While Prime Minister Narendra Modi was in Russia, being his third stop of his six-day, four nation tour, he invited businesses from all over the world, including strategic partner Russia, to invest in sectors like manufacturing, healthcare, defence and services. He said that India was a better investment destination than ever before.
Modi, along with Russian President Vladimir Putin, attended the St Petersburg International Economic Forum (Spief), first time held in St Petersburg. Ahead of the Spief both the leaders had unveiled a joint vision document, outlining new areas of economic partnership.
Addressing a huge audience of business leaders at Spief, Modi emphasised on the depth of Indo-Russian ties. He focused on the agenda of minimum government maximum governance in India, boasting about India’s political stability and a vibrant judicial system. Further adding he said, “We have removed over 1,200 laws that are obsolete in today’s context and have an annual GDP growth rate of 7%.” Luring the global investors to invest in India, he mentioned about the GST, to be implemented from July 1, which will bring a uniform tax system across the country. Indian public sector and private entities signed seven MoUs to promote mutual investments. Modi also spoke about, government’s initiatives in financial inclusion and said that India has made 7000 reforms targeting ease of doing business. He pointed out that international rating agencies had identified India as one of the top three destinations for FDI. Modi also mentioned the vision of New India skill development and the success of India’s Mars Mission in the first attempt. Talking about the youth of India, Modi said that, they were not job seekers but job creators, who can fulfill the global requirements of skilled human resource.
Prime Minister Narendra Modi also attended the first ever collective meeting with Governors of 16 regions of Russia here and discussed several matters of mutual interest and cooperation with them.
“Strengthening bonds w(with) Russia’s regions. PM @narendramodi attends first ever collective meeting with Governors of 16 regions of Russia,” Ministry of External Affairs spokesperson Gopal Baglay tweeted along with with a photo of the meeting.
— Gopal Baglay (@MEAIndia) June 2, 2017
While addressing the investors, Modi said, “Fifty cities need metros, 500 cities need solid waste management and drinking water. Besides, India has the world’s second largest railway network. It needs to be expanded, upgraded technologically to make it safer and reliable. The clean India movement has embarked on a program to clean the 2,500 kilometer long Ganga, all these provides immense opportunities for investment.” Talking about the need of reform in agriculture, he said his emphasis is on “seed to market,” and increasing yield through technological intervention, organic farming and value addition through food processing. He even added that the market is open even for defence manufacturing, tourism, hospitality and medical devices.
“I invite you all. A nation of 1.2 billion people invites the world. The world’s oldest civilization invites you all,” he said.
Wrapping up his visit in Russia and before leaving for France, Modi tweeted, “Thank you Russia. This eventful visit witnessed several programmes and fruitful meetings. It will further boost India-Russia friendship.”
Thank you Russia. This eventful visit witnessed several programmes and fruitful meetings. It will further boost India-Russia friendship. pic.twitter.com/XQQPplTyOm
— Narendra Modi (@narendramodi) June 2, 2017
Modi left for France on Friday late evening for the stop of his six-day, four-nation tour that also took him to Germany and Spain besides Russia.