New Delhi, October 8: Prime Minister Narendra Modi delivered the keynote address at Invest India Conference, a key business event held annually in Canada. The conference this year was organised virtually, in view of the COVID-19 threat. Modi, in his inaugural speech, said the success story of India remains strong amidst the pandemic, and will emerge stronger in the future. Modi Reiterates India's Pharmaceutical Strength in UNGA Address.
"The India story is strong today and stronger tomorrow. Today, Foreign Direct Investment (FDI) regime is very well liberalized. We have created a friendly tax regime for Sovereign Wealth and Pension Funds. We've undertaken significant reforms for developing a robust Bond market," the PM said.
Modi claimed that the coronavirus crisis has failed in dampening the spirit of India, which is determined to contribute globally through its manufacturing and service sector. The country will also play a crucial role in the pharmaceutical realm, the Prime Minister added.
"In post-COVID world, you will often hear of various kinds of problems — of manufacturing, of supply chains, of PPE, etc. However, India has not let those problems be. We showed resilience and emerged as a land of solutions," Modi said.
"India is playing the role of the pharmacy to the world. We have provided medicine to around 150 countries so far. During March-June of this year, our agricultural exports rose by 23 per cent. This happened while the entire country was in a stringent lockdown," the PM added.
'India Undergoing Rapid Change'
Today, India is undergoing a rapid change in mindsets as well as markets. Today, India has embarked on a journey of deregulation and decriminalisation of various offences under the companies act: PM Narendra Modi pic.twitter.com/gFvL7vlCmI
— ANI (@ANI) October 8, 2020
Modi also referred to the recent reforms enacted by his government in the farm and labour sector, which he suggested will lead to enhanced participation of private sector and improve the prospects of cultivators and labourers.
"India has ensured reforms in the field of labour and agriculture. They ensure greater participation of the private sector while strengthening the government’s safety nets. These reforms will lead to a win-win situation for entrepreneurs as well as hard-working people," he said.
"The reforms in labour laws greatly reduce the number of Labour codes. They are both employee and employer friendly and will further increase ease of doing business," Modi added.