PM Modi says 'India among most open economies', calls for global investment

New Delhi: Wooing global companies, Prime Minister Narendra Modi on Thursday said Asia's third-largest economy is one of the most open in the world and offers investment friendly, competitive business environment and immense opportunities.

Speaking at the India Global Week 2020, he said green shoots of economic revival are already visible in India that is coming out of coronavirus lockdown.

"India remains one of the most open economies in the world. We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities India does today," he said.

He listed recent reforms in agriculture as well as those in defence and space sectors to seek global capital.

"We are making the economy more productive, investment-friendly and competitive," he said. "There are many possibilities and opportunities in various sunrise sectors in India."

Reforms in the agriculture sector provide a very attractive investment opportunity to invest in storage and logistics, he said. "We are opening the doors to investors to come and invest directly."

Also, reforms have been brought in the small, micro and medium enterprises (MSME) sector, which will complement big industries.

"There are investment opportunities in the defence sector," he said, referring to opening up of certain parts of defence manufacturing to the private sector.

Also, there are opportunities for private investment in space sector. "This will mean greater access to commercial use of space tech for the benefit of people," he said.

Modi said the talk of global economic revival after the pandemic is often linked to the revival of the Indian economy.

Indians, he said, have the spirit to achieve what is believed to be impossible. "No wonder that in India we are already seeing green shoots when it comes to economic recovery."

"When India talks of revival it is a revival with care, revival with compassion, a revival which is sustainable - both for the environment and the economy," he said. "On the one hand India is fighting a strong battle against the global pandemic. With an increased focus on people's health, we are equally focussed on the health of the economy."

History, he said, has shown that India has overcome every challenge, be it social or economic.

During the last six years, India has made great gains in areas such as financial inclusion, housing and infra construction, ease of doing business and bold tax reforms like the GST, he said.

"India is ready to do whatever it can to further global good and prosperity. This is an India that is reforming, performing and transforming," he said.

The Prime Minister also spoke of his government's coronavirus relief package comprising free ration, cooking gas and cash to poor.

"In this time of a pandemic we have provided relief to our citizens and undertaken big structural reforms," he said. "Our relief package has been smart and targeted to provide the most poor with the most help. Thanks to technology every penny has reached the beneficiaries directly."

The relief package was named Aatmanirbhar Bharat or self-reliant India. "Aatmanirbhar Bharat is not about being self-contained or being closed to the world. It is about being self-sustaining and self-generating," he said.

And when the lockdown restrictions were eased, the government launched one of the world's largest public works programmes to provide employment to millions of workers. "This will not only re-energise the rural economy but also help in the creation of a durable infrastructure in rural areas," he said.

The pandemic has once again shown that India's pharma industry is an asset not just for India but for the entire world, he said adding it has played a leading role in reducing the cost of medicines, especially for developing countries.