PM Narendra Modi invites investment in startups

In his keynote address to the Future Investment Initiative or Davos of the Desert, Modi underlined the importance of technology and infrastructure.

Agencies
PM congratulated Saudi King Salman bin Abdulaziz Al-Saud for his initiative towards the establishment of Public Investment Fund.
Riyadh: Prime Minister Narendra Modi on Tuesday said India has the third-largest startup ecosystem in the world, as he sought foreign direct investment (FDI) for the sector. He also invited Saudi Arabian companies to invest in India’s energy space, saying the government has set a target of $100 billion investment in the sector by 2024.

In his keynote address to the Future Investment Initiative or Davos of the Desert, Modi underlined the importance of technology and infrastructure. Later, at an interactive session, Modi rued that strong people are using the UN as an instrument and the global body does not contribute to a neutral rules-based global order. Mentioning initiatives to improve business climate, Modi said India’s ranking has improved significantly in the World Bank’s Ease of Doing Business, Logistic Performance and Innovation Index.

The Prime Minister also noted that the tax structure and intellectual property rights (IPR) regime are considered best in the world. According to the Prime Minister, manpower and talent mobility should be included in the international agreements, which should not be only restricted to goods. He also said that the direct benefit transfer scheme has helped the government save $20 billion.


Modi also spoke about the five trends that are shaping the global order — Innovation and technology, Human Resource, future of work, compassion & environment and business friendly governance. He also congratulated Saudi King Salman bin Abdulaziz Al-Saud for his initiative towards the established of Public Investment Fund. Future Investment Initiative is organised by Public Investment Fund. This is a high-level platform to engage with Saudi decision-makers and global business representatives. Modi recalled India-Saudi relationship and drew inspiration from its friendship.
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