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National News

Jun 26, 2018
2:08PM

India is one of the most investor-friendly economies in the world: PM Modi

Prime Minister Narendra Modi today said India is one of the most investor-friendly economies in the world because investors look for growth and macro-economic stability adding that investors want political stability and a supportive regulatory framework to ensure protection of their investment. Prime Minister was speaking at the third annual meeting of Asian Infrastructure Investment Bank, AIIB, in Mumbai today.

Prime Minister said Global confidence in India’s economy is rising adding that our foreign exchange reserves of more than 400 billion US dollars provide us adequate cushion. He added from the point of a foreign investor, India counts as an extremely low risk political economy where we have simplified rules and regulations for businesses and undertaken bold reforms. Prime Minister Modi further said the Indian story of economic resurgence closely mirrors that of many other parts of Asia.

Prime Minister also said that we are now living through what many term as the ‘Asian Century’. At the end of his address, Prime Minister urged that AIIB to look into potential investment opportunities in India in several sectors including renewable energy, agriculture and logistic (infrastructural) development.

Later, Prime Minister is scheduled to meet business leaders and captains of industry, for a discussion on issues including economic growth, infrastructure development, policy initiatives, investment, innovation and job creation. Prime Minister will also address a BJP event that aims to express gratitude towards those who fought against the Emergency in 1975 and dwell upon conserving the democratic values.

India has become the main engine of world growth being the most investment friendly country with a GDP growth rate of 7.4 per cent in the current fiscal year and growing global confidence in India's economy, said Prime Minister Narendra Modi today. He was speaking at the inaugural of third annual meeting of the Asia Infrastructure Investment Bank-- AIIB in Mumbai today.

Highlighting the strengths of the Indian economy in size and scale and the efforts taken by the government to reform and streamline the vital process on the path of development, the Prime Minister said that India's story of economic resurgence mirrors that of many Asian countries which need large investments in infrastructure for inclusive growth and betterment of lives in this region.

As developing countries facing similar challenges the 87 member nations have made remarkable beginning by investing over four billion US dollars within last two years, he said. AIIB has already made an impact on the lives of billions of people and can play a central role in helping various sectors like agriculture, energy, water supply, sanitation, environment and logistics, he said.

Though AIIB focuses on Asia it also supports infrastructural finance requirements in other countries, he said. In his welcome speech Finance Minister Piyush Goyal said the inspired leadership of India's Prime Minister Narendra Modi has steered the policies of the multi-lateral banks towards poverty alleviation and emulating the ideals of Mahatma Gandhi by gently shaking the world through its infrastructure funding initiatives in Asia and elsewhere. Established two years ago the Bank annual meeting is attended by about 3000 delegates from 87 countries.

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