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 on Monday made a strong pitch for India as an investment destination and said this is “the best time” to invest in the country.
“India offers a ‘bouquet of hope’ to the world. It includes our trust in democracy; it includes our technology, our temperament and talent,” he said. “In 2014, there were maybe a hundred registered startups in India. Now, the number has crossed 60,000. We also have more than 80 unicorns now, more than 40 of them achieved that status just last year,” he said.
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 India, can give new energy to each of our global partners. That’s why this is the best time to invest in India.”
“While following the path of self-reliance, India’s focus is not only on easing the processes, but also on incentivising investment and production. With this approach, today, $26 billion worth of PLI schemes have been implemented in 14 sectors,” he added.
The Prime Minister also said that India is celebrating its 75th year of Independence and also the administration of 156 crore vaccine doses in the country. “India has gifted the world a bouquet of hope,” he added.
The virtual program was addressed by Japanese Prime Minister Kishida Fumio, Australian Prime Minister Scott Morrison, European Commission President Ursua von der Leyen, Indonesian President Joko Widodo, Israeli Prime Minister Naftali Bennett and Chinese President Xi Jinping, among others.
The WEF has said ‘Davos Agenda 2022’ will be the first global platform for key world leaders to share their visions for 2022 and it is being convened on the theme of The State of the World.