Honourable Prime Minister Narendra Modi has said that it is the best time to invest in India, citing the country’s commitment to economic reforms and growth, among other factors, making it the most attractive destination for investment. At the World Economic Forum’s ‘Davos Agenda’, the PM listed the several reforms undertaken by his government to solve several issues, improve the ease of business and lowering compliances and corporate taxes.
“Today India is encouraging ease of doing business and reducing government interference. By simplifying and lowering corporate tax rates, we have made them most competitive. This is the best time to invest in India.” said the Prime Minister.
India has reduced compliances and introduced several reforms in the IT and BPO-related telecom regulations. PM Modi added on to explain India’s commitment to becoming a reliable partner for global supply chain and its efforts towards forming Free Trade Agreements (FTAs). In 2021, India has over 60000 startups among which 80 are unicorns and 40 of which emerged in 2021 itself. India is currently moving ahead with the ‘Make in India’ and ‘Make for the World’ mantra.
An article was published in the RBI monthly bulletin which explained how India has managed to attract higher FDIs flows and remains as one of the top attractive destination for investors. “An analysis of the recent trends in FDI flows at the global level and across regions/countries suggests that India has generally attracted higher FDI flows and continued to remain among the top attractive destinations for international investors in line with its robust domestic economic performance and gradual liberalisation of the FDI policy as part of the cautious capital account liberalisation process,” the authors said.
Soon after, a study was released that placed Tamil Nadu as the most attractive destination for investment in India since it had managed to secure investments worth Rs 1,43,902 crores in April-December 2021. The State has managed to rope in 304 projects including projects from major players like Larsen & Tourbo, Hindustan Unilever, JSW Renew and Tata Motors. Moreover, Minister of Industries, Mr. Thangam Thenarasu invited Mr. Elon Musk for setting up manufacturing units in the State via a tweet. “Tamil Nadu accounts for 34% of the total planned investments for electric vehicles. Tamil Nadu is also one of the top nine renewable energy markets in the world,” he tweeted.
Highlight by Aman Agarwal.