India to promoted as viable investment destination at World Economic Forum meet at Davos

India is ready to promote itself as a viable investment destination during the annual World Economic Forum (WEF) meeting, which began in Switzerland’s Davos on January 16, and will continue till January 20.

Apart from its economic parameters, the government has decided to project its ambitious roadmap for the next 25 years, till 2047, when India would be observing 100 years of its Independence.

As some of its key achievements till 75 years of Independence, the government has highlighted the rise in GDP, exports, and per capita income.

In a presentation which has been prepared for the WEF, Davos, the government has said that there has been a 100 times rise in GDP, which is currently at $3.5 trillion.

It has also claimed that there has been a 500 times rise in per capita income, which stands at $2,300. Similarly there has been a 500 times rise in total exports, the highest-ever exports of $660 billion in 2021-22.

India’s growth rate was 8.7 per cent in 2021-22 and is now the fifth largest economy in the world.

The country has the second largest working population of 522 millionwith median age of 29 years.

The government has also promoted the country as a destination to go for as far as foreign direct investment (FDI) is concerned.

According to the presentation, the annual FDI doubled in the last eight years from $35 billion to $84 billion.

India aims to become the second largest economy worth $32 trillion by 2047 and expects the per capita income to grow 10 times.

Its manufacturing GDP is expected to grow 15 times to $6.2 trillion and the services GDP is likely to grow 13 times to $20 trillion.

FDI is also expected to grow 12 times to $1 trillion, while exports are likely to grow 12 times to $ 8 trillion.

India has also reduced corporate tax and it is among the lowest globally, as part of its business reforms, the presentation said.

For existing units it is 22 per cent, while for new units, it would be 15 per cent.

Under its production linked incentives (PLI), the government has offered financial incentives worth $26 billionto promote domestic production in 14 sectors.

As part of its semiconductor mission, aimed at making India self reliant, financial incentives worth $10 billion have been provided to develop semiconductors and display manufacturing ecosystem.

India has jumped 79 positions in Ease of Doing Business ranking of World Bank in the last five years and features in the top three improvers list.

In addition to this, India has unleashed 300 plus reforms across 72 action points for state governments to develop investor friendly ecosystem.

Under the National Single Window System, one stop digital platform for all investor approvals is being offered, while its ambitious PM Gati Shakti – National Master Plan for multi-modal connectivity, is a GIS-based technology platform to improve multimodal connectivity, logistics efficiency and to ensure seamless movement of goods and services.

By 2047, India plans to set up Asia’s topmost rail network with more than 70,000 km of railway tracks, aims to achieve seven times growth in highways, increase port handling capacity by four times and increase trips in the aviation sector by seven times.

India also contributes 1 out of 10 unicorns and has a total of 107 unicorns with a total valuation of $341 billion.

20230117-200605

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