India Is The Most Attractive Destination For Investment: PM Modi At WEF
Follow the latest updates from Prime Minister Narendra Modi's address at World Economic Forum's Davos Agenda here.
PM Modi Pitches India As The Most Attractive Investment Destination
Prime Minister Narendra Modi pitched India as the most attractive investment destination, aided by reforms and the nation’s digital transformation.
While the world focused on quantitative easing during the pandemic, India undertook reforms, Modi said in his special address at the World Economic Forum’s virtual summit on Monday.
He highlighted the India’s government’s “unprecedented impetus on digital and physical infrastructure. 6,00,000 villages are being connected with optical fibre … and $1.3 trillion investment is planned for enhancing connectivity,” he said.
The nation has earmarked a target of $80 billion through asset monetisation, he said.
He highlighted the corporate tax cuts that are contributing to ease of doing business, making India an attractive destination for global businesses. Doing away with the provisions of retrospective taxation, he said, will also contribute to the vision of India in becoming a "trusted partner" for global supply chain adding that sectors like drones, space and geo-spatial mapping have also been deregulated.
Export of vaccines and other medical supplies highlighted the nation's vision of ''one Earth, one health", he said.
He further lauded India's IT sector that contributed in making apps like CoWin and Aarogya Setu that facilitated easy information during the pandemic and also assisted in the vaccination programme of the country. These applications have also received the world's interest, he said.
Modi also highlighted the need for a collective and synchronised response needed to tackle challenges to the the global order like the threat of disruption in supply chains and inflation.
Collective, Synchronised Response Needed To Tackle Challenges To Global Order: PM Modi
- World facing the threat of disruption in supply chain, inflation and disruption.
- Need a unified approach to challenges posed by cryptos.
- Need reforms in multilateral agencies to meet the new challenges.
40% Of India's Energy Comes From Non-Fossil Sources: PM Modi
- India only contributes 5% of carbon emission despite having 17% of world's population.
- India is committed to meeting zero-carbon emissions target by 2070.
- Previous efforts have led to a spike in non-fossil fuel energy sources to 40% of total energy.
- Throwaway culture and consumerism poses a lot of challenges to meet the target.
PLI Scheme Worth $26 Billion Implemented: PM Modi
- PLI scheme implemented for 14 sectors.
- $10 billion investment plans for flagship and display industry.
- Committed to ensure smoother global supply chain.
- Moving forward with "Make in India and Make for the World".
- India has set a target for high growth for the next 25 years.
- The bout of growth will be clean, green and sustainable.
India Is The Most Attractive Destination For Investment: PM Modi
- World focused on quantitative easing while India undertook reforms.
- Unprecedented impetus on digital and physical infrastructure.
- 6,00,000 villages are being connected with optical fiber.
- $1.3 trillion investment planned for enhancing connectivity.
- Earmarked a target of $80 billion through asset monetising tools.
Making Continuous Efforts To Ensure Ease Of Doing Business: PM Modi
- Once India was known for its regressive "licence raj".
- We have been bringing government interference down to minimum.
- Have cut corporate tax rates to make them competitive.
- Have done away with retrospective taxation.
- Sectors like drones, space and geospatial mapping are deregulated.
- We want to become a trusted partner for global supply chains.
India's IT Sector Workers Saved The World: PM Modi
- Over 5 million software engineers are working in India.
- India has the third-largest number of unicorns in the world.
- India has one of the most secure and successful digital payments system.
- Aarogya Setu app and CoWin portal have received the world's interest.
India Saved Millions By Sending Vaccines, Medicines: PM Modi
- India has given a ray of hope amidst pandemic.
- India follows "one Earth, one health" vision.
- India supplied essential medicines and vaccines to fight the pandemic.
Watch | Prime Minister Narendra Modi's Address At World Economic Forum Davos Agenda
PM Modi To Address World Economic Forum Davos Agenda At 8:30 P.M.
Prime Minister Narendra Modi will deliver a 'state of the world' special address at the World Economic Forum’s Davos Agenda on Monday at 8:30 p.m.
Modi's address via videoconferencing comes as the world again finds itself battling anther wave of the pandemic. Omicron infections are climbing in several countries as the global economy was recovering from the impact of the first two waves. That has prompted economists to temper global growth forecasts already.
The weeklong virtual WEF event, from Jan. 17 to 22, will see participation of several heads of state including Prime Minister of Japan Kishida Fumio, President of the European Commission Ursua von der Leyen, Prime Minister of Australia Scott Morrison, President of Indonesia Joko Widodo, Prime Minister of Israel Naftali Bennett, President of the People's Republic of China Xi Jinping among others.
Top industry leaders, international organisations and civil society members will deliberate on critical global challenges and how to address them. The event will also mark the launch of several WEF initiatives including efforts to accelerate the race to net-zero emissions, create cyber resilience, strengthen global value chains, build economies in fragile markets through humanitarian investing, bridge the vaccine manufacturing gap and use data solutions to prepare for the next pandemic.