Published 23:27 IST, September 3rd 2020
PM Modi takes a dig at China, says 'global supply chains should be based on trust'
Coronavirus pandemic has shown the world that the decision on developing global supply chains should be based not only on costs but also on trust, said PM Modi
The Coronavirus pandemic has shown the world that the decision on developing global supply chains should be based not only on costs but also on trust, Prime Minister Narendra Modi said, in an apparent dig at China.
Delivering the keynote address at the US-ISPF US-India Summit 2020, PM Modi said that along with affordability of geography, companies are now also looking for reliability and policy stability and India is the location which has all of these qualities. the PM added that the pandemic has impacted several things but it has not impacted the ambitions of 1.3 billion Indians.
"As a result, India is also becoming one of the leading attractions for foreign investment," the PM said, adding, "Be it America or the Gulf, be it Europe or Australia-the world believes in us. We have received over 20 billion dollars of foreign investment flows during this year."
China has faced heat since the start of the year when it initially tried to cover up a new coronavirus-caused outbreak (COVID-19) that originated in Wuhan and spread rapidly throughout the world. While it managed to handle the outbreak within months, the disruption hit its gigantic manufacturing capacity which dented the global supply chain of essential goods. All the while, it kept exporting defective and faulty ventilators, sub-standard masks and PPEs, and other key medical gear.
'India offers investment opportunity'
PM Modi also pitched India as an investment destination by highlighting gains made on tax, bankruptcy and labour reforms.
"India offers a transparent and predictable tax regime. Our system encourages and supports honest taxpayers. Our GST is a unified, fully IT-enabled indirect tax system. Insolvency and Bankruptcy Code has reduced risk for the entire financial system. Our comprehensive labour reforms will reduce compliance burden for employers. It will also provide social security protection to the workers."
He asserted that going ahead, India will offer more opportunities in the public and private sector and cover core economic as well as the social sectors.
"Recent sectors that have opened include Coal, Mining, Railways, Defence, Space, and Atomic Energy. Production Linked Incentive schemes have been launched for mobile and electronics, medical devices, pharma sectors - they have been well received. Such schemes are being planned for other champion sectors too. Reforms in agriculture marketing and USD 14 billion agriculture financing facility bring several opportunities."
(ANI photo)
Updated 23:27 IST, September 3rd 2020