Asserting that the flow of Foreign Direct Investment (FDI) into India has increased in the last few years, Prime Minister Narendra Modi on Friday said that global investors are looking to invest in the country with renewed hope and belief.
“In the last few years, FDI in India has increased. FDI, for me, has two meanings. One is Foreign Direct Investment, and for me, another one is, ‘First Develop India’,” Modi said while addressing the annual ASSOCHAM conference here. He said that there is a new mood of innovation and enterprise in the entire country today. “There’s an unprecedented belief in India’s ability across the world. Global investors are looking at India today with renewed hope and belief,” the Prime Minister said.
He also said that labour laws have undergone an overhaul as per suggestions from the industry sector, underlining that several steps have been taken to make the industry strong and futuristic.
“I want to tell everyone associated with the banking and corporate sector that the old weaknesses have been ironed out. Take decisions bravely, invest openly, and spend well and keep moving ahead,” the Prime Minister said, adding that no action will be taken against right and commercially genuine decisions.
The Prime Minister said that India has made improvements in the Global Competitiveness Index and the country is one of the top 10 FDI destinations in the world.
“There’s no doubt about how weak India’s banking sector was, before 2014. Rs six lakh crores were provisioned to make up for the losses. Rs 70,000 crore and Rs 2.36 lakh crore have been made available to the banks by the government,” Modi added.
The Prime Minister said that Rs 100 lakh crore has been earmarked for infrastructure in the next few years and Rs 3.5 lakh crore has been set aside to ensure clean drinking water to every family in the country under the ‘Jal Jeevan Mission’.
“We are going to invest Rs 100 lakh crore on infrastructure in the coming years. On the rural infrastructure, we have dedicated an investment of Rs 25 lakh crore. We have also earmarked Rs 3.5 lakh crore to ensure drinking water to every family in the country,” Modi further said.