PM Modi inaugurates 3rd annual meeting of AIIB: Key takeaways

Prime Minister Narendra Modi today inaugurated the third annual meeting of the Asian Infrastructure Investment Bank (AIIB) in Mumbai. The theme for this year's meeting was 'Mobilising finance for infrastructure: innovation and collaboration'. After the inaugural statement, the Prime Minister met several business leaders 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.

Here are the key takeaways from PM Modi's speech at AIIB

• India's macro-economic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range: PM Modi
• The government is firmly committed to the path of fiscal consolidation. The government debt as percentage of GDP is consistently declining. India has achieved a rating upgrade after a long wait: PM Modi
• The external sector remains robust. India's foreign exchange reserves of more than 400 billion US dollars provide the country adequate cushion. Global confidence in India's economy is rising. Total FDI flows have increased steadily and India continues to be one of the top FDI destinations: PM Modi
• From the point of a foreign investor, India counts as an extremely low risk political economy. We have simplified rules and regulations for businesses and undertaken bold reforms. We have provided investors an environment which is efficient, transparent, reliable and predictable: PM Modi
• We have set a target to construct capacity of 175 GW of renewable energy by the year 2022. Of this, the solar energy capacity will amount to 100 GW.  We have added more capacity to renewable energy than conventional energy in 2017: PM Modi
• Agriculture is the lifeblood of the Indian economy. We are promoting investments in warehouses and cold chains, food processing, crop insurance and allied activities. We are promoting micro-irrigation to ensure optimal use of water with increased productivity: PM Modi
• The Indian story of economic resurgence closely mirrors that of many other parts of Asia. The continent finds itself at the centre of global economic activity and has become the growth engine of the world. In fact we are now living through what many term as the 'Asian Century': PM Modi
• A 'New India' is rising. It is an India that stands on the pillars of economic opportunity for all, knowledge economy, holistic development, and futuristic, resilient and digital infrastructure: PM Modi
• The Goods and Services Tax is one of the most significant systemic reforms that our country has undergone. It works on the One Nation - One Tax principle. It reduces tax cascading, increases transparency, and adds to logistics efficiency. All of this makes it easier for the investor to do business in India: PM Modi