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National News

Jun 26, 2018
12:36PM

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.

Inaugurating the third annual meeting of the Asian Infrastructure Investment Bank (AIIB) in Mumbai, Mr Modi said, investors look for growth, macro-economic stability, political stability and a supportive regulatory framework to ensure protection of their investment, and are attracted by a large domestic market size, availability of skilled labour and good physical infrastructure.

The Prime Minister said, on each of these parameters, India is well placed and has performed very well. He said, India counts as an extremely low-risk political economy, adding that the government has simplified rules and regulations for businesses, and has undertaken bold reforms.

Mr Modi also said, fiscal situation in the country is firmly in control and the government is committed to fiscal consolidation.

The Prime Minister asserted that the interest rates offered by AIIB need to be affordable and sustainable. He asked AIIB to expand its loan book by 10 times to 40 billion US dollars by 2020 and 200 billion by 2025. Mr Modi said, finding resources for infrastructure creation is a challenge, and AIIB can play a crucial role in raising resources.

The theme for this year’s AIIB meeting is 'Mobilising Finance for Infrastructure: Innovation and Collaboration'.

Later today, the Prime Minister will meet business leaders and captains of industry, for a discussion on issues including economic growth, infrastructure development, policy initiatives, investment, innovation and job creation.

Mr Modi 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.

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