Narendra Modi in Russia: PM invites global businesses to invest, says sky is the limit in India

New  Delhi: Prime Minister Narendra Modi on Friday invited global businesses to invest in sectors like manufacturing, healthcare, defence and services, saying India was never a better investment destination than it is now.

"The sky is the limit in India. You can venture here in any area you want (to do business), " Modi told a global audience in his plenary address at the St. Petersburg International Economic Forum (SPIEF).

This is the first time that an Indian Prime Minister is attending the SPIEF forum, which is held annually in St. Petersburg, Russia's second largest city and President Vladimir Putin's hometown.

Modi said that his government's journey toward developing India is built on investments in infrastructure, agriculture, manufacturing and services.

The Prime Minister said, "We have removed over 1,200 laws that are obsolete in today's context. This is a manifestation of our belief in 'minimum government."

India is a fast growing economy- this is a sentiment leading global agencies are reflecting: PM @narendramodi

— PMO India (@PMOIndia) June 2, 2017

Key Highlights of PM Modi's speech

-125 crore people of India are inviting you- explore the opportunities in India.

-In India, sky is the limit. There are opportunities in several sectors.

-I see immense opportunities in manufacturing healthcare equipment, defence sector, services sector.

-In India there is lot of work underway in renewable energy.

-Number of people who travel by train in India will be more than population of many nations. Hence, railway infra is vital.

-India is urbanising rapidly and this makes the need of infrastructure and waste management mechanisms even more important.

-India, we are nurturing an eco-system where the youth of India becomes a job creator, not job seeker.

-New India is about upgraded infrastructure.

-It is also agreed that among the top FDI destinations in the world, India figures highly.

-India- Russia ties are not utilitarian. There is an underlying trust in our ties & our ties have grown stronger & deeper over time.

-India is a fast growing economy- this is a sentiment leading global agencies are reflecting.

-We have removed over 1200 laws that are obsolete in today's context. This is a manifestation of our belief in 'minimum government'.

-Our constant aim is to bridge the digital divide. Over the last three years the impetus to financial inclusion has been tremendous.

-We are living in the era of technology. In that context, a digital divide can adversely affect the development trajectory of any nation.

-GST will be implemented and there will be a uniform system of taxation. This will benefit industry.

-Political will, political stability and clear vision set the tone for transformative reforms.

-The eyes of the world are on Asia and there is renewed interest in India.

-In the last three years there have been substantial reforms, guided by the principle of 'Minimum Government, Maximum Governance'.