Prime Minister Narendra Modi: Now is the best time to invest in India, and multilateral institutions require reform.
Prime Minister Narendra Modi made a forceful appeal for India as an investment destination on Monday, citing several reform initiatives done by the government such as the elimination of retrospective taxation, decrease in compliance requirements, and simplification of the corporate tax rate structure.
Modi said India is dedicated to being a trusted partner in the global supply chain and is saving countless lives by supplying medicines and Covid vaccines to numerous countries, speaking at the World Economic Forum's online Davos Agenda 2022 event.
He emphasized India's "multilingual" and "multicultural milieu," describing it as a source of "huge power not only for India but for the entire world."
"Today, India has the third biggest number of unicorns in the world," Modi added, inviting the rest of the world to invest in India. In the last six months, over 10,000 new businesses have been registered. India promotes the Ease of Doing Business by limiting government involvement. By streamlining and lowering its business tax rates, India has become the world's most competitive economy. We've decreased over 25,000 compliances in the last year alone. Entrepreneurial mentality, which in India has the ability to adapt to new technologies, may provide new energy to each of our global partners. As a result, it is the perfect time to make an investment in India."
At the same time, the Prime Minister emphasized the importance of taking coordinated and coordinated action to address concerns such as climate change, inflation, and supply chain disruption. He emphasised the importance of coordinated action against cryptocurrency, as well as a debate of international agencies' abilities to address growing concerns.
"The issues we've been dealing with have been increasing as well. To combat these threats, every country and global agency must take coordinated and coordinated action. Supply chain interruptions, inflation, and climate change are just a few examples. Cryptocurrency is another example. The technology linked with it, as well as the judgments made by a single country, will not be adequate to meet its problems. We need to think in the same way," says the narrator.
Modi urged for a discussion on the role of international agencies in addressing such emergent concerns in this setting.
"However, given the current global situation, the question is whether multilateral organizations are prepared to deal with the new world order and new difficulties; is that potential still available?" The scenario was different when these institutions were established. Today's situation is quite different. As a result, it is the obligation of every democratic country to emphasize improvements in these institutions in order for them to be capable of meeting current and future problems," he stated.
In relation to India, the Prime Minister stated that policymaking is centered on the needs for "clean and green" as well as "sustainable and stable" growth over the next 25 years.
He spoke extensively on Covid and India's role in combating the pandemic, stating that the government is "handling another wave of corona with prudence and vigilance."
"At the same time, India is making strides in the economic field, with a number of encouraging outcomes. "India is ecstatic to be celebrating 75 years of independence, and India is confident in its ability to provide 160 crore corona vaccination doses in just one year," he added.
"A great democracy like India has bestowed a wonderful gift, a bouquet of optimism, on the entire planet." We Indians have unflinching faith in democracy; in this bouquet, the technology that will empower the twenty-first century is present; in this bouquet, we Indians' temperament and talent are present. We Indians live in a multilingual, multicultural atmosphere that is a wonderful power not only for India but for the entire world. This strength teaches not just how to think for oneself in a crisis, but also how to act for the greater good," Modi remarked.
"We have seen how India, following the concept of 'One Earth, One Health,' is saving crores of lives by providing critical medicines and vaccines to various countries during this time of danger." India is now the world's third-largest pharmaceutical producer, according to the World Pharmaceutical Organization. "Today, India is one of few places in the world where doctors, with their sensitivity and expertise, are winning the trust of everyone," he remarked.
Modi spoke at length on the pandemic last year, too, while addressing the Davos Dialogue through video conferencing in January, claiming that despite grim forecasts, India was successful in combating the virus and saving millions of lives. A disastrous second wave hit the country two months later.