Narendra Modi, Prime Minister of India, speaks during the Bloomberg Global Business Forum in New York on September 25, 2019. (Photo by Kena Betancur / AFP)
Narendra Modi, Prime Minister of India, speaks during the Bloomberg Global Business Forum in New York on September 25, 2019. (Photo by Kena Betancur / AFP)

New York: PM Narendra Modi on Wednesday invited global businesses to invest in India, saying historic reduction in corporate tax rates by his government had created a golden opportunity and promised more measures to improve the business climate.

Speaking at the Bloomberg Global Business Forum here, the PM said: "If you want to invest in a market where there is scale, come to India... If you want to invest in start-ups with a huge market, come to India...If you want to invest in one of the world's largest infrastructure ecosystem, come to India," he told global corporates.

‘‘Your desires, and our dreams, match. Your technology and our talent can change the world. Your scale and our skill can speed up global economic growth... If there is any gap, I will act as a bridge," he said in his address to the Bloomberg Global Business Forum.

Modi further told the gathering that India is rapidly modernising its cities, and equipping them with latest technology and citizen friendly infrastructure. "Thus if you want to invest in urbanisation, come to India," he said.

He said India has also opened its defence industry "like never before" and sought investments in the sector. To improve business sentiment, the government has also repealed 50 laws to improve ease of doing business.

There is a government in India which respects the business world and values wealth creation, he said, adding the government has been taking big and hard decisions to improve business environment.

"Let me tell you, the new government is only three-four month old. I want to assure that this is only the beginning. Still there is a long way to go. In this journey we want to partner with the global business community. This is a golden opportunity for you," Modi said.

India, PM Modi said, is rising in global FDI rankings "at a time when FDI is falling all over the world". This, he said, was because of reforms that the government has brought in over the last five years. India is a unique combination of 4 factors, he said - "Democracy, Demography, Demand and Decisiveness".

‘‘India has one of the best engineering, R&D bases," he said. There is demand on many fronts - including infrastructure and defence -- and the government, he said, was committed to building seamless, inclusive and transparent systems.

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