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On Attracting Global Investors, PM Modi’s Appeal to States

On Attracting Global Investors, PM Modi's Appeal to States

Prime Minister Narendra Modi, who sought to streamline policies at the central, state and regional levels, told NDTV that if he gets the cooperation of states, India will be a major draw for foreign investors.

There are people coming from the industry, they don’t talk like that just by looking at the Government of India. State Government and Local Self-Government, teeno main ek samanvay chahiye neetiyon main (When an industry comes to India, it doesn’t just look at the central government. There should be uniformity in policies at both state and local government levels), PM Modi said in an interview with NDTV Editor-in-Chief Sanjay Pugalia.

“There should be competitive cooperative federalism. Now this spardha is seen in most states. They change their rules and mobilize the bureaucracy. If I get support from the states, then nobody in this world will go anywhere other than India. (There is competition among states. States are making changes in rules. Bureaucracy is being mobilized. If I get support from the states, I think no investor will be able to overlook India), PM Modi told the channel.

Foreign portfolio investors (FPIs) selling in Indian equity markets turned aggressive in May, partly attributed to a strong US dollar, sticky inflation, especially in the food segment, and concerns over outcome-related polls.

With more than 10 days left in May, the latest data from the National Securities Depository Limited (NSDL) showed that foreign investors sold Rs 28,242 crore worth of Indian stocks.

The prime minister, who is seeking re-election for a third term, was asked if the promised guarantees will compromise fiscal discipline, he said.No one doubts my case. Those who have seen my work in Gujarat have been very appreciative of the most important economic discipline. No country can survive. Fiscal discipline is one of its criteria. (No one has any confusion about me. The people who have seen my work in Gujarat, they know that I am a big believer in fiscal discipline. No nation can function without this discipline).”

The Prime Minister, 73, highlighted how articles before the Budget said he would distribute ‘dreamed (free)’ and win polls, they were surprised to see that this is not a ‘chunaavi‘ budget (voting budget).

Blaming the Manmohan Singh-led United Progressive Alliance (UPA) government, Prime Minister Modi claimed that “they were not aware” of the fiscal deficit.

“The UPA government was not aware of it. It led to many side effects. I believe (fiscal deficit) it should be followed religiously,” PM Modi stressed, adding that his government has implemented maximum and sustained economic reforms in the last 10 more year.

The country is in the middle of a six-week marathon election, which ends on June 1. Four phases are over. There are three more left.

The Prime Minister indicated that the financial markets will set new records after June 4 – the day the votes are counted.

India has one of the most liberal foreign direct investment (FDI) policies in the world and in fact more liberal than many Southeast Asian countries with which the country is often compared, Minister in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Det Singh told news agency PTI on Saturday.

The government has relaxed FDI norms in the space sector by allowing 100 percent overseas investment in manufacturing components for satellites, as part of efforts to attract overseas players and private companies to the segment.

FDI in India fell 13 percent to USD 32.03 billion in April-December 2023, dragged down by lower infusion in computer hardware and software, telecom, automobile and pharmaceutical sectors, according to government data.

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