Prime Minister Narendra Modi calls upon global investors to benefit from India's start-up ecosystem

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Riyadh: Prime Minister Narendra Modi on Tuesday called upon global investors to benefit from India`s vibrant start-up ecosystem, which stands as the third-largest in the world, adding that he firmly believes that any investment in India`s innovation sector would yield huge returns.

"India is the third-largest start-up ecosystem in the world. Even in Tier-II and Tier-III cities of India, start-ups have come up. Our start-ups have started investing at a global scale. I invite global investors to benefit from our start-up ecosystem. I firmly believe that any investment in innovation would give highest returns," Modi said in his keynote address at the Future Investment Initiative (FII) here.

Prime Minister Modi said that Tier-II and Tier-III cities in India have emerged as engines of growth and the global companies investing in India are assured of skilled manpower. The Prime Minister cited five emerging trends impacting global business across the world - impact of technology and innovation, the importance of infrastructure for the global growth, rapid changes in human resources and future of work, compassion for the environment, and business-friendly governance.

Calling FII a brilling initiative, the Prime Minister said that the aim of the forum is not only to discuss the economic system but also to understand the rising trends of the world and look for ways aimed at global welfare. Prime Minister Modi said that India aims to invest USD 100 billion in refining, pipelines and gas terminals by 2024.

"I am happy that Saudi Aramco has decided to invest in the West Coast Refinery Project, which will be the largest refinery of Asia."He said that as many as 400 million people in India would be trained in different skill in the coming 3-4 years under the Skill India initiative.

"This will provide assured skilled manpower to companies investing in India," he said. The Prime Minister reiterated his government`s commitment to make India a USD 5 trillion economy by 2024. The FII Forum is also known as the `Davos in the Desert` which has been hosted by Riyadh since 2017 to project the Kingdom as a potential investment hub in the region.