Modi invites Saudi companies to invest in energy sector
Prime Minister Narendra Modi on Tuesday invited Saudi companies to invest in India's energy space saying that the government has set a target of $100 billion investment in the sector.
Addressing a session at the Future Investment Initiative 2019, Modi said India offers a huge investment opportunity in the infrastructure sector also as he emphasised that the country aims to be a $5 trillion economy in the next five years.
In the infrastructure sector alone, the government aims to have an investment of $1.5 trillion in the next five years.
Mentioning the various initiatives taken by the government to improve business climate, Modi said the country's ranking has significantly improved in the World Bank's Ease of Doing Business, Logistic Performance Index, and Innovation Index.
India jumped 14 places to the 63rd position on the World Bank's Ease of Doing Business ranking, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The report ranks 190 countries. The government is targeting to join the 50 top economies on the Ease of Doing Business ranking.
The Prime Minister also noted that India's tax structure and IPR (Intellectual Property Rights) regime are considered best in the world.
Asking businesses to take advantage of the startup movement, Modi said India has become the third largest startup ecosystem in the world and offers the highest return to investors.
India is focusing on skill development by skilling and re-skilling people and 400 million people would be provided training in the next 3-4 years, he added.
According to Modi, manpower and talent mobility should be included in the international agreements, which should not be only restricted to goods.
He also said that the direct benefit transfer scheme has help the government save $20 billion.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Evelyn Ratnakumar)