Prime Minister Narendra Modi on Monday made a strong pitch for India as an investment hub at the Davos Agenda 2022 summit.
Addressing the World Economic Forum’s online Davos summit cited various reform measures taken by the Government from the removal of retrospective taxation to simplification of the corporate tax rate structure.
PM Modi also said that India is committed to be a reliable partner in the global supply chain. And it is saving countless lives by sending medicines and Covid vaccines to several countries.
Mr Modi highlighted India’s ‘multi-lingual’ and ‘multi-cultural environment’, which he said remains a source of great power not only of India but of the whole world.
He welcomed the world to invest in India. PM Modi said, “Today, India has the third largest number of unicorns in the world. More than 10,000 start-ups have been registered in the last six months. India is promoting Ease of Doing Business, minimising government intervention. India has made it the most competitive in the world by simplifying, reducing its corporate tax rates. In the last year alone, we have reduced more than 25,000 compliances. The spirit of entrepreneurship, which has the capacity to adopt new technology in Indians, can give new energy to each of our global partners. That’s why this is the best time to invest in India.”
Moreover, PM Modi stressed on collective and synchronised action that is needed to deal with issues like climate change, inflation and supply chain disruption.
Underlining the need for concerted action against cryptocurrency and a discussion on the ability of multilateral agencies to tackle emerging challenges, PM Modi reiterated how India remains the destination for investment.
“The challenges we have been facing are also increasing. To counter these, there is a need for collective and synchronised action by every country, every global agency. These supply chain disruptions, inflation and climate change are examples of these. Another example is cryptocurrency. The kind of technology that is associated with it, the decisions taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset,” he added.
Last year also, while addressing the Davos Dialogue, PM Modi had spoken about the Covid-19 pandemic.