Citing various reform measures taken by the Government, such as the removal of retrospective taxation, reduction in compliance requirements and simplification of the corporate tax rate structure, Prime Minister Narendra Modi Monday made a strong pitch for India as an investment destination and said this is “the best time” to invest in the country.
Addressing the World Economic Forum’s online Davos Agenda 2022 summit, Modi said India is committed to be a reliable partner in the global supply chain, and is saving countless lives by sending medicines and Covid vaccines to several countries.
He highlighted India’s “multi-lingual” and “multi-cultural environment”, which he said was a source of “great power not only of India but of the whole world”.
Welcoming the world to invest in India, 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.”
At the same time, the Prime Minister stressed that collective and synchronised action is needed to deal with issues such as climate change, inflation and supply chain disruption. He underlined the need for concerted action against cryptocurrency and a discussion on the ability of multilateral agencies to tackle emerging challenges.
“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 said.