GANDHINAGAR — With the government taking steps to improve India’s business climate, foreign direct investment inflow over the last two-and-a-half years has reached a total of $130 billion, Prime Minister Narendra Modi said Jan. 10.
Modi, while addressing investors at the Vibrant Gujarat Global Summit, also said that the “Make in India” initiative has become the "biggest brand" that the country has ever had.
"The total FDI in the last two-and-a-half years have touched $130 billion,” Modi said.
"The FDI equity inflow in the last two financial years was 66 percent higher as compared to previous two financial years. In fact, the total FDI inflows received during the last year have been the highest ever," he added.
He said the number of countries from where FDI is coming in and the sectors in which they are being routed have diversified in the last two years.
"India is now the leading recipient of capital investment in the Asia-Pacific. It also continues to be among the top ten countries globally in terms of FDI inflows," he said.
Modi added that "the story does not end here as India has left every other country behind in terms of providing return on investment.”
The government has liberalized the FDI regime in many sectors and India has one of the most open economies, Modi said.
"Creating an enabling environment for business, and attracting investments, is my top priority. We have to do this in order to create opportunities for our youth," he said.
Furthermore, the prime minister said that India has placed the highest emphasis on ease of doing business.
"We have taken decisive steps to ease licensing processes, and rationalize provisions and procedures relating to clearances, returns, and inspections. We are monitoring implementation of hundreds of action points across various sectors, aimed at improving the regulatory framework. This is part of our promise of good governance," he added.
Modi claimed India is moving closer to being one of the best global practices and it is getting more and more integrated with the world each day.
"Our confidence has been boosted by the positive impact of our policies and practices. This also gives us the motivation to further simplify our processes to become the easiest place to do business," he said.
Modi added, "Every day, we are further rationalizing our policies and procedures, to make it simple for businesses to establish and grow.”