India provides a "predictable environment" for doing business and its commitment to economic self-reliance will strengthen globalization, said Prime Minister Narendra Modi on Thursday as he addressed World Economic Forum's online Davos Agenda Summit.
Modi said India's Atmanirbhar Abhiyan is committed towards global good and supply chain, adding that the country has the capacity, capability and reliability to strengthen the global supply chain.
"Indian government has taken major steps to spur manufacturing. corporate tax was brought down to 15 per cent for new manufacturing units, GST rates have been reduced. Tax structure has been simplified Through GST and faceless assessment and Labour laws have been reformed," said Modi at the virtual summit where more than 400 CEOs from across the globe were in attendance.
Interacting with the CEOs after his address, Modi sought industry's help in realising the $4.5 trillion infrastructure needs of the country by 2040.
Hailing India's pandemic response, Modi said the country has transformed fight against coronavirus into people's movement. "Today India is among most successful in saving lives."
"Many around the world thought India would be worst-affected country by Covid-19 and face tsunami of corona infections," he said, indicating the country has lined up more vaccines for the disease after using two for its nationwide inoculation.
"Right now there are two made in India vaccines. World Economic Forum will be relieved to know that in the time to come many more vaccines will come from India,” he said.
"India also ensuring a global responsibility; we sent essential drugs to over 150 countries, we're sending Covid vaccines abroad too," Modi said.
The International Monetary Fund (IMF) on Tuesday pegged contraction in India's economy at 8 per cent in the current financial year, higher than the 7.7-per cent decline projected by the government’s advance estimates. The IMF expects a growth rate of 11.5 per cent in the next financial year before slowing to 6.8 per cent in 2022-23, making India regain the tag of the fastest-growing large economy in the world in both the years.
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