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Prime Minister Narendra Modi Invites Thai Entrepreneurs to Invest in India

Prime Minister Narendra Modi Invites Thai Entrepreneurs to Invest in India

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  4 Nov 2019 2:13 AM GMT

BANGKOK: Asserting that India had stopped working in a routine, bureaucratic manner, Prime Minister Narendra Modi on Sunday invited Thai entrepreneurs to invest in the country for easy business.

Addressing a programme to mark 50 years of the global presence of the Aditya Birla Group, Modi said India is proud of all the enterprises that have ventured out and distinguished themselves globally and added that he was eager to give a picture of some positive changes happening in India.

“India has seen many success stories in the last five years in various sectors. The reason for this is not only the governments. India has stopped working in a routine, bureaucratic manner,” Modi said.

“You would be shocked to know that for years, money was spent on the poor but did not really reach the poor. Our government ended this culture thanks to DBT (Direct Benefit Transfer). DBT has ended the culture of middlemen and inefficiency,” he added.

Referring to taxation, the Prime Minister said it was an area where India had done significant work. “I am happy that India is one of the most people-friendly tax regimes. We are committed to further improving it even more...In today’s India, the contribution of the hard working taxpayer is cherished.”

Modi further said: “we are now starting faceless tax assessment so that there is no scope for discretion or harassment”.

“Our GST has fulfilled the dream of economic integration of India. We want to work towards making it even more people friendly. All of what I have said just now makes India one of the world’s most attractive economies for investment,” Modi added.

On the tax regime, he said that the number of taxes and tax rates are falling in the country.

Noting that his assertions made India one of the world’s most attractive economies for investment, Modi said: “For investment and easy business, come to India. To innovate and starting up, come to India. To experience some of the best tourist sites and warm hospitality of people, come to India. India awaits you with open arms.”

“Ease of Doing Business is rising and so is ‘Ease of Living.’ FDI (Foreign Direct Investment) is rising. Our Forest Cover is rising. The number of patents and trademarks are rising. Productivity and efficiency are rising. Pace of infrastructure creation is rising,” Modi said according to an official statement.

Modi pointed out that India had received $286 billion FDI in the last five years which was “almost half of the total FDI in India in the last 20 years.”

“India is now pursuing another dream — to become a $5 trillion economy. When my government took over in 2014, India’s GDP was about $2 trillion. In 65 years, $2 trillion. But in just 5 years, we increased it to nearly $3 trillion.”

Lauding the Indian people, Modi said if there was one thing he was especially proud of, it was India’s talented and skilled human capital. “No wonder India is among the world’s largest start-up eco-systems.”

“When India prospers, the world prospers. Our vision for India’s development is such that it also leads to a better planet,” he said.

Referring to the Act East Policy of the government, Modi said his government was paying special attention to enhance connectivity with the region.

He also stressed on direct connectivity between ports on Thailand’s west coast and ports on India’s east coast, saying it “will enhance our economic partnership”.

Earlier during the day, welcoming a 20 per cent growth in bilateral trade in 2018, Prime Minister Narendra Modi and his Thai counterpart Prayut Chan-o-Cha also decided to task their trade officials to discuss ways to enhance trade and investment, and agreed to explore opportunities for cooperation in the defence industries sector.

The two leaders, who met on the sidelines of 35th ASEAN Summit here, reviewed the progress made in bilateral relationship and noted that frequent high level meetings and exchanges at all levels have created positive momentum in the relationship.

Noting the enhanced engagement in defence and security fields, both sides agreed to explore opportunities for cooperation in defence industries sector, a statement issued by the External Affairs Ministry said.

The Prime Ministers also discussed ways to enhance connectivity between the two countries.

Both leaders welcomed the growing air connectivity between the two countries and start of a direct flight between Bangkok and Guwahati and also finalisation of agreements for cooperation between Ranong Port, Thailand and Indian ports in Kolkata, Chennai and Vishakapatnam.

They also exchanged views on regional and multi-lateral issues of mutual interest, said the statement, adding that Modi thanked his Thai counterpart for the invitation extended to him to attend the ASEAN related meetings, and also congratulated him on his leadership as Chair of ASEAN.

Prime Minister Narendra Modi “positively” assessed the contribution of Thailand as the Country Coordinator for India-ASEAN Strategic Partnership for further strengthening this relationship.

“India and Thailand are close maritime neighbours having historical and cultural linkages. In the contemporary context, India’s ‘Act East’ policy is complimented by Thailand’s ‘Look West’ policy which has made the relationship deep, robust and multifaceted,” the statement added. (IANS)

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