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Pitching for foreign investments, PM Modi says India will soon be 5th largest economy

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8 years ago

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Pitching for foreign investments, PM Modi says India will soon be 5th largest economy

Making a strong pitch for foreign investments, Prime Minister Narendra Modi on Tuesday said his government has worked towards creating a stable business environment and removed arbitrariness in decision-making.

Speaking at the India-Korea Business Summit, he said India is one of the most open economies in the world and is ready to do business with the world.

“We seek positivity in day-to-day transactions. We are widening areas of trust rather than digging into doubts. This represents a complete change of the government’s mindset,” he said.

India, he said, is already the third-largest economy in terms of purchasing power. “Very soon, we will become the world’s fifth-largest economy by nominal GDP. We are also the fastest-growing major economy in the world today,” he said.

“We are also a country with the one of the largest start-up eco-system,” he added.

Stating that the government is on a de-regulation and de-licensing drive, Modi said validity period of industrial licences has been increased from three years to fifteen years and more. He said the Industrial licensing regime for defence production has been liberalized greatly. Nearly 65 percent to 70 percent of the items previously under licensing can now be produced without a license.

In FDI, India is one of the most open countries now and most of the sectors of its economy are open for FDI. “More than 90 percent approvals have been put on automatic route. There is practically no requirement of Government approval for investments in manufacturing sector except for Defence sector. Incorporating a company along with allotment of statutory numbers is now just a one day affair,” said Modi.

“If you see around the globe, there are very few countries where you have three important factors of the economy together. They are democracy, demography, and demand. In India, we have all the three together,” he said.

To the Korean businessmen, he said India is now ready for business and promised to do whatever is required to “promote and protect” their investment.

He noted that India’s trade with South Korea crossed 20 billion dollars last year, for the first time in six years. “Over 500 Korean companies are operating in India too. In fact, many of your products are house-hold names in India. However, South Korea ranks only 16th in FDI Equity inflows to India,” he said, adding, “India offers a lot of potential for the Korean Investors with its huge market and enabling policy environment.”

He listed the steps taken towards this, mentioning GST as one ‘historic’ step in this direction.

He said with unique ID and mobile phone penetration, India is fast moving towards becoming a Digital Economy.

“On the global platform. India has climbed 42 places in the World Bank’s Ease of Doing Business Index in the last three years. We moved up 19 places on the Logistics Performance Index of 2016 of World Bank. We have improved 31 places in last two years in the Global Competitiveness Index of the World Economic Forum. We have also moved up twenty one places on the Global Innovation Index of WIPO in two years. We are among the top 10 FDI destinations listed by UNCTAD,” said Modi.

“Our vision is to create a globally competitive industry and services base equipped with skill, speed and scale. Therefore, we are continuously working to improve our investment climate,” said Modi.

He laid stress on investments to promote the manufacturing sector “in a big way to create jobs for our youth”.

“For this purpose, we have launched a campaign called “Make in India”. This includes bringing our industrial infrastructure, policies and practices to best global standards and to convert India into a global manufacturing hub. This initiative has been well supplemented by programmes like ‘Digital India’ and ‘Skill India’. Cleaner and greener development and Zero defect Zero effect manufacturing is another commitment,” said the PM.

He spoke of the huge potential for cooperation in sectors like IT, car manufacturing, ship-building, housing, smart cities, railway stations, water, transportation, railways, sea ports, energy including renewables, IT infrastructure and services, electronics, to say “are all very promising sectors in my country”.

“Our partnership has immense potential to promote regional growth, development, stability and prosperity in Asia,” said Modi.

Pointing out that India a huge and emerging market, Modi said, “It can also be a bridge for Korean business to penetrate the Middle East and African markets.”

He said that after his Korea visit, a dedicated team was established for Korean Investments in India – “Korea Plus” was formed in June 2016. Envisaged as the first reference point for Korean Investors in India, Korea Plus has facilitated more than 100 Korean Investors in a short span of about two years, said Modi, concluding, “This shows our commitment towards welcoming Korean people and companies; ideas and investments.”

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Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

Published

6 days ago

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February 1, 2026

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Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

Planned capital expenditure this fiscal year Rs 11.2 lakh crore

Rare earth corrdiors in Odisha and Kerala

Hi-tech tool rooms to be set up by PSUs

Construction equipment scheme to be launched

Container manufacturing scheme for Rs 10,000 crore over 5 years

Rs 10,000 crore SME Growth Fund

Semi-conductor mission to get Rs 40,000 crore

Rs 12.2 lakh crores for infrastructure development

Dedicated RITES to repurpose land of Central PSUs

20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

High-speed rail corridors: Mumbai-Pune, Pune-Bengaluru, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri, Pune-Hyderabad

Five university campuses to be established near industrial corridors

Lakpati Didi program expanded in Budget 2026 to reach more beneficiaries across India.

Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

TCS on overseas tour packages cut to 2% to ease travel costs

Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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Union budget 2026 to be presented on Sunday with special trading session

The Union Budget 2026 will be presented on a Sunday for the first time in over two decades, with NSE and BSE announcing special trading sessions for the day.

Published

7 days ago

on

January 31, 2026

By

Nirmala Sitharaman

For the first time in more than two decades, the Union Budget will be presented on a Sunday. Finance Minister Nirmala Sitharaman is scheduled to table the Union Budget for 2026 in the Lok Sabha on February 1 at 11 am, even as the day is usually observed as a holiday for government offices and financial markets.

February 1 falls on a Sunday this year, raising questions about market operations and investor response. To ensure uninterrupted trading and immediate market reaction to budget announcements, stock exchanges have announced special arrangements for the day.

Markets to remain open on budget day

Both the National Stock Exchange and the Bombay Stock Exchange have confirmed that markets will remain open on February 1. The NSE has announced a special trading session, with the pre-open market scheduled from 9 am to 9:08 am, followed by normal trading hours from 9:15 am to 3:30 pm.

The BSE has also declared the day a special trading day, with regular market hours applicable. Trading is expected to continue across equity, derivatives, and futures and options segments.

What the Sunday budget means for investors

A weekend budget presentation is seen as offering certain advantages for market participants. With trading active on the same day, investors will be able to respond to policy announcements immediately rather than waiting for the next working day.

The Sunday timing also gives investors, analysts, and financial institutions additional time to go through detailed proposals, including tax changes, fiscal deficit targets, and sector-wise allocations. The extended window for analysis may help reduce sharp, headline-driven reactions and encourage more informed decision-making.

With fewer competing developments on a non-working day, budget announcements are also expected to receive more focused attention from markets and stakeholders.

Parliamentary schedule and key milestones

The Economic Survey is expected to be tabled on January 29, ahead of the budget presentation. The Budget Session of Parliament began on January 28 with the President’s address to a joint sitting of the Lok Sabha and Rajya Sabha.

The upcoming budget will mark Nirmala Sitharaman’s ninth consecutive Union Budget. It will also be India’s 80th budget since Independence. Since 2017, Union Budgets have been presented at 11 am on February 1, following a timing change introduced during the tenure of former finance minister Arun Jaitley.

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Modi says right time to invest in Indian shipping sector; meets global CEOs

Published

3 months ago

on

October 29, 2025

By

PM Narendra Modi

Prime Minister Narendra Modi on Wednesday exhorted global investors to take bets on the Indian shipping sector, pointing out that this is the “right time” for such a move.

The Prime Minister also met a select chief executives of global majors, including DP World and APM, at a specially convened meeting on the sidelines of the India Maritime Week 2025 held here.

“For all of you hailing from different countries, this is the right time to work in the Indian shipping sector and also expand (your presence),” Modi said during a public address before the closed-door meeting with CEOs.

Modi listed several targets being chased by India in the maritime sector over the next few years, and underlined the importance of the global community in the same.

“You all are an important partner who will help us achieve all our aims. We welcome your ideas, innovations and investments,” Modi said.

He said that India allows 100 per cent foreign direct investment in the shipping and ports sector, and also provides incentives under the “Make In India, and Make For The World” vision.

Addressing an audience, including leaders of various companies, the Prime Minister affirmed India’s commitment to strengthening the supply chain resilience at a global level.

He also said that India is engaged in creating world-class mega ports, and cited the work undertaken on the Vadhavan Port to the north of the financial capital, which entered the top-10 firms in the world on the first day.

The government is also looking to grow the capacity at 12 major ports by four times and increase India’s share in containerised cargo at the global level.

Later, Modi held a meeting with top CEOs of shipping sector companies from across the world.

As per people in the know, he met AP Moller-Maersk Chairman Robert Maersk Uggla, DP World Group Chairman Sultan Ahmed bin Sulayem, Mediterranean Shipping Company Chief Executive Soren Toft, Adani Ports and SEZ Managing Director Karan Adani and French company CMA-CGM’s Senior Vice President Ludovic Renou.

The participation from over 85 countries in the IMW sends a strong message, Modi said, noting the presence of CEOs of major shipping giants, startups, policymakers, and innovators at the event.

The Prime Minister also thanked Port of Singapore (PSA) for the nearly Rs 8,000 crore investment in the Jawaharlal Nehru Port Authority’s fourth terminal, pointing out that this is also the largest FDI in the port sector in India.

Modi said more than 150 new initiatives have been launched under the ‘Maritime India Vision’, resulting in nearly doubling the capacity of major ports, a substantial reduction in turnaround time, and a new momentum in cruise tourism.

—PTI

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