"India is waiting for you," PM Modi told political and business leaders at the Bloomberg Global Business Forum.
Prime
Minister Narendra
Modi urged global businesses to “come to India” as his
government seeks to build a $5 trillion economy by 2025.
His
address to chief executives at a summit in New York comes less than a
week after India delivered a $20-billion tax-cut stimulus to help
shore up the $2.6-trillion economy that’s growing at the slowest
rate in six years amid 45-year-high unemployment.
“India
is waiting for you,” Modi told political and business leaders at
the Bloomberg Global Business Forum. “India is the only destination
for you.”
Competitive
Rates
Modi,
who met energy company CEOs in Houston, is meeting more than 40 major
companies, including Lockheed Martin Corp., American Tower Corp.,
Mastercard Inc. and Walmart Inc. at the forum hosted by Michael R.
Bloomberg, the founder and majority owner of Bloomberg LP, the parent
company of Bloomberg News.
“Just
recently we have decided to considerably reduce corporate tax,”
Modi said, calling the move revolutionary. “If you want to invest
in a market where there’s scale, come to India.”
The
cut in corporate
tax rates puts India on par with some of the lowest in Asia to
help the south Asian nation compete with the likes of Vietnam and
Indonesia for investments in the midst of ongoing global trade
tensions. Attracting investments is key to revive economic growth and
put the nation on the path to becoming a $5-trillion economy by 2025.
The
cropped tax rates are the latest in a series of steps announced by
the government, including easier foreign investment rules for
companies from Apple Inc. to Huawei Technologies Co. to BHP Group
Plc, to revive economic growth from the weakest pace since 2013. With
$3 billion in foreign direct investment from American companies last
year, the US is the fourth largest investor in the Indian economy.
Infrastructure
creation is expanding at an unprecedented pace, with highways,
metros, railways, ports, airports being built, Modi said. “Each
sector is seeing massive investment and tremendous potential.”
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