India bright spot in global economy, FDI has seen a record jump: Modi

The Foreign Direct Investment has seen a huge jump from $34,487 billion to $61,724 billion since 2013, Prime Minister Narendra Modi said on Wednesday.

Giving an overview of his three-year-old government, he said India is today seen as a bright spot in the global economy, doing business here has been made easier and the tax regime is more predictable and stable.

The GST is also going to have long standing benefits for the nation, he said in a write-up on LinkedIn.

"When we assumed office in May 2014, the country was going through a challenging phase. To begin with, the element of trust in government, in institutions- had disappeared. There was little potential and no incentive to invest in India. Corruption, nepotism and high handedness of authorities had demoralized industry," Modi said.

"One of our immediate priorities was to change this atmosphere, which we have done over the last three years," he added. He said "positive results" of his government are visible. "Today, I am proud to share that India is getting record foreign investment," the prime minister said, giving the figures of 2016 in comparison to 2013.

Noting that the guiding tenet of his government is reform to transform', Modi said the reform agenda is "comprehensive and inclusive, covering all sections of society, all regions of India and all aspects needing attention."

He said it was a matter of "immense happiness" that a friendly spirit of competition has developed among the states for accelerating reforms and getting more investment.

"I want to appreciate the various states for these proactive measures. The nation stands to gain from these initiatives," the Prime Minister added. He said his government was giving the added push to infrastructure projects with a special emphasis on timely completion.

Along with the write-up, he posted a number of graphics depicting to performance of various sectors. "Our goal is a new India, powered by the skills and talent of our youth. Substantial ground has been covered in the last three years and we are poised to scale newer heights of progress," Modi concluded.

PTI