VGIR 2020 | India's growth will have multiplier effect on global economy, says PM Modi

PM Narendra Modi (File image: PTI)

Prime Minister Narendra Modi on November 5 invited global investors to be a part of India’s growth story. He stated that for making this possible, the Indian government will do whatever it takes to make India the engine of global growth resurgence.

"India's growth has the potential to catalyse global economic resurgence. Any achievement by India will have a multiplier impact on World's development and Welfare. A strong and vibrant India can contribute to the stabilisation of the world economic order. We will do whatever it takes to make India the engine of global growth resurgence," PM Modi said while addressing the Virtual Global Investor Roundtable (VGIR) 2020 on November 5.

Speaking about the initiatives taken by the government of India to attract global investors, the PM said that multiple initiatives to improve manufacturing potential have been taken. He emphasised that the government's approach is to find long-term and sustainable solutions to issues.

PM Modi addresses Virtual Global Investor Roundtable 2020: Read the full text here.

He spoke about one nation-one tax system in the form of GSTOne, face-less regime for income tax assessment and appeal, new labour laws, Production Linked Incentive schemes and Empowered Institutional arrangement.

Apart from the production scheme, the Indian PM spoke on the government's plan to invest $1.5 trillion under the National Infrastructure Pipeline. PM Modi even appealed to global investors to invest in smaller cities and towns.

"We want investments not just in big cities but smaller cities and towns too. Gift City in Gujarat is a good example of that. We are implementing mission-mode schemes for development of such cities," the PM said.

Comprehensive banking sector reforms was another area that the PM highlighted. He stated that the Union government has taken major steps including comprehensive banking sector reforms, a liberal FDI regime, the benign tax regime for foreign capital, an implemented Insolvency and Bankruptcy Code, fin-tech based payment systems, among others.

On the issue of startup ecosystems, PM Modi said, "We have one of the largest numbers of start-ups and unicorns in the world. We are still growing very fast. The growth rate in 2019 translates into an average of 2 to 3 start-ups getting set up every day."

Speaking about India's diversity, the PM said that "India offers Democracy, Demography, Demand as well as Diversity".

The VGIR 2020 was organised by the Ministry of Finance and the National Investment and Infrastructure Fund. The event was attended by the world’s top investor groups and Indian business leaders such as Reliance Industries Chairman Mukesh Ambani, Ratan Tata, Infosys co-founder and chairman Nandan Nilekani, and HDFC Bank's Deepak Parekh.

Global firms such as Temasek, AustralianSuper, CDPQ, CPP Investments, GIC, Fund, Japan Post Bank, and Japan Bank for International Cooperation also took part.