India getting record FDI, forex reserves at all-time high, Modi tells CII meet
PM says Indian start-ups have the same level of confidence as displayed by Indian sportspersons at the Tokyo Olympics
India is receiving record foreign direct investments (FDIs) and the country’s forex reserve is at an all-time high, Prime Minister Narendra Modi told business and industry leaders on Wednesday.
Addressing the annual session of the Confederation of Indian Industry (CII), Modi said Indian start-ups have the same level of confidence as displayed by Indian sportspersons at the Tokyo Olympics.
“India, which was once apprehensive of foreign investment, is today welcoming all types of investments. India is taking major leaps in ease of doing business ranking today,” Modi said.
Modi assured the attendees that the government stands by industry. “All friends and organisations in the industry are a major part of India’s growth story. With the efforts of all of you, India’s economy is picking up pace once again. There is rarely a day when a CEO doesn’t issue a statement or there’s not a report on new opportunities,” he said.
The PM defended his government’s decision to bring in GST and said previous governments had shied away from tax reforms because of inherent political risks.
“There’s a government in place that can take the boldest decisions keeping the nation in mind and not political benefits. GST wasn’t implemented by the previous governments because of its political risk. We did not just implement it, we’re also witnessing record collections,” he said over video.
On axing of the retrospective tax, Modi said that his government had “undid mistake of the past”. The abolition of the retrospective tax will strengthen investor confidence, he said.
The theme of the two-day session of the CII is ‘India@75: Government and Business Working Together for Aatmanirbhar Bharat’.
