NEW YORK, Sept 25 - Fresh from slashing the tax rate for companies to lowest in almost three decades, Prime Minister Narendra Modi on Wednesday pitched India as �the� investment destination for global investors, saying reforms by his government are just the beginning of a long innings.
Modi promised to personally act as a bridge for businesses and said India has a government which respects corporates and wealth creators.
�India�s growth story has four important factors that are rare to find anywhere else in the world. These factors are democracy, demography, demand, and decisiveness,� he said. �Democracy together with political stability, predictable policy and independent judiciary gives confidence of safety and security of investment and of growth.�
Speaking at the Bloomberg Global Business Forum here, he said last week�s decision to slash corporate tax rate is a �big revolutionary step� for investment and the move has been hailed by businesses as historic.
The government last week announced a surprise reduction in the corporate tax rate from close to 35 per cent to 25.17 per cent, a move that is being dubbed as a massive trigger for revving up growth and, more importantly, resurrecting sentiments that were down in the dumps.
The immediate benefit is increased cash flows to corporate India that will be channelised into debt reduction or incremental investments in increasing capacity.
�If you want to invest in a market where there is scale, come to India,� Modi said. �If you want to invest in a market where the latest trends and features are appreciated, come to India. If you want to invest in start-ups with a huge market, come to India. If you want to invest in one of the world�s largest infrastructure ecosystem, come to India.�
Asia�s third largest economy is rapidly modernising its cities, and equipping them with the latest technology and citizen-friendly infrastructure, the Prime Minister said.
�Thus if you want to invest in urbanisation, come to India,� he said. �We have opened our defence sector like never before. If you want to Make in India, for India and for the world, come to India.�
India, he said, is waiting for global investors. �India is your only destination. I am waiting to welcome you.�
�Your desires and our dreams match perfectly. Your technology and our talent can change the world. Your scale and our skills can speed up global economic growth,� he said. �Your prudent method and our pragmatic mind can write new stories in management. Your rational ways and our human values can show the path which the world is looking for.�
�And if there is any gap anywhere, I will personally act as a bridge,� he said. � PTI
