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Highlighting India's economic growth path and investor-friendly approach, Prime Minister Narendra Modi said that being one of the most investor-friendly economies in the world, India provided an environment “which is efficient, transparent, reliable and predictable”.
Speaking at the third annual meeting of the Asian Infrastructure Investment Bank (AIIB) here, PM Narendra Modi said, “India is one of the most investor-friendly economies in the world. Investors look for growth and macroeconomic stability. They want political stability and a supportive regulatory framework to ensure the protection of their investment... From the point of a foreign investor, India counts as an extremely low-risk political economy."
The iconic move of GST implementation which initially experienced some teething issues in now registering positive side of this bold move.
“From the point of the larger scale of operations and higher value addition, an investor is also attracted by a large domestic market size, availability of skilled labor and good physical infrastructure. On each of these parameters, India is well placed and has performed very well,” he said. The Prime Minister said that the Government had taken a number of steps to boost investment. “We have simplified rules and regulations for businesses and undertaken bold reforms. We have provided investors an environment which is efficient, transparent, reliable and predictable,” he said.
“We have liberalized the FDI regime. Today, most sectors are on automatic approval route. The Goods and Services Tax (GST) is one of the most significant systemic reforms that our country has undergone,” he said.
Modi said that India had emerged as a bright spot in the global economy which is driving global growth as well. “With a size of 2.8 trillion US Dollars, it is the seventh largest in the world. It is the third largest in terms of purchasing power parity. In the fourth quarter of 2017, we grew at 7.7 percent. In 2018, we are projected to grow at 7.4 percent,” he said.