Rising ‘New India’ offers great potential for investors: Modi

Source: The Hitavada      Date: 27 Jun 2018 09:30:27


 

MUMBAI,

PRIME Minister Narendra Modi on Tuesday said a rising “New India” is one of the top investor-friendly, low risk political economies in the world and with its bold reforms the country offers “great untapped potential” for investors across the world.


“A ‘New India’ is rising. It is an India that stands on the pillars of economic opportunity for all, knowledge economy, holistic development and futuristic, resilient and digital infrastructure,” Modi told the third annual Asian Infrastructure Investment Bank (AIIB) meeting.


Modi called India one of the most investor-friendly economies with growth, macro-economic stability, political stability, large domestic market size, availability of skilled labour, good physical infrastructure and a regulatory framework that supports investment.


“On each of these parameters, India is well placed and has performed very well ... From the point of a foreign investor, India counts as an extremely low risk political economy ... We have simplified rules and regulations for businesses and undertaken bold reforms,” he said.


Speaking at the meeting whose theme was ‘Mobilizing Finance for Infrastructure: Innovation and Collaboration’, Modi listed several steps taken by the Government to boost investments and even expressed his expectation from AIIB to play a central role in raising resources. “Regional multi-lateralism through institutions such as AIIB can play a central role in helping to raise resources... In a short period, AIIB has approved 25 projects in a dozen countries with a total financing of over $4 billion. This is a good beginning,” Modi said. He said there was a need for simpler processing, faster approval and affordable and sustainable interest rates on long term funds. AIIB, which started its financing operations in January 2016, has 87 members and a committed capital stock of $100 billion.