, companies are now also looking for reliability and policy stability. India is the location which has all of these qualities.

Owing to these, he said, India is becoming one of the favourable destinations for Foreign Investment.

He said be it America, the Europe, Australia or the Gulf the world believes in us. We have received over 20 billion dollars of foreign investment flows during this year. Google, Amazon and Mubadala Investments have announced long-term plans for India.

Talking about the way ahead the Prime Minister said that the country is focussing on ramping up capacities, securing the poor and future proofing our citizens.

Referring to various steps taken to ramp up facilities for fighting COVID and to increase awareness amongst the citizens, the Prime Minister said all such early measures ensured that the country with 1.3 billion people and limited resources has one of the lowest death rates per million in the World.

He said there have been far reaching reforms in the country in recent times which have made the business easier and red-tapism lesser.

Work is actively underway on the world's largest housing programme and that the renewable energy infrastructure is being expanded, he said and spoke about the boosting of the Rail, road and air connectivity.

Staring that India is creating a unique digital model to build a national digital health mission, Modi said the nation is using the best of fin-tech to provide banking, credit, digital payments and insurance to millions. “All these initiatives are being taken using world-class technology and global best practices,” he said.

Prime Minister referred to the transparent and predictable India offers and how the system encourages and supports honest tax payers. He said, India’s GST is unified, fully enabled indirect tax system.

He said it is about transforming India from being just a passive market to an active manufacturing hub at the heart of global value chains.

The Prime Minister said the road further ahead is full of opportunities especially in Private and Public sectors and referred to the opening up of sectors such as Coal, Mining, Railways, Defence, Space, and Atomic Energy.

He also referred to Production Linked Incentive schemes launched for- mobile & electronics, medical devices, pharma sectors along with reforms in Agriculture.

The Prime Minister told the summit that for the challenges in India  there is a Government that believes in delivering results, a government for which ease of living is as important as ease of doing business.

He described India as a young country with 65% population less than 35 years old which is aspirational and decided to take the nation to new heights. He said India is a country with political stability and political continuity and that it is committed to democracy and diversity.

 

Recent News

Advertisement