Invest in India: Modi tells global biz community

New York: Prime Minister Narendra Modi on Wednesday invited global businesses to invest in India, saying the historic reduction in corporate tax rates by his government created a golden opportunity and promised more measures to improve the business climate.

Speaking at the Bloomberg Global Business Forum here, the Prime Minister said India offers a golden opportunity for investment in the country.

"If you want to invest in a market where there is scale, 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," he told global corporates.

Modi further told the gathering that India is rapidly modernising its cities and equipping them with the latest technology and citizen-friendly infrastructure.

"Thus if you want to invest in urbanisation, come to India," he said.

He said India had also opened its defence industry "like never before" and sought investments in the sector.

There is a government in India which respects the business world and values wealth creation, he said, adding the government has been taking big and hard decisions to improve the business environment.

"Let me tell you; the new government is only three-four month old. I want to assure that this is only the beginning. Still, there is a long way to go. In this journey, we want to partner with the global business community. This is a golden opportunity for you," Modi said.

India is aiming to become a USD 5 trillion economy by 2024-25.