India is playing the role of the world’s pharmacy, Prime Minister Narendra Modi said on Thursday. He was delivering the keynote address via video-conferencing at the Invest India Conference in Canada.
An annual event, the Invest India Conference in Canada is held with an aim to strengthen business ties between the two countries. This time around, the event was organised virtually in light of the Covid-19 outbreak.
During his keynote address, the prime minister highlighted this country’s decision to supply medicine to around 150 countries amid the ongoing pandemic. He went on to add that India had overcome problems related to manufacturing, supply chains and availability of PPE etc.
The prime minister stated that this country had liberalised its FDI norms and bond market while creating a friendly tax structure for pension funds and sovereign wealth.
“Today, India is undergoing a rapid change in mindsets and markets” by deregulation and decriminalisation of multiple offences listed under the Companies Act, Prime Minister Narendra Modi said during his address. He further stated that India was proactively monetising assets such as railways, real investment trusts, airports, and power transmission lines among others.
While inviting entrepreneurs to invest in India’s agriculture sector, he said that reforms that had been undertaken in the field of education, labour and agriculture “impact almost every Indian”. The prime minister mentioned how small and medium businesses in India had been supported by relief and stimulus packages. India has used this opportunity to bring in structural reforms, he said.
“The reforms in labour laws greatly reduce the number of labour codes. They are both employee and employer-friendly and will further increase the ease of doing business. The reforms in the field of agriculture are far-reaching. They will not only give more choice to farmers but will boost exports. The reforms in the field of education will further harness the talent of our youth. These reforms have also set the stage for more foreign universities to be able to come to India,” Modi said on Thursday.
Referring to India-Canada bilateral ties, the prime minister said that both countries shared democratic values and common interests. “Canadian Pension Funds were the first ones to start investing in India,” Prime Minister Narendra Modi said. He added that Canada was home to some of the largest and most experienced infrastructure investors who had already discovered great opportunities in India.