India is extremely low-risk and investor friendly economy: Modi at AIIB meeting

In a bid to woo foreign investors, Prime Minister Narendra Modi on Tuesday said that India provides an environment which is transparent, efficient, reliable and predictable.

Asserting that India is one of the most investor-friendly economies in the world, Modi, during the third annual meeting of the Asian Infrastructure Investment Bank (AIIB) in Mumbai, said India is an extremely low-risk political economy.

"From the point of view of a foreign investor, India is an extremely low-risk political economy. We have provided investors an environment which is transparent, efficient, reliable and predictable. The use of new technologies in housing construction will have an added advantage, if tried in India, due to its requirement for 10 million houses, more than that of many countries put together," the Prime Minister said.

The Prime Minister said investors want political stability and a supportive regulatory framework to ensure protection of their investment.

"Agriculture is the lifeline of Indian Economy, we are promoting investment in warehouses and cold chains, food processing, crop insurance and allied activities; I would like AIIB to look into these fields and associate with us," he added.

Now, India stands on the pillars of economic opportunity for all, knowledge economy, holistic development, and futuristic, resilient and digital infrastructure, Modi said.

He said India and Asian Infrastructure Investment Bank are committed to work together on the issues of development and ensure the progress of our country.

"Government is firmly committed to the path of fiscal consolidation. Government debt as percentage of GDP is consistently declining. India has achieved a rating upgrade after a long time," he added.