India-Korea business summit: Prime Minister Narendra Modi today invited foreign investment into the country by hailing India as one of the most “open economies” in the world. The Prime Minister said this while speaking at the India-Korea Business Summit. He said that BJP-led NDA government has worked towards creating a stable business environment in the country. The central government has also removed arbitrariness in decision-making, PM Modi said. The Prime Minister has made a strong pitch for investments into India, especially during his foreign visits. PM Modi said that his government sought “positivity in day to day transactions” and that the government was in the process of widening areas of trust, rather than “digging into doubts.” This, he said, was representative of a sea change in the government’s mindset.
Here are top 5 strong investment pitches made by PM Modi before the Korean delegation:
1. In an indication of India’s commitment to making processes easier for foreign investors, PM Narendra Modi stressed that he had felt the need for a hand-holding agency during his visit to Korea and this eventually led to the creation of ‘Korea Plus’ in June 2016. The PM informed that ‘Korea Plus’ has facilitated more than 100 Korean investors in just two years. “This shows our commitment towards welcoming Korean people, companies, ideas and investments,” PM Modi said.
2. Showcasing India’s growing prowess, the Prime Minister said that India has already become the third-largest economy in terms of purchasing power and expressed hope that India was set to become the world’s fifth-largest economy by nominal GDP. “We are also the fastest growing major economy of the world today. We are also a country with one of the largest Start up eco-systems,” PM Modi said.
3. PM Modi said that the central government was working with the mission of Transforming India from: “an old civilisation into a modern society, an informal economy/ into a formal economy.” In a bid to set aside any apprehensions on India’s much-discussed maze of regulation, the PM said that the country was on a de-regulation and de-licensing drive. “Validity period of industrial licenses has been increased from three years to fifteen years and more,” PM Modi said.
4. PM Modi has also presented a unique 3-D theory. “If you see around the globe, there are very few countries where you have three important factors of economy together. They are: Democracy, Demography and Demand. In India, we have all the three together,” said PM Modi.
5. PM Modi also hailed the spirit of entrepreneurship in Korean people. “I admire the way in which they have created and sustained their global brands. From IT and Electronics to Automobile and Steel, Korea has given exemplary products to the world,” PM Modi said at the India-Korea Business Summit.