India is playing the role of the world’s pharmacy, Prime Minister Narendra Modi said on Thursday. He gave the opening speech via videoconference at the Invest India conference in Canada.
An annual event, the Invest India Conference in Canada is held with the aim of strengthening trade ties between the two countries. This time around, the event was held virtually in light of the Covid-19 outbreak.
During his opening speech, Prime Minister Modi highlighted India’s decision to provide medicine to around 150 countries amid the ongoing pandemic. He added that India has overcome issues related to manufacturing, supply chains and availability of PPE etc.
He also said that India has liberalized its FDI standards and its bond market while creating a favorable tax structure for pension funds and sovereign wealth.
“Today India is undergoing a rapid change in mentalities and markets” through the deregulation and decriminalization of multiple offenses listed in the company law, Prime Minister Narendra Modi said during his address. He further said that India is proactively monetizing assets such as railways, real investment trusts, airports and power lines among others.
Does the country have a vibrant democracy?
Does the country have political stability?
Does the country have policies favorable to investment and business?
Does the country have a pool of qualified talent?
The undisputed answer to all these questions is one: India.
– PMO India (@PMOIndia) October 8, 2020
While urging entrepreneurs to invest in India’s agricultural sector, he said the reforms undertaken in the fields of education, labor and agriculture “have an impact on almost all Indians”. The Prime Minister also mentioned how small and medium enterprises in India have been supported by relief and recovery plans. India also took this opportunity to introduce structural reforms, he added.
“Labor law reforms significantly reduce the number of labor codes. They are both employee and employer friendly and will further increase the ease of doing business. The reforms in the field of agriculture are far-reaching. choice to farmers, but will boost exports. Education reforms will further harness the talent of our young people. These reforms have also paved the way for more foreign universities to come to India, ”Prime Minister Modi said on Thursday.
Referring to the bilateral relations between India and Canada, the Prime Minister said that the two countries share democratic values and common interests. “Canadian pension funds were the first to start investing in India,” Prime Minister Narendra Modi said, adding that Canada is home to some of the largest and most experienced infrastructure investors who have already discovered great opportunities. in India.