Prime Minister Narendra Modi on Thursday invited the world to invest in India amid the coronavirus pandemic, saying the country would play a leading role in story of global revival. The prime minister made the comments at the inaugural event of the India Global Week 2020.
“India remains one of the most open economies in the world,” Modi said. “We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities India does today. During the last six years, India has made great gains in areas such as: total financial inclusion, record housing and infra construction, ease of doing business, bold tax reforms including the GST [Goods and Services Tax].”
Modi said India has a “powerhouse of talent” that is eager to contribute and always ready to learn. “In these times, it is natural to talk about revival,” he added. “It is equally natural to link global revival and India. There is faith that the story of global revival will have India playing a leading role.”
He told the business community that Indians are natural reformers. “History has shown that India has overcome every challenge – be it social or economic,” he added.
The India Global Week is a three-day virtual conference. Themed “Be The Revival: India and a Better New World”, the event will have 5,000 global participants from 30 nations and will be addressed by 250 global speakers in 75 sessions. It is being held at a time when the coronavirus pandemic has brought the global economy to a standstill. More than 1.20 crore people have been infected with Covid-19, the disease caused by the virus, and toll has crossed 5.48 lakh.
The prime minister underlined that his government was not only focussed on improving people’s health, but was also paying attention to the economy’s health. “In India, we are already seeing green-shoots when it comes to economic recovery,” he said in his remarks.
He also said India will have an important role in developing and scaling up the production of vaccine once it is discovered. Several vaccine candidates are at various stages of development around the world to tackle the coronavirus pandemic.
“This is an India that is reforming, performing and transforming,” Modi said. “When India talks of revival it is: revival with care, revival with compassion, revival which is sustainable – both for the environment and the economy.”
He highlighted reforms undertaken in Micro, Small and Medium Enterprises, which has been hit hard by the pandemic. “There are investment opportunities in the defence sector,” Modi added. “Now, there are more opportunities for private investment in space sector. This will mean greater access to commercial use of space technology for the benefit of people.”
Modi praised the country’s pharmaceuticals industry, saying it has an important role in reducing the cost of medicines, especially for developing countries. “Vaccines made in India are responsible for two-thirds of the vaccine needs of the world’s children,” he added. “Today also our companies are active in international efforts for development and production of Covid-19 vaccine.”
He assured the world that India is ready to do whatever it can to further global good and prosperity.