Prime Minister Narendra Modi on Wednesday (September 25) invited global businesses to invest in India, saying historic reduction in corporate tax rates by his government creates a golden opportunity and promised more measures to improve business climate.
Speaking at the Bloomberg Global Business Forum, Modi said India offers a golden opportunity for investment in the country. “If you want to invest in a market where there is scale, come to India… If you want to invest in start-ups with a huge market, come to India… If you want to invest in one of the world’s largest infrastructure ecosystem, come to India.”
Earlier this month, the government had reduced the effective corporate tax rate to 25.17% from nearly 35%, bringing India at par with major global economies on taxation front.
Modi told the gathering that India is rapidly modernising its cities, and equipping them with latest technology and citizen friendly infrastructure. “Thus if you want to invest in urbanisation, come to India,” he said.
He added that India had opened its defence industry and sought investments in the sector. To improve business sentiment, the Modi government in its second term has also repealed 50 laws to improve ease of doing business.
“There is a government in India which respects the business world and values wealth creation,” he said, adding the government has been taking big and hard decisions to improve business environment. “Let me tell you, the new government is only three-four month old. I want to assure that this is only the beginning. Still there is a long way to go. In this journey we want to partner with the global business community. This is a golden opportunity for you,” Modi said.
India is aiming to become a $5 trillion economy by 2024-25. The Prime Minister said $1 trillion has been added to economy in 5 years and the target is to make the country a $5 trillion economy.
Modi also said that 120 GW out of 175 GW renewable energy target has been achieved by India and the country was targeting 450 GW in near future. He said India received $286 billion foreign direct investment in last five years, which is half of what it got in previous 20 years. Modi said democracy, political stability, predictable policy, independent judiciary guarantee investment.