India’s fiscal situation firmly in control: PM Modi tells investors at AIIB meeting

India has emerged as a “bright spot” in the global economy and it’s one of the most investor-friendly economies, said Prime Minister Narendra Modi on Tuesday, pitching his government’s clarity on policies.

“The government is firmly committed to the path of fiscal consolidation. Government debt as percentage of GDP is consistently declining,” said Modi at the third annual meeting of the Asian Infrastructure Investment Bank (AIIB) in Mumbai.

“India is one of the most investor-friendly economies. Investors look for growth and macro-economic stability. They want political stability and a supportive regulatory framework to ensure protection of their investment,” ANI quoted him as saying.

The AIIB meeting will see the launch of the inaugural Asian Infrastructure Forum, which will gather infrastructure practitioners in a practical and project-driven discourse, focused on matching innovative finance to critical infrastructure needs, an official statement said.

Later in the day, Modi will meet business leaders and captains of industry, for a discussion on issues such as economic growth, infrastructure development, policy initiatives, investment, innovation and job creation.

AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond, based in China.