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Now is time to invest in India: Modi at WEF - Hindustan Times

Now is time to invest in India: Modi at WEF - Hindustan Times

Now is time to invest in India: Modi at WEF - Hindustan Times
Jan 17, 2022 2 mins, 17 secs

Declaring that India has given a “bouquet of hope” to the world, Prime Minister Narendra Modi listed a comprehensive set of economic reforms initiated by his government in recent years and called it the “best time” to invest in India.

The PM focused on two broad elements in his speech – the steps undertaken by India even during a crisis such as the pandemic to advance its economic growth prospects and contribute to global good; and the need for reforms to make multilateralism more effective, given the interconnected nature of current day crises from supply chain disruptions to inflation to the climate crisis and the need to reflect contemporary realities.

Stating that India was battling the current wave of Covid-19 infections with “caution and alertness”, the PM focused on India’s contribution during the pandemic in contributing to global needs – be it through provision of vaccines and medicines to other countries, its role as the “pharmacy of the world”, the contribution of its health care professionals whose “sensitivity and expertise” stood out, the role of Indian software developers, in India and elsewhere, in saving lives, and the development of innovative digital platforms such as Aarogya Setu and Cowin which, he said, has drawn the attention of the world.

India is encouraging the ease of doing business and minimising government interference.” In this regard, the PM focused on steps taken to ease the regulatory environment, encourage investment, focus on productivity, and participate in global supply chains.

He mentioned the simplification of corporate taxes to make India’s tax regime the “most competitive” in the world; the reduction of 25,000 regulatory compliances in the past year itself; the resolution of issues such as retrospective taxation as a signal to the business community; the deregulation of sectors such as drones, space and geospatial mapping; and reforms in outdated telecom regulations related to information technology and business process outsourcing sectors.

At a time when there has been speculation about India’s future approach to trade, the PM spoke of India’s commitment to being a reliable partner in global supply chains, and its preparation to sign free trade agreements with other countries.

Richard M Rossow of the Centre for Strategic and International Studies in Washington DC said that the government had recommitted to key reforms over the past year.

The PM concluded his speech by pointing out that amid changes in the global order, the only way to deal with global challenges was through “collective and synchronised action”, mentioning cryptocurrency as an example.

We will have to develop a common thinking.” Reiterating a point made by India repeatedly over the years, the PM asked if multilateral organisations had the capability to deal with these challenges without reforms within these organisations to reflect current global realities.

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