India is heaven for investors; want to make it $20 Trillion economy: PM

From Lalit K Jha
San Jose

Projecting India as a “heaven” for investors, Prime Minister Narendra Modi today said his government is working on deregulation and ensuring ‘ease of doing business’ as he aims to convert the country’s economy from 8 trillion dollars to 20 trillion dollars.

In a Townhall Q&A at the Facebook Headquarters here along with its CEO Mark Zuckerberg, Modi spoke about efforts to revive the faith among foreign investors, saying reforms are taking place speedily and the government had managed to “restore the lost confidence” during the last 15 months as he appeared to take a dig at the previous UPA dispensation.

He said his government was laying thrust on three sectors particularly — agriculture, services and manufacturing — along with building the physical and digital infrastructure simultaneously.

During the 45-minute session, he also spoke in detail about the benefits of social media, particularly how it has been useful to him to connect with the people within the country and abroad, and how it can help take corrective steps if some government steps go wrong.

He became emotional while answering a question from Zuckerberg on his over 90-year-old mother as he highlighted how she had raised him by going through difficulties like washing utencils of others and working as a labourer.

“It is my dream to convert Indian economy into USD 20 trillion from the present USD 8 trillion,” Modi said in presence of the audience, which mostly constituted of Indians.

Noting that India is a “heaven” for investors, he said, “I do not believe that there is dearth of money. Countries have money but do not know where to invest. I am giving them the address. Here is the place (India). .

For the Townhall Q&A, 40,000 questions and comments had been received but Modi answered only six, of which two were from Zuckerberg, during the 45-minute session.

Talking about the results of his government’s efforts, the Prime Minister said that FDI from only the USA had gone up by 87 per cent in the last 15 months and FII was also increasing.

“Despite global recession there is 40 percent growth in FII. Make in India is going to be successful,” he said.

“India has 3Ds which are its unique strength — Democragraphic dividend, Democracy and Demand. I have added new D Deregulation. My philosophy is that government has no business to be in business. It is not government’s job to run a hotel. Let a businessman run it,” he said.

Speaking about the ease of doing business, he said his government had taken on board the states in this regard as India is a federal country. He said the states are now engaged in “unprecedented” competition in the context of reforms and ease of doing business.

“The World Bank last time rated India at 140th position in terms of ease of doing business. However, recently it did a rating of states… I am confident that by the time, the World Bank does the rating again at the national level, India will be much above than 140th position,” Modi said.

PTI