Modi woos investors at ASEAN Summit |
Prime Minister Narendra Modi on Sunday sought to hard-sell India to investors, saying that India is committed to the stronger surface, maritime and air connectivity links with ASEAN nations, which is central to New Delhi`s Act East policy and the Indo-Pacific. Describing India as one of the world`s most attractive economies, Modi said, “India received $286 billion FDI in the last five years. This is almost half of the total FDI in India in the last 20 years.” He added, “I say this with full confidence – this is the best time to be in India!” He noted that the ease of doing business, ease of living, FDI, productivity and efficiency, and pace of infrastructure creation were rising, while the number of taxes, red tape, cronyism and corruption were falling. Modi also referred to his government`s plans to make India a $5 trillion economy and said “When my government took over in 2014, India`s GDP was about $2 trillion. In 65 years, $2 trillion. But in just five years, we increased it to nearly $3 trillion.” He described taxation as an area where his government had done significant work and said India has one of the “most people-friendly tax regimes”.
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