From Riyadh, PM Modi Invites Saudi Companies To Invest In Energy Sector

Prime Minister Narendra Modi on Tuesday invited Saudi companies to invest in India's energy space saying that the government has set a target of USD 100 billion investment in the sector. Addressing a session at the Future Investment Initiative 2019 in Riyadh, Modi said India offers a huge investment opportunity in the infrastructure sector also as he emphasised that the country aims to be a USD 5 trillion economy in the next five years.

In the infrastructure sector alone, the government aims to have an investment of USD 1.5 trillion in the next five years.

Mentioning about various initiatives taken by the government to improve business climate, Modi said the country's ranking has significantly improved in the World Bank's Ease of Doing Business, Logistic Performance Index and Innovation Index.

The prime minister also noted that India's tax structure and IPR (Intellectual Property Rights) regime are considered best in the world. Asking businesses to take advantage of the start-up movement, Modi said, India has become the third largest start-up ecosystem in the world and offers the highest return to investors.

India is focusing on skill development by skilling and re-skilling people and 400 million people would be provided training in the next 3-4 years, he added. 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 help the government save USD 20 billion.