September 25, 2019
PM Modi used the opportunity to talk about the future direction of India’s growth story built on four pillars - Democracy, Demography, Demand, and Decisiveness
The Prime Minister invited the international business community to invest in India and stated that their technology and India’s talent can together change the world
PM Modi promised global investors of further improvement India’s investment environment, making a strong pitch to leading business leaders to invest in India
PM Modi also chaired a roundtable discussion in New York with 42 global captains of industry from 20 sectors and with a combined net worth of US$16.4 trillion
On his recent visit to the United States of America, Prime Minister Shri Narendra Modi delivered the keynote address at the Bloomberg Global Business Forum, apart from chairing an exclusive roundtable discussion with 42 global captains of industry.
Addressing the Bloomberg Global Business Forum, the Prime Minister said that he would use this opportunity to talk about the future direction of India’s growth story, which is built on four pillars, namely Democracy, Demography, Demand, and Decisiveness. He also highlighted the global recognition of the successful reforms introduced by the Government. In this regard, he mentioned the sixty-five rank improvement in the Ease of Doing Business Index calculated by the World Bank.
The Prime Minister invited the global business community to invest in India and stated that their technology and India’s talent can together change the world. Modi also promised to further simplify India’s tax regime, including bringing tax on equity investments in line with global standards, making a strong pitch to global business leaders to invest in India. Earlier this month, finance minister Nirmala Sitharaman had slashed tax on income of companies, making India one of the lowest tax regimes in Asia. The cut in corporate tax will help India compete for investments with other Asian countries, and also boost private investments and economic growth.
PM Modi also chaired an exclusive roundtable discussion at New York with 42 global captains of industry from across 20 sectors. The companies (including IBM, Walmart, Coca Cola etc) that participated in the roundtable had a combined net worth of US$16.4 trillion, of which their net worth in India is US$50 billion. The participants appreciated the great strides made by India towards ease of doing business and many reforms which have led to a conducive investor environment. They also mentioned that their companies remained committed to the growth story of India and will continue to grow their footprint there.
Prime Minister Modi further emphasised the development of tourism, waste management initiatives, and to enhance the business of MSMEs, especially those which create more opportunities for farmers and agriculture. He urged the companies to leverage the Startup India innovation platforms in partnership with other countries – to make solutions not only for India, but for the world, including challenging issues like nutrition and waste management.