India story is strong today and stronger tomorrow: PM Narendra Modi to Canadian business community at Invest India Conference

PM Narendra Modi said that Canada is home to some of the largest and most experienced infrastructure investors while addressing the Invest India Conference.

Image courtesy: ANI

New Delhi: Prime Minister Narendra Modi on Thursday (October 8) evening delivered a keynote address at the Invest India Conference in Canada through video conferencing. The Prime Minister said India-Canada bilateral ties are driven by our shared democratic values and many common interests. 

PM Modi said that Canada is home to some of the largest and most experienced infrastructure investors, adding "Canadian Pension Funds were the 1st ones to start investing in India. Many of them have already discovered great opportunities in a range of areas like highways, airports, and logistics."

The Prime Minister said, "The trade and investment linkages between us are integral to our multi-faceted relationship."

Taking about the Indian success story, PM Modi said, "India story is strong today and stronger tomorrow. Today, the FDI regime has been very well liberalized. India is undergoing a rapid change in mindsets as well as markets."

Talking about key reforms, he said, "India has embarked on a journey of deregulation and decriminalization of various offences under the companies act," adding "we have created a friendly tax regime for Sovereign Wealth and Pension Funds. We have undertaken significant reforms for developing a robust Bond market."

On the infrastructure front, Modi said, "We are proactively monetizing assets across sectors- Airports, Railways, Highways, Power Transmission lines, etc," adding "Real Estate Investment Trusts (REIT) & Infrastructure Investment Trusts (InvITs) have been fully enabled to for monetization of assets."

He also talked about adopting a unique approach to face the Covid-19 pandemic challenge. "We have given relief and stimulus package for the poor and the small businesses. We have also used this opportunity to undertake structural reforms. These reforms ensure more productivity and prosperity," he added.

PM Modi said, "India is playing the role of the pharmacy to the world. We have provided medicine to around 150 countries so far," referring to the help India extended to other countries.

"In the post-Covid world, you will often hear of various kinds of problems. Problems of manufacturing, problems of supply chains, problems of PPE, etc. However, India has not let those problems be. We showed resilience and emerged as a land of solutions," PM said.

According to PM Modi, "During March-June of this year, our agricultural exports rose by 23%. This happened while the entire country was in a stringent lockdown." 

He further said, "Ïndia has ensured reforms in the field of labour and agriculture. They ensure greater participation of the private sector while strengthening the government’s safety nets. These reforms will lead to a win-win situation for entrepreneurs as well as hard-working people."

"The reforms in labour laws greatly reduce the number of Labour codes. They are both employee and employer-friendly and will further increase ease of doing business," PM Modi said, adding "The reforms in the field of agriculture are far-reaching. They will not only give more choice to farmers but will boost exports."

Talking about India's reforms in the education sector, he said, "India has undertaken a trinity of reforms in the field of education, labour and agriculture. Together, they impact almost every Indian," adding "The reforms in the field of education will further harness the talent of our youth."

He added, "These reforms have also set the stage for more foreign universities to be able to come to India. If you are looking to partner in the field of education, the place to be is India."

"If you are looking to invest in manufacturing or services, the place to be is India. If you are looking to collaborate in the field of agriculture, the place to be is India," the Prime Minister added.

Prior to his keynote address, PM Modi tweeted, "At around 6:30 PM today, would be delivering the keynote address at the Annual Invest India Conference." "This is organised with a special focus on further strengthening business ties between India and Canada. Will speak on aspects relating to the economy."

Notably, the forum aims to give the Canadian business community a first-hand perspective of the opportunities to invest in India and showcase India as an investment destination.