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Best Time To Invest In India, Says PM Modi At World Economic Forum; Top Quotes

Prime Minister Modi also highlighted India's role in providing vaccines to the world.

PM Modi with Grammy winner Ricky Kej (Photo: Twitter/Narendra Modi)
Berlin: Prime Minister Narendra Modi addresses Indian diaspora, in Berlin. (PTI Photo)

New Delhi: Prime Minister Narendra Modi, in his special address at the World Economic Forum’s (WEF) Davos Agenda, called for foreign investment saying it is the “best time” to invest in India. Urging the world to invest in India, PM Modi said that “the spirit of entrepreneurship, which has the capacity to adopt new technology in Indians, can give new energy to each of our global partners”.

The Prime Minister also highlighted India’s role in providing vaccines to the world. India has saved crores of lives during the COVID-19 pandemic by supplying vaccines and essential medicines to many countries under One Earth One Health vision, said Prime Minister Narendra Modi emphasising that India is now pharmacy to the world and is the third-largest pharma-producer in the world.

ALSO READ: India Gave Vaccines, Hope To The World: PM Modi At WEF’s Davos Agenda

Davos Agenda of the WEF is being held virtually from January 17-21. Several heads of state will address the event. The event will also witness the participation of top industry leaders, international organisations and civil society, who will deliberate on critical challenges being faced by the world today and discuss how to address them.

Here are the highlights from PM Modi’s address:

“In this time of Corona, we have seen how India following the vision of ‘One Earth, One Health’ is saving crores of lives by giving essential medicines, vaccines to many countries,” said PM Modi while delivering the ‘state of the world’ address virtually at the World Economic Forum’s Davos Agenda on Monday.

WATCH: PM Modi Virtually Addresses WEF’s Davos Agenda

“Today, India is the third-largest pharma producer in the world, is pharmacy to the world,” he added.

The Prime Minister also emphasised that India is sending record software engineers to the world. “More than 50 lakh software developers are working in India.”

Emphasising that India has the third-largest number of Unicorns in the world, he said that more than 10,000 start-ups have been registered in the last 6 months.

Pointing out that India is promoting Ease of Doing Business and minimizing government intervention, PM Modi said, “India has made it the most competitive in the world by simplifying, reducing its corporate tax rates. Last year alone, we have reduced more than 25,000 compliances.”

Prime Minister Narendra Modi on Monday called for reforms in multilateral organisations, stating there has been a change in the global situation and there is a question if they are prepared to deal with the new world order. He said the challenges being faced by different countries are increasing and there is a need for “collective and synchronized action” by the world communities.

“Seeing the global situation today, the question is also if the multilateral organisations are prepared to deal with the new world order and new challenges. When these organisations were formed, the situation was different, today the situation is different. Hence it is the responsibility of every democratic country to give emphasis on reforms in these institutions so that they can be made effective to deal with the challenges of today and tomorrow,” he said.

“Today, besides the change in the global order, the challenges that we have been facing as a global family, that are also increasing. There is a need for collective and synchronised action by every country, global agency to deal with them,” he added.

The Prime Minister cited disruption in the supply chain, inflation and climate change as examples of challenges.

“One more example is cryptocurrency. The way technology is linked, the decisions taken by one country will be insufficient to deal with the challenges. We will have to keep similar thinking,” he said.

PM Modi stressed that India has the world’s largest, safe and successful digital payments platform. “In the last month alone, 4.4 billion transactions have taken place in India through Unified Payments Interface (UPI),” he said.

Production Linked Incentive schemes worth $26 billion have been implemented in 14 sectors. The $10 billion incentive plan to roll out the fab, chip and display industry is a testament to our commitment to making the global supply chain smooth. We are moving ahead with the spirit of Make in India, Make for the world. Along with telecom, insurance, defence, aerospace, now there are limitless possibilities offered by India in the field of semiconductors as well.