Modi says this is ‘best’ time to invest in India

Geneva/New Delhi, Jan 17 (EFE).- Indian Prime Minister Narendra Modi said on Monday that this was the “best time” to invest in India, highlighting his reforms to reduce government control on the economy during his speech at the Davos Forum, delivered via videoconferencing.

“This is the best time to invest in India. The entrepreneurship spirit that Indians have, the ability to adopt new technology, can give new energy to each of our global partners,” Modi said.

He reiterated his government’s commitment to carrying out major economic reforms, making India the “most attractive destination” for doing business during the pandemic, even as the country is facing a third wave of infections.

Modi described how the government had controlled “most of the things” during the years after India’s independence in 1947, through a complicated licensing system for industries which began to be eased when the country entered the liberalization era in 1990’s.

“Today, we’re encouraging ease of doing business, reducing government involvement in businesses,” said the prime minister, months after authorities concluded the major privatization process of debt-ridden state carrier Air India, which has been sold to Indian business conglomerate Tata Sons.

Modi began his speech at Davos acknowledging that India was “cautiously” fighting a fresh Covid wave, triggered by the Omicron virus, which has led to a rapid surge in infections within a few weeks: with daily cases jumping to over 250,000 from less than 10,000.

“Today India is the world’s third largest pharma producer, pharmacy to the world. India worked on multiple reforms during Covid times, (…) saving millions of lives by giving essential medicines and vaccines to many countries,” said the leader, underlining that the country had administered over 1.5 billion doses of anti-Covid vaccines to its residents.

While urging global investors to increase business with India, Modi stressed that New Delhi was fully committed to the fight against climate change.

“We have to accept that our lifestyle is also a big challenge for the climate. Throwaway culture and consumerism have made the climate challenge more serious,” the prime minister said, stressing the need to shift to a circular and sustainable economy. EFE


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