Modi assures to protect, promote investments as he seeks overseas funds

Prime Minister Narendra Modi on Tuesday promised to protect and promote investments as he sought foreign funds to boost growth, saying that India is a free destination for enterprise and ready for business.

Speaking at the India-Korea Business Summit organised jointly by CII and DIPP, he said his government has worked towards creating a stable business environment and removed arbitrariness in decision-making.

“India is now ready for business. India is now a free destination for enterprise. You will not find such a free and growing market anywhere in the world,” he said.

In FDI, the Asia's third largest economy is one of the most open countries with most sectors open for foreign investment and more than 90 per cent approvals put on automatic route.

“There is practically no requirement of government approval for investments in manufacturing sector except for Defence sector,” he said. “I further assure you that whatever is required to promote and protect your investments will be done here.”

Modi said his government has “worked towards creating a stable business environment, ensuring the rule of law, and removing arbitrariness in decision making”.

The Prime Minister said the government has moved towards a low tax regime on corporate side. “We are already the third-largest economy by purchasing power. Very soon, we will become the world's fifth-largest economy by nominal GDP. We are also the fastest growing major economy of the world today,” he said. “There are very few countries where you have three important factors of economy together. They are: Democracy, Demography and Demand. In India, we have all the three together.”

The government's vision is to create a globally competitive industry and services base equipped with skill, speed and scale. “Therefore, we are continuously working to improve our investment climate. We particularly want to promote manufacturing in a big way to create jobs for our youth,” he said.