At the World Economic Forums (WEF) meeting held on Thursday, Prime Minister Narenda Modi invited CEOs to make investments in India, noting that by 2040 India will have an infrastructure need equivalent to $ 4,5 trillion and added “There are ample opportunities on offer, which are even more convincing as they are in a vibrant democracy, business-friendly climate and in a big market like India,” In his introductory speech at the online meeting in Davos, Modi further emphasized that India is an investment-friendly country, that it fully meets global requirements for supply chains and that the country is fully committed to the global good.
Urging the CEOs to collaborate with India’s production-linked incentive (PLI) scheme, he said, “Incremental production will bring incentives, which on average are almost 5% of production value. Hence, $520 billion worth of production will happen as a result of PLI.” Modi said India will release a National Logistics Policy and that foreign direct investment in India had increased by 13% in 2020 despite Covid-19.
Prime Minister Modi also reported on India’s vaccination program and on India’s assistance to neighboring countries in terms of providing free vaccines to these countries to help save lives. In India itself, 2.3 million people have been vaccinated in 12 days with vaccines produced in India, and the country has planned to vaccinate 300 million elderly and vulnerable citizens within the next few months, and it is expected that more approved vaccines produced in India will soon be available for use. This will help to support and strengthen India’s economy and resilience, thus making India an export hub for production, Modi ended his speech by saying:
“I assure you that every success of India will help the world to succeed. We have the capacity and capability to strengthen the global supply chain and reliability. We have a big consumer base and its expansion will benefit the global economy,”