This is the best time to invest in India, says PM Modi at WEF Davos Agenda 2022
"I understand the challenges business entities have faced in India," PM Modi said in his virtual address to the World Economic Forum's Davos Agenda 2022.
In Short
- India has given the world a 'bouquet of hope': PM Modi
- WEF's annual Davos summit was held virtually owing to the pandemic
- India has potential to shape global agenda, said WEF Executive Chairman
This is the best time to invest in India, PM Narendra Modi said in his virtual address to the World Economic Forum's Davos Agenda 2022.
"The ability of Indians to adapt to new technologies, their spirit of entrepreneurship can give all our global partners renewed energy," the Prime Minister said, adding that this is the "best time to invest in India."
Stating that "entrepreneurship has reached a new peak" in India, PM Modi said there were a few hundred registered startups in India in 2014. That number has exceeded 60,000 now, he said, adding that 40 of some 80 unicorns (companies valued at USD 1 billion or more) in the country were founded in 2021 alone.
READ: India committed to emerge as reliable partner in global supply chain: PM Modi at WEF Davos Agenda
"The manner in which expat Indians are displaying their skills on the global stage, the country's youth is ready and willing to give your businesses a push in India," PM Modi said.
He also said, "There was a time when India had a reputation for license raj. Most sectors were controlled by the government. I understand the challenges business entities have faced in India."
"We are working relentlessly to address each and every challenge. Today, India is promoting 'Ease of Doing Business'. Government control is being reduced. By simplifying and lowering its corporate tax rates, India has made it the most competitive in the world," PM Modi said.
Addressing the World Economic Forum's #DavosAgenda. @wef https://t.co/SIjcQ741NB — Narendra Modi (@narendramodi) January 17, 2022
The Prime Minister also told the World Economic Forum that the Government of India did away with over 25,000 compliance just last year [2021]. By making improvements in the context of retrospective taxes, India has restored the trust of the business community, he added.
India has also de-regulated a number of sectors, including drones, space, geo-spatial mapping, PM Modi said. He further added that the Government of India has introduced big reforms in the IT sector and BPO-related outdated telecom regulations.
World Economic Forum Executive Chairman Professor Klaus Schwab said India has been a driving force in the global movement to fight climate change. He also praised India's International Solar Alliance and PM Modi's pledge at the COP26 summit.
"India has the potential to shape the global agenda," Schwab said.