India world's most open, investment friendly economy: PM Modi at BRICS Business Forum
Brasalia: India is the world's most "open and investment friendly" economy, Prime Minister Narendra Modi said here on Thursday as he wooed the BRICS business leaders, urging them to invest in the country and take advantage of its "limitless" possibilities and "countless" opportunities.
Addressing the closing ceremony of the BRICS Business Forum, prime minister Modi said the grouping of five countries had led to economic development despite the global economic slowdown.
"India is the most open and investment friendly economy in the world due to political stability, predictable policy and business friendly reforms. By 2024, we want to make India a five trillion dollar economy. The infrastructure alone requires USD 1.5 trillion investment," he said.
Noting that India has "limitless" possibilities and "countless" opportunities, the prime minister urged the BRICS business leaders to take advantage of them.
"I invite the business of BRICS countries to build and grow their presence in India," he said.
"BRICS countries account for 50 per cent of the world's economic growth. Despite the recession in the world, BRICS countries accelerated economic growth, drove millions out of poverty and achieved new breakthroughs in technology and innovation. Now ten years after the founding of BRICS, this forum is a good platform to consider the direction of our efforts in the future," Modi said.
The prime minister said simplifying intra-BRICS business will increase mutual trade and investment.
"Tax and customs procedures between us five countries are getting easier. The business environment is getting easier with the collaboration between intellectual property rights, and banks. I request the BRICS Business Forum to study the necessary business initiatives to take full advantage of the opportunities thus generated," he said.
"I would also like to request that priority areas in business be identified among us for the next ten years and based on them blue print of Intra-BRICS collaboration should be made," Modi said.
The prime minister said the market size, diversity and complementarities of the members of the BRICS countries were very beneficial to each other and urged the forum to map such complementarities in the five countries.
"If one BRICS country has technology, the other is related to raw materials or markets. Such possibilities are especially in electric vehicles, digital technology, fertilizer, agricultural products, food processing. I would urge the forum to map such complementarities in five countries. I would also like to suggest that at least five such areas should be identified by the next BRICS Summit in which joint ventures can be formed between us on the basis of complementarities," he said.
"Important initiatives like innovation BRICS Network, and BRICS Institution for Future Network will be considered during tomorrow's summit. I request the private sector to join these efforts focused on human resources. Connecting young entrepreneurs with these initiatives will also give more strength to business and innovation," Modi said.
The prime minister said there was a possibility of making travel, business and employment between the BRICS (Brazil, Russia, India, China and South Africa) countries more easy.
He thanked President of Brazil Jair Bolsonaro for his government's decision to give Indians visa-free entry in his country.
"I thank the President of Brazil for deciding the visa free entry to Indians. We five countries should also consider mutual social security agreement," Modi said.
Prime minister Modi is in Brazil for the 11th BRICS Summit which will focus on building mechanisms for counter-terrorism cooperation and strengthen India's ties with the world's five major economies.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
RCB beat MI by 18 runs after batters fire
Mumbai (PTI): Royal Challengers Bengaluru skipper Rajat Patidar, Phil Salt and Virat Kohli blasted half-centuries as the defending champions beat Mumbai Indians by 18 runs in an Indian Premier League match here on Sunday.
Salt (78 off 36 balls) and Kohli (50 off 38 balls) stitched together a 120-run stand for the opening wicket before Patidar scored a rapid 53 off just 20 balls as RCB posted 240 for 4.
In response, Mumbai Indians were restricted to 222 for 5, with RCB spinner Suyash Sharma (2/47) putting the skids on the home side with a double strike in the eighth over, from which they could not recover.
Sherfane Rutherford top-scored for MI with an unbeaten 71 off 31 balls.
While opener Rohit Sharma appeared to be struggling with a hamstring issue and had to retire hurt on 19, his partner Ryan Rickelton made 37, while Suryakumar Yadav (33) and Hardik Pandya (40) were the other contributors for MI.
Brief scores:
Royal Challengers Bengaluru 240 for 4 in 20 overs (Phil Salt 78, Virat Kohli 50, Rajat Patidar 53, Tim David 35 not out).
Mumbai Indians: 222 for 5 in 20 overs (Sherfane Rutherford 71 not out, Ryan Rickelton 37, Hardik Pandya 40; Suyash Sharma 2/47).
