Tokyo: Presenting India as a land of “incredible” opportunities, Prime Minister Narendra Modi on Friday invited Japanese companies to invest, saying substantial finances are needed for development of the country and reforms were underway to make it the world’s “most open” economy.
Addressing top Japanese business leaders in Japan, he said India wants “greater influx of Japanese investments” and “for this, we will be proactive in addressing your concerns”.
He said his government was committed to “further refine our policies and procedures” to boost ‘Make in India’ and was putting in place a “stable, predictable and transparent” regulatory mechanisms.
He mentioned progress on GST and talked about other “decisive steps” to usher in reforms in policies and laws to make India an attractive destination for foreign investment.
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“Today, India is on the path of several major transformations. We have taken decisive steps and built a governance system that will help India realise its potential. The results are already visible,” the Prime Minister told the luncheon session organised by Japanese business chambers – Keidanren, Japanese Chamber of Commerce and Japan-India Business Forum.
Noting that India’s development needs are “huge and substantial”, he said there are unprecedented opportunities for Japanese companies in the country.
Explaining why the Japanese companies should invest in India, he said: “Even against a weak international economic scenario, the news from India is of strong growth and abundant opportunities. It is of incredible opportunities, and about India’s credible policies.”
Modi, who is on his second visit here since becoming the Prime Minister in May 2014, said that in 2015, the Indian economy “grew faster than other major economies” and “the World Bank and IMF assess this trend to continue”.
He said lower labour costs, large domestic market and macro-economic stability combine to make India a very attractive investment destination.
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Emphasising that his government is “pursuing a new direction of economic reforms”, the Prime Minister said his “resolve is to make India the most open economy in the world”.