Prime Minister Narendra Modi spoke about "Restoring Global Stability" at the Bloomberg Global Business Forum. PM Modi spoke about the recent cut in corporate tax and called it "revolutionary for investment."
"Government of India respects wealth creation. We announced a huge cut in corporate tax, its revolutionary for investment. Everyone I have spoken to since then has called it historic," PM Modi said.
Saying that people of India are standing with a government that does not shy away from taking big decisions to make reforms, the Prime Minister added that in the elections, 130 crore Indians not just expressed their sentiment but gave a judgment that they only care about development.
The summit is attended by eminent business and political leaders including Bill Clinton, former International Monetary Fund chief Christine Lagarde and several top CEOs of Fortune 500 companies.
Here are the highlights of PM Modi's speech at the Bloomberg summit:
- India is a unique combination of 4 factors - Democracy, Demography, Demand, Decisiveness.
- We have scrapped 50 old laws that were creating hindrances in the path of development. And all this In the first 3-4 months of my new government. This is just the beginning, there's more to come. It's a golden opportunity to partner India.
- When we came to power, India's economy was about 2 trillion. We have added 1 trillion. We are determined to reach $5 trillion. We have capability and conditions with us.
- We have opened our defence sector like never before. If you want to make in India, for India and the world, come to India. No Indian government has invested in infrastructure as us.
- Our people are defeating poverty, moving up the economic ladder. If you want to invest in a market that has scale. Our middle class is a huge segment that has a global outlook.
- Our youth are the largest users of the app economy. From food to movies to transport, startups are acing everything. Our infrastructure is expanding at a fast pace. We are rapidly modernising our cities with citizen friendly infrastructure.
- Our democracy, judiciary ensures safety of investment. Our demography makes India one of the best engineering, R&D bases. Our government has stressed on building seamless, inclusive and transparent systems. While earlier there used to be a tangle of taxes, now there is one GST. India is world's third largest aviation market.
- Because of reforms, India is rising in every global ranking. You know these rankings don't fix themselves. We have focused on simplifying rules. At a time when FDI is falling all over the world, it is growing in India. Your desires, and our dreams, match. Your technology, and our talent can change the world. Your scale and our skill can speed up global economic growth. If there is a gap anywhere, I will personally act as a bridge.
- India's lifestyle is a great example for the world. On principle, we believe that the Earth is our mother. We have no right to exploit it, we can only maintain it. We understand need but there is no space for greed.
- We are running ahead of time in renewable energy, we have already achieved 120 GW. I have set a new target of 450 GW for the near future. India has launched a key mission for water conservation. We are running a major programme to discourage single use plastic.
- It is true that India has the world's third biggest coal reserve. As a developing nation, we cannot ignore it but can change our mining processes.
- There can't be any isolated action in the world any one. We are interdependent on each other. We have to connect to the global benchmark. We are reforming laws, we are ensuring safety of investment. Our democracy and judiciary, and reliance on English, gives investors confidence.
- India can become the world's food basket. We want to move towards organic farming. We have started the world's largest health assurance scheme. It covers more people than the population of US, Canada and Mexico combined. Our optical fibre network is reaching 600,000 villages. We have to focus on disaster resilient infrastructure in the coming days.
- Social media has become a powerful instrument of democracy. It's encouraging to see established media take up initiatives to counter fake news. I am active on social media, I have ordered action based on incidents that catch my eye.