press trust of india
Hyderabad, Nov 28: Prime Minister Narendra Modi Tuesday invited global entrepreneurs to invest in India, saying that the government has undertaken a host of taxation and other reforms to create an investor friendly environment.
Speaking at the Global Entrepreneurship Summit, 2017, being attended by US President Donald Trump’s daughter and adviser Ivanka Trump, Modi said his government has scrapped over 1,200 outdated laws, eased 87 rules for foreign investment in 21 sectors, and taken several processes online. “To my entrepreneur friends from across the globe, I would like to say: ‘Come, Make in India, Invest in India – for India, and for the world’. I invite each one of you to become a partner in India’s growth story. And once again assure you of our whole-hearted support,” he said.
An investment-friendly environment needs to be stable from the macroeconomic perspective, he said, adding that his government has succeeded in containing the fiscal and current account deficits as well as curbing inflation.
Referring to the theme of the 3-day conference, ‘Women First, Prosperity for All’, Modi said: “In Indian mythology, woman is an incarnation of Shakti – the Goddess of power. We believe women empowerment is vital to our development”.
Ivanka Trump, in turn said Indian economy can grow by over $150 billion in the next three years if it was able to close the labour force gender gap by half.
In her keynote address, she pitched for access to capital and equitable laws for women entrepreneurs, saying closing the gender entrepreneurship gap could grow global GDP by up to 2 per cent.