India one of the most investor-friendly economies in the world: PM tells at AIIB meet 

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Third annual meeting of Asian Infrastructure Investment Bank (AIIB)

AMN / Mumbai

Prime Minister Narendra Modi today said that India was one of the most investor-friendly economies in the world.

Inaugurating the third annual meeting of the Asian Infrastructure Investment Bank (AIIB) in Mumbai, Mr Modi said, investors look for growth, macro-economic stability, political stability and a supportive regulatory framework to ensure protection of their investment, and are attracted by a large domestic market size, availability of skilled labour and good physical infrastructure.

The Prime Minister said, on each of these parameters, India was well placed and has performed very well. He said, India counts as an extremely low-risk political economy, adding that the government has simplified rules and regulations for businesses, and has undertaken bold reforms.

Mr Modi also said, fiscal situation in the country was firmly in control and the government was committed to fiscal consolidation.

The Prime Minister asserted that the interest rates offered by AIIB need to be affordable and sustainable. He asked AIIB to expand its loan book by 10 times to 40 billion US dollars by 2020 and 200 billion by 2025. Mr Modi said, finding resources for infrastructure creation is a challenge, and AIIB can play a crucial role in raising resources.

The theme for this year’s AIIB meeting is ‘Mobilising Finance for Infrastructure: Innovation and Collaboration’.

Later today, the Prime Minister will meet business leaders and captains of industry, for a discussion on issues including economic growth, infrastructure development, policy initiatives, investment, innovation and job creation.