VGIR 2020 organized by PM Narendra Modi for global investors
Seeking global investments, Prime Minister Narendra Modi on Thursday said India is the best place for generating long-term returns citing the country’s democracy and its strong institutions ensuring accountability. Addressing the Virtual Global Investor Roundtable (VGIR) 2020, Modi said that India has one of the lowest corporate tax rates in the world. “If you want returns with reliability, India is the place to be. If you want demand with democracy, India is the place to be. If you want stability with sustainability, India is the place to be. If you want growth with a green approach, India is the place to be,” Modi said.
India offers “democracy, demography, demand as well as diversity. Such is our diversity that you get multiple markets within one market. These come with multiple pocket sizes and multiple preferences. These come with multiple weathers and multiple levels of development”, he said, explaining India’s growth has the potential to catalyze global economic resurgence.
The Prime Minister expressed that India has an ambitious plan to invest $1.5 trillion under the National Infrastructure Pipeline.
VGIR 2020 organized by the Ministry of Finance and National Investment and Infrastructure Fund was attended by 20 top institutional investors from the US, Europe, Canada, Korea, Japan, Middle East, Australia, and Singapore. Top officials of major funds like CDPQ, CPP Investments, GIC, Japan Bank for International Co-operation, Mubadala, New York Life, Qatar Investment Authority, Temasek, and U.S. International Development Finance Corporation attended the roundtable meeting chaired by the Prime Minister.
The Prime Minister said New India is being built which is free of old practices and today, India is changing for the better. He added India’s quest to become Aatma Nirbhar is not just a vision but a well-planned economic strategy. He stressed it is a strategy that aims to use the capabilities of India’s businesses and the skills of its workers to make India into a global manufacturing powerhouse. Modi said it aims to use the country’s strength in technology to become a global centre for innovations and aims to contribute to global development using its immense human resources & their talents.
Modi said, “We have taken multiple initiatives to improve our manufacturing potential, we ushered in One Nation One Tax system in the form GST, one of the lowest Corporate Tax rates and added incentive for new manufacturing, Faceless regime for IT assessment and appeal, a new labour laws regime balancing the welfare of workers and ease of doing business for the employers. Production Linked Incentive schemes in specific sectors and empowered institutional arrangement to handhold investors.”
The Prime Minister expressed that India has an ambitious plan to invest $1.5 trillion under the National Infrastructure Pipeline. He listed various social and economic infrastructure projects planned in India under the pipeline, aimed for faster economic growth and alleviation of poverty in the country. He said India has embarked on a massive infrastructure building spree of highways, railways, metros, water-ways, airports across the country. He added millions of affordable houses for the neo-middle class are also planned. He called for investments not just in big cities but in smaller cities and towns too and said mission-mode schemes are being implemented for the development of such cities.
India is key to our long-horizon investment strategy, focused on growth markets, and we have a strong appetite to build on our existing investments across infrastructure, industrial, and consumer sectors.
Prime Minister elaborated on the holistic strategy for the development of the financial sector. He listed some of the major initiatives for the development of the financial sector like comprehensive banking sector reforms, strengthening of financial markets, unified authority for the International Financial Services Centre, one of the most liberal FDI regimes, a benign tax regime for foreign capital, suitable policy regimes for investment vehicles like Infrastructure Investment Trust and Real Estate Investment Trust, Implementation of Insolvency and Bankruptcy Code, Financial empowerment through Direct Benefit Transfer and fin-tech based payment systems like Ru-Pay cards and BHIM-UPI.
After the event, Mark Machin, President & CEO of CPP Investments remarked that the VGIR 2020 roundtable was a very productive and helpful forum that provided us insight into the government’s vision to build out the Indian economy and accelerate the growth of international institutional investors in India. India is key to our long-horizon investment strategy, focused on growth markets, and we have a strong appetite to build on our existing investments across infrastructure, industrial, and consumer sectors.”
Charles Emond, President & CEO of Caisse de dépôt et placement du Québec (CDPQ) while talking about India said, “India is an important market for CDPQ — we have invested several billion in sectors such as renewables, logistics, financial services and technology-enabled services — and we aim to strengthen our presence over the coming years. I’d like to sincerely thank Prime Minister Modi and his government for taking the lead on organizing this roundtable where global investors and business leaders could discuss opportunities to support a stronger economy for India.”
Jase Auby, Chief Investment Officer, Teacher Retirement System of Texas, USA shared his view on India and his participation at the Roundtable, “I am pleased to participate in the 2020 Virtual Global Investor Roundtable. Pension fund investors dedicate large portions of their portfolios to assets expected to benefit from growing economies and markets. The structural reforms undertaken by India are likely to provide a strong foundation for such high growth well into the future.”
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