Delhi, February 12: Framing India’s stable polity and the path of reform, perform and transform as key components driving national growth, Prime Minister Narendra Modi late on Tuesday told a gathering of top global honchos that this was the right time to come to India. He said everyone’s progress is linked to the progress of India.
Addressing the India-France CEOs Forum in the presence of French President Emmanuel Macron in Paris, the Prime Minister said customs structures in India had been rationalised and the country was on path to become the world’s third largest economy.
“You are well aware of the changes that have taken place in India in the last decade. We have established a stable polity, and predictable policy ecosystem. Following the path of reform, perform, and transform, today India is the fifth largest economy in the world. It is the fastest-growing major economy in the world. It will soon become the world’s third-largest economy. India’s skilled young talent and innovation spirit are our identity on the global stage,” he said pitching India as a preferred global investment destination.
Modi mentioned AI, semiconductor and quantum missions; space technology which has been opened up for FDI, biotechnology, infrastructure development as potential segments for global investors
The PM said India’s public expenditure on infrastructure is more than $114 billion a year and the country has set a target of 500 Gigawatts of renewable energy by 2030 for which it is promoting solar cell manufacturing.
“We have also launched the Critical Mineral Mission, taken up the Hydrogen Mission. By 2047, we are aiming for 100 gigawatts of nuclear power. I am happy to share that this sector is being opened up to the private sector,” he said referring to the recent budget announcement of amendments to the Atomic Energy Act.
Terming India as the biggest centre of diversification and de-risking, Modi said the recent Budget had unveiled a new generation of reforms to ease business.
“In the last few years, we have rationalised more than 40,000 compliances. To promote trust-based economic governance, a high-level committee for regulatory reforms has been formed. The custom rate structure has been rationalised,” he said inviting CEOs to invest in defence or advanced technology, fintech or pharma, tech or textile, agriculture or aviation, healthcare or highways, space or sustainable development.
Summary: PM Modi invites global investors, announcing the opening of India’s nuclear power sector to the private sector.