The roundtable will have participation from twenty of the world’s largest pension and sovereign wealth funds with total Assets Under Management of about $ 6 trillion.PM Modi LIVE: Prime Minister Narendra Modi today said that if the investors want returns with reliability, India is the place to be. Speaking at the Virtual Global Investor Roundtable, Narendra Modi added that the investors get demand with democracy, stability with sustainability, and growth with a green approach in India. PM Modi further said that India believes in a strategy that aims to use our strength in technology to become the global centre for innovations, and contribute to global development using our immense human resources and their talents, Speaking about the Atmanirbhar Bharat program, he underlined that it is not just a vision but a well-planned economic strategy.
Highlights
The coronavirus pandemic brought out four traits in India, which are the sense of responsibility; the spirit of compassion; national unity;
and spark of innovation: PM Modi
Our recent reforms in agriculture open up new exciting possibilities to partner with the farmers of India. With the help of technology and modern processing solutions, India will soon emerge as an agriculture export hub, said PM Narendra Modi.
A strong and vibrant India can contribute to stabilization of the world economic order. We will do whatever it takes to make India the engine of global growth resurgence: PM Modi
If you want returns with reliability, India is the place to be. If you want demand with democracy, India is the place to be. If you want stability with sustainability, India is the place to be. If you want growth with a green approach, India is the place to be: PM Modi told investors.
India believes in a strategy that aims to use our strength in technology to become the global centre for innovations, and contribute to global development using our immense human resources and their talents: PM Modi
Today, investors are moving towards companies which have a high Environmental, Social & Governance score. India already has systems and companies which rank high on this. India believes in following the path of growth with equal focus on ESG. -- PM Modi
India has shown remarkable resilience in this pandemic, be it fighting the virus or ensuring economic stability. This resilience is driven by the strength of our systems, support of our people and stability of our policies: PM
India believes in following the path of growth with equal focus on ESG. India offers you democarcy, demography, demand, and diversity, PM Modi told investors.
India's quest for Atmanirbhar Bharat is not just a vision but a well-planned economic strategy: PM Modi
PM Modi begins address at Virtual Global Investor Roundtable.
Rajasthan has decided to go for Option-1 to meet the GST implementation shortfall. The state will get Rs 4,604 cr via special borrowing window and will also get permission to raise additional Rs 5,462 cr via borrowings.
Due to the Covid-19 pandemic, China has decided to temporarily suspend the entry into China by foreign nationals in India holding valid Chinese visas or residence permits.
One of the government’s top priorities should be to be an AI Superpower in the next decade. For this, we need to invest in talent, R&D capabilities, and more encouraging policy support. Trying to solve these three, should lead to greater foreign investment into the sector as it has for the US and China. Over the next decade, AI will make millions of jobs redundant and building capability around it allows the country’s next generation to be ready for a new world that is emerging. Government initiatives like India AI and Startup India are great starts in this direction and deserve the full attention from the government and investors. -- Kanika Agarrwal, Co-founder and Chief Investment Officer, Upside AI
The Composite PMI Output Index in October rose to 58 from 54.6 in September, indicating the strongest increase in private sector output in around nine years. A sharp rise in factory production was accompanied by a return to growth of services activity.
Enhancing India as an Investment destination could prove to be great towards boost towards 'Make In India' and 'Atmanirbhar Bharat' initiatives that will help bring in more hardware manufacturing technology-based companies. It will also make India a landmark for both software and hardware technology. -- Sonit Jain, CEO of GajShield Infotech.
PM Narendra Modi is likely to begin the address at 6:30 pm as the event got slightly delayed.
India’s service activity expanded for the first time since February in October 2020. Services PMI rose from 49.8 in September to 54.1 in October. The service companies’ performance improved on account of easing of the coronavirus-led restrictions, which helped them secure new work and lift business activity in the month. Read full story here
Prime Minister Narendra Modi will soon address the international investors and business leaders from across the globe.
The performance-linked incentive (PLI) scheme for mobile manufacturing is likely to ensure tax revenues (direct and indirect) to the tune of over Rs 80,000 crore to the government over the next five years apart from making India a manufacturing hub for giants like Apple and Samsung. Read full story here
I will be speaking about India’s reforms and opportunities for investors in our country, said PM Modi.
This is the best time to invite foreign investments, as India can be the next manufacturing hub of the world. Today, world is facing huge challenges because they are dependent on one particular country, especially for electronics. Having said that, the government has to expedite the pending infrastructure projects, if India wants to set a mark on the global stage. -- Avneet Singh Marwah, Director and CEO, Super Plastronics Pvt Ltd, a Kodak brand Licensee.
Based on 15th Finance Commission recommendations, the government released Rs 7,419.75 cr as the first installment of Urban Local Body tied grants (2020-21) for Million Plus Cities & Non-Million Plus Cities for better conservation, supply & management of water & efficient solid waste management.
After giving the Atmanirbhar Bharat call, the government had said that Atmanirbhar Bharat is not about protectionism, but building greater strengths at home.
Employment in the month of October 2020 fell for the first time since May when the recovery began after the nationwide lockdown was imposed to arrest the spread of the coronavirus pandemic. Read full story here
India has opened almost every sector for foreign direct investments, which will play some role in attracting foreign investors towards India.
India ranked 63 in World Bank's "Doing Business 2020" report. It was a 79 positions jump from 142 in 2014, to 63 in 2019.
The timing of VGIR brings in twin advantages. It comes in the backdrop of several efforts made by India to improve the country's investment climate. It also comes at a time when investors and companies are looking to de-risk businesses and investments by reducing dependence on China as a production and sourcing hub and spreading out to other regions, including India.
VGIR is a great step to enhance India’s attractiveness as an Investment destination. We expect that the conference will highlight the ongoing emergence of Indian economy from the shadows of COVID-19 and the immense long-term opportunities that it offers to global investors. It will create an environment of a close three-way partnership between global investors, Indian entrepreneurs/business leaders, and Indian government, accelerating India’s advance towards becoming a US$ 5 trillion economy -- Mohit Ralhan, Managing Partner & CIO, TIW Private Equity.
India achieved targets like rural sanitation, village electrification, Ujjwala connections well before the set deadline and that people have confidence that his government will achieve this target as well, PM Modi recently said.
"Thanks to higher Goods and Services Tax (GST) collections and rise in power demand, Indian economy is coming back on track at more speed than expected," Union minister Prakash Javadekar said on Wednesday.
A rise in foreign investments will also stabilise the foreign exchange rate and help improve the capital flow. This will change the perception of many towards looking at the 'new' India, said Shobhit Singh, Director of Stone Sapphire India.
"This is a big step in the right direction as the initiative is a massive boost for the 'Make in India' and 'Atmanirbhar Bharat' programs. Foreign investment would generate more employment, help in the development of backward areas as well as strengthen the economy," said Shobhit Singh, Director of Stone Sapphire India.
Prime Minister Narendra Modi has said he is optimistic about achieving the $5 trillion dollar economy target by 2024, despite the coronavirus pandemic ravaging the Indian economy. The Prime Minister said his government has a record of achieving targets well before the deadline and this target will also be achieved.
Apart from global investors, the roundtable will also see participation of several top Indian business leaders.
The global institutional investors joining today are from key regions including the US, Europe, Canada, Korea, Japan, Middle East, Australia, and Singapore.
Foreign investments in India this fiscal is the highest ever for the first five months of a financial year.
VGIR 2020 will focus on discussions around India’s economic and investment outlook, structural reforms and the government’s vision for the path to a USD 5 trillion economy.
The roundtable will witness participation from twenty of the world’s largest pension and sovereign wealth funds with total Assets Under Management of about $6 trillion.
Today's event will witness an exclusive dialogue between leading global institutional investors, Indian business leaders and the highest decision-makers from the Government of India and Financial Market Regulators.