New Delhi, Sep 3 (UNI) Prime Minister Narendra Modi here on Thursday said India is becoming one of the favourable destinations for foreign investment due to factors like affordability of geography, reliability and policy stability.
Delivering the special key note address at the US-India 2020 Summit, through video-conference, Mr Modi said, 'the pandemic has shown the world that decision on developing global supply chains should be based not only on costs. They should also be based on trust. Along with affordability of geography, companies are now also looking for reliability and policy stability. India is the location which has all of these qualities.
"Owing to these, India is becoming one of the favourable destinations for foreign investment,' he added.
Addressing the Summit, whose theme is “US-India Navigating New Challenges”, the PM said India has received over 20 billion dollars of foreign investment flows during this year.
'Be it America, the Europe, Australia or the Gulf, the world believes in us. We have received over 20 billion dollars of foreign investment flows during this year. Google, Amazon and Mubadala Investments have announced long-term plans for India,' Mr Modi said.
The Prime Minister referred to the transparent and predictable India offers and how the system encourages and supports honest tax payers.
'India’s GST is unified, fully enabled indirect tax system,' Mr Modi stated.
Mr Modi referred to the Insolvency and Bankruptcy Code which reduces risk for the entire financial system. He also dwelt on the comprehensive labour reforms that reduce compliance burden for employers and how it provides social security protection to the workers.
Discussing the importance of investment in driving growth and how India is tackling both demand and supply side of it, the Prime Minister said, 'this is being done by making india one of the lowest tax destinations in the world and with further incentive for new manufacturing units.'.
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