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In Davos, PM Modi courts investors with the dream of a $5 trillion economy

Prime Minister Narendra Modi, speaking at the opening session of the World Economic Forum, invited global investors to Asia’s third largest economy, elaborating the measures his government has taken to promote ease of doing business in India.

Besides effectively removing the red tape by abolishing plenty of obsolete laws that were more a hindrance than a help to doing business, India is now ‘laying out the red carpet’ to the investors and “Almost all areas of our economy have been opened to foreign direct investment” he added.

Modi’s efforts are focused on attracting foreign investment to kick start growth in India’s $ 2.3 trillion economy which is forecast to expand at the slowest pace since 2014 this year.

Thoughtful relaxations on restrictions on foreign investment in various sectors like single brand retail, real estate brokerages and power exchanges, defence, insurance, pension highest foreign investment inflow has been made possible in the year ended March 2017.

Now, foreign airlines can invest in state carrier Air India.

Expressing concern over ‘shrinking’ globalization, he rued saying . "Trade agreements have come to a standstill. Growth in the global supply chain has also stopped.”.

"His Davos address followed US President Donald Trump’s decision to impose tariffs on imported solar panels and washing machines, in his first major protectionist move to level a playing field he says is tilted against American companies.

Trump is scheduled to speak at the World Economic Forum on Friday.

Demonetization and hasty implementation of GST appear to have produced no positive results to the expected level which has resulted in less of revenues putting the strain on the budget deficit. It aims and has to bring down to 3.2 percent of gross domestic product in the current fiscal year. This annual budget must see and create an opportunity to revive growth.

Modi’s government has certainly some positives to its immense credit. Moody’s upgradation of India for the first time in 14 years and India finding itself in the top 100 in the World Bank’s Doing Business rankings, narrowing the gap with rather the permanent competitor China. And these achievements are not something just to be laughed off.

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