India most exciting investment venue; FDI at $60 billion in last fiscal

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Prime Minister Narendra Modi inaugurated the two-day ‘Global Investors Summit’ in Assam on Saturday. At the inaugural address, he shed light on the path-breaking economic reforms that his government made. He informed people of the huge potential that India has. Currently, India is the most preferred investment destination with the highest FDI in last fiscal at $60 billion, he said.

North-East: Door to India’s growth potential

Mr Modi emphasized the NDA government accelerating the functioning of official machinery and completing programmes before the target. Further stress was laid on India’s growth story. Special stress was on the importance of ‘Act East Policy’.

“We have created the Act East Policy and the Northeast is at the heart of it. The Act East Policy requires increased people to people contact, trade ties and other relations with countries on India’s east, particularly ASEAN countries,” he said.

The tagline of the summit ‘Advantage Assam: India’s Expressway to ASEAN’ is not just a statement but is a comprehensive vision, he added.

“The Union government has taken up many path-breaking economic reforms in last three-and-a-half years, which have simplified procedures for doing business,” he said.

With reference to the recent announcements in the budget, he said that about 45-50 crore people will benefit from the health insurance scheme Ayushman Bharat. Hotel chains will help in the setting up of hospitals in tier II and III cities. The highest-ever FDI came in 2016-17 at $60 billion and made India the most preferred investment destination in the world.

At the summit

The invitees in attendance were Bhutanese PM Tshering Tobgay, Union Ministers, Assam Chief Minister Sarbananda Sonowal, Chief Ministers of Arunachal Pradesh and Manipur, Ambassadors and High Commissioners of 16 countries, RIL chairman Mukesh Ambani, Tata Sons chairman N. Chandrasekharan and others.

It is the first time that Assam is hosting its first global investors’ summit. This will show the immense manufacturing geostrategic opportunities and advantages Assam has to attract foreign and domestic investors. With the summit, the government wishes to highlight Assam’s core competencies.

Earlier the CM Mr Sonowal displayed the manufacturing prowess and export-oriented business. In line to see it was the economy of ASEAN countries and others in Southeast Asia.