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India most favourable nation for FDIs: Modi
August 16, 2016
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NEW DELHI: Prime Minister Narendra Modi said India was becoming the world’s most attractive destination for foreign investors Monday, using his annual Independence Day speech to trumpet sweeping tax reforms designed to spur growth.

In an address from Delhi’s 17th-century Red Fort, Modi sought to highlight his government’s achievements, including the recent passage of a landmark tax reform, that have contributed to India’s robust growth during a global slowdown.

“Be it the World Bank, the IMF, World Economic Forum or even credit rating agencies, all the institutions of the world have appreciated India’s development,” Modi said.

“Thanks to India’s continuous reforms and improvement in its laws and systems, a change in its approach − the world is watching us,” he added.

“We have improved India’s rank in ease of doing business rapidly. India has become the most favoured nation in the world for foreign direct investments (FDIs). India has outpaced some of the biggest nations in the world with its growth rate, GDP (gross domestic product).”

India’s GDP expanded 7.6 per cent in 2015-16, making it the fastest-growing major economy in the world and outpacing its rival China’s growth rate.

He went on to thank all political parties for clearing earlier this month the long-awaited Goods and Services Tax (GST) bill, which had been blocked by the opposition since he came to power in 2014.

The bill will replace a patchwork of central and state levies on goods and services and marks India’s most significant economic reform in decades.

Modi said his government had been successful in bringing down retail inflation from double digits to six per cent, adding that he was working with the central bank to lower prices to four per cent with a plus or minus-two per cent band.

“I will continue to strive hard to ensure that this inflation doesn’t affect the food plate of the poor,” he said.

FARM INCOMES

Narendra Modi on Monday reiterated his government’s promise of doubling farm incomes by 2022 and listed out a series of steps being taken to improve the condition of farmers.

“It is my dream to double the income of farmers by 2022,” Modi said in his address to the nation from the Red Fort here on the 70th Independence Day.

“The conditions of farmers can improve only when we go for value addition. And for this we have laid emphasis on food processing and 100 per cent foreign direct investment has been encouraged,” he said, adding this will boost farm-based industries.

Prime Minister congratulated Indian scientists for developing more than 131 improved seeds, which he said, will enhance yields.

He said farmers can do miracles with their land but they need water, which is why his government has stressed on irrigation and water management.

“Each drop of water should be used for farmers,” Modi said, adding the government is laying emphasis on “per drop more crop” policy.

Prime Minister said that nearly 90 irrigation projects were lying half-finished and now his government would be completing them.

Agencies

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