India is among the most open countries for foreign investments: PM Modi

India is among the most open countries for foreign investments: PM Modi

Submitted by Subeditor on Fri, 2015-11-13 11:58 London, Nov. 13: Asserting that his government has been working relentlessly to put the economy back on track, Prime Minister Narendra Modi on Thursday said India is among the most open countries for foreign investments. Prime Minister Modi said the UK and India have known each other very well since several centuries. “Our system of Governance is also based largely on the Westminster model. Our institutions know to interact with each other; Our people know to work with each other; Our businesses know to grow with each other. That is the reason that UK is among India's major trading partners,” he added. Prime Minister Modi, who was addressing the Business Meeting at London, said the UK is also the third largest foreign investor in India. “And I must add- this is not one sided. India has emerged as the third largest source of FDI for UK. However, there is significant potential for India and UK to further strengthen their economic ties,” said Prime Minister Modi. “We have to effectively leverage the mutual understanding which is there for each other. We are particularly keen to develop the sectors where UK is strong. We are working hard to create conducive conditions for this engagement. A strong Indian community here keeps pushing us for better and better integration with UK,” he added. Highlighting his government's efforts, Prime Minister Modi said: “Particularly, we have worked very aggressively to make India an easy and simple place to do business. We believe that this is necessary for improving the lives of ordinary citizens in India.” “The results of our hard work are now visible. IMF Chief has recently said that India is among few bright spots in global economy today. Our growth rate in the last year was 7.3,” he added. Prime Minister Modi said the World Bank has very recently projected India's growth rate at 7.5 percent for this fiscal and even better in the coming years. “Thus, we are fortunate to be sailing in the right direction. In the World Bank Report of 2016 on ease of doing business, India has moved up by 12 ranks at one go. No other country has made such a big improvement. We are also committed to take these corrections at the State, district and city level. States are moving hand-in-hand with the federal government in this task in the spirit of cooperative and competitive federalism,” Prime Minister said. “Recently, we did a ranking of our state governments on ease of doing business with the help of the World Bank Group. This has prompted the state governments into a healthy competition among themselves to ensure a business friendly eco-system. This was for the first time that the World Bank involved itself in a sub-national exercise on ease of doing business,” he added. (ANI)