Modi invites the world to invest in India
Prime Minister Narendra Modi has extended an open invitation to the world to participate in India’s growth stride by investing more in manufacturing and infrastructure, and has offered them a conducive business environment. Currently in Germany, as part a three-nation tour, Modi is harping on his ‘Make in India’ mantra.
Building on India’s all too visible partnership of this year’s Hannover Fair – the world largest in industrial technology – Modi said he was confident that the journey to make India a global manufacturing hub ‘cannot be stopped by our own rules and regulations’.
Inaugurating the large India pavilion with German chancellor Angela Merkel and later addressing the Indo-German Business Summit, Modi said: “I am here to assure the German companies that India is now a changed country…Once again I invite you to India. I assure you of my personal attention in your success while you are in India.”
Merkel mentioned to Modi, “We think India has a future when you consider democracy, innovation capacity and prosperity. Your country is a very good example that this is easily possible”.
Detailing steps taken to ensure ease of business, Modi said: “The entire world is looking at India. Demography, democracy and demand are attracting the world to India. Low-cost manufacturing, efficient governance and no-defect manufacturing makes India a global engine in the manufacturing centre.”
He added, “(In) this year’s budget we have rationalized a number of issues which were bothering you…We have removed lot of regressive taxation regimes. In our very first Budget, we said we will not resort to retrospective taxation. And if such issues do arise, and if they do they will have to be reviewed at the highest level. We have taken bold steps of not dragging the litigation in a few cases where we felt that the steps of the previous government were not on right lines”.