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05 Jul 2020, Edition - 1818, Sunday

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PM Narendra Modi lays red carpet for foreign investors to India at World Economic Forum

indiatoday.com

Prime Minister Narendra Modi flagged the three biggest challenges facing the world today: climate change, terrorism and protectionism practised by many countries.

Modi was addressing the plenary session of the annual World Economic Forum (WEF) summit at the Swiss resort of Davos. He’s the first Indian premier in two decades to address the WEF.

Addressing global leaders and corporate honchos, PM Modi also pitched India as a destination for foreign investments.

Calling climate change a “serious problem”, Modi urged the global community “to ask ourselves what can we do together to improve the situation, everyone talks about reducing carbon emissions but few back their words with resources to help developing countries”.

ATTACKING TERROR

Speaking against terrorism Modi said: “We all must unite in fight against terrorism. India stands firmly with all such forces. I must also take the opportunity to appeal to all of you to see that such groups do not get money, arms and ammunition. It cannot be a good business to do business with such elements. We all know that without peace, progress and prosperity is not possible.”

He was also critical of the distinction being made between “good terrorism” and “bad terrorism”.

The Indian Prime Minister was also critical of the types of tariff and non-tariff barriers that countries are putting up. These went against the spirit of globalisation and multi-lateral trade.

“It seems that globalisation is shrinking contrary to its name. Forces of protectionism are rearing their heads. They not only want to keep away from globalisation but also want to reverse the natural flow of globalisation,” Modi said.

MAKING INVESTMENTS EASY

Stressing on India’s democracy, stability and security, Modi said his government had pushed through economic reforms to make India more conducive to foreign investments.

“We have abolished more than 1,400 unnecessary laws in the last three-and-half years…The talent of the people of India was engulfed into many challenges, our government has managed to do away with much of those issues so that the youth of the country can work to their best,” he said.

Referring to WEF’s theme of ‘Creating a shared future in a fractured world’, he said the Indian philosophy of ‘Vasudhaiva Kutumbakam’ (the world is one family) has become more relevant in today’s time to address fissures and distances in the world.

Asserting that India is proud of its democracy and diversity, Modi said the country has always contributed towards global peace and believes in the values of integration and unity.

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