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Emphasising the growing investment of foreign companies in the Indian market, Prime Minister Narendra Modi on Friday said that capital just does not grow in India, but it multiplies.
Addressing the India-Japan Economic Forum in Tokyo, PM Modi highlighted the economic reforms that have made India the fastest-growing major economy. "JETRO (Japan External Trade Organisation) says that 80 per cent of companies want to expand in India. 75 per cent of companies are making profits. In India, capital does not just grow, it multiplies." PM Modi said. PM Modi, highlighting India's political and economic stability, pointed out that the country will soon become the world's third-largest economy. "You are all aware of India's transformation over the last 11 years. Today, India has political and economic stability. There is transparency and predictability in policy. India is the fastest-growing major economy and will soon become the world's third-largest economy. India has a strong banking sector, low inflation and low interest rates. Around USD 700 billion of forex reserves are in India." PM Modi said. PM said that India's approach of "reform, perform and transform" is behind this development, highlighting key schemes, such as GST and reforms for ease of doing business. "Our approach of reform, perform and transform is behind this change. In 2017, we started One Nation One Tax; now we are bringing new reforms to this. We have given importance to ease of doing business. We have given single-window approval for businesses," PM Modi said. Speaking about India-Japan ties, PM emphasised that Tokyo has always been part of New Delhi's development journey, noting the investment of the Japanese in India. "Japan has always been an important partner in India's journey of development. From Metro to Manufacturing, semiconductor to start-ups, our partnership has been a symbol of trust. Japanese companies have invested more than USD 40 billion in India. In the last 2 years, there has been a USD 13 billion private investment," PM Modi said. PM Modi arrived in Tokyo on Friday morning, beginning a two-day official visit to attend the 15th India-Japan Annual Summit. This marks his first standalone visit to the country in nearly seven years, aimed at deepening bilateral ties and advancing the Special Strategic and Global Partnership with Japan. The visit comes at the invitation of Japanese Prime Minister Shigeru Ishiba. During the summit, PM Modi will hold in-depth talks with his Japanese counterpart, reviewing progress across multiple domains and exchanging views on regional and global issues of mutual interest. Following the Japan visit, he will travel to China from August 31 to September 1 to attend the Shanghai Cooperation Organisation (SCO) Summit in Tianjin. (ANI)
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