Paris/New Delhi: Prime Minister Narendra Modi today highlighted the new generation of reforms outlined by his government, including for ease of doing business, as he invited major French business houses to invest in different sectors in India, saying “everyone’s progress is linked to India’s progress”.
PM Modi on Tuesday addressed the 14th India-France CEOs Forum today in Paris, which saw the attendance of CEOs from a diverse group of companies from both sides, focusing on sectors such as defence, aerospace, critical and emerging technologies, infrastructure, advanced manufacturing, artificial intelligence, life-sciences, wellness and lifestyle, and food and hospitality.
In a post on X, the PM said:
“The India-France CEO Forum plays a key role in strengthening economic ties and fostering innovation. It is gladdening to see business leaders from both nations collaborate and create new opportunities across key sectors. This drives growth, investment and ensures a better future for the coming generations.”
In his address, the PM said that India today is becoming the biggest center of diversification and de-risking, and mentioned the “new generation of reforms outlined in the Union Budget”.
“New steps have been taken for ease of doing business. In the last few years, we have rationalized more than 40,000 compliances. To promote trust-based economic governance, a high level committee for regulatory reforms has been formed. The custom rate structure has been rationalised.
“To facilitate international trade, ‘India Trade Net’ is being introduced with the help of digital public infrastructure. We are bringing a new simplified income tax code towards Ease of Living.
“The National Manufacturing Mission has been announced. And, new sectors, such as the insurance sector, have been opened for 100 percent FDI. You must study all these initiatives carefully.
“Let me tell you all, this is the right time to come to India. Everyone’s progress is linked to India’s progress. An example of this was seen in the aviation sector, when Indian companies placed large orders for airplanes. And, now, when we are going to open 120 new airports, you can imagine the future possibilities for yourselves,” the PM added.
He said that the people of India have resolved to build a developed India by 2047. “Be it defence or advanced technology, fintech or pharma, tech or textile, agriculture or aviation, healthcare or highways, space or sustainable development, there are many opportunities for investments and collaborations in all these areas for all of you.”
“I welcome you all to join India’s development journey. When France’s finesse and India’s scale meet; When India’s pace and France’s precision join; When France’s technology and India’s talent unite — Then, not just the business landscape, but global transformation will happen.”
Earlier, in his speech he said that this is his sixth meeting with President Emmanuel Macron in the last two years, and added that last year, President Macron was the Chief Guest at India’s Republic Day.
He congratulated President Macron for the holding the successful AI Action Summit, which the two leaders jointly co-chaired.
“India and France are not just linked by democratic values. The foundation of our friendship is based on the spirit of deep trust, innovation, and public welfare.”
He said the two nations are cooperating together to address global problems and challenges, and had during his last visit in 2023 outlined the 2047 roadmap for the bilateral partnership. Both nations are pursuing cooperation in a comprehensive manner in every field, he said.
“Today, India is fast becoming a preferred global investment destination.
“We have launched AI, semiconductor and quantum missions in India. In defence, we are promoting Make in India and Make for the World. We are scaling new heights in space technology. This sector has been opened up for FDI. We are rapidly making India a global biotech powerhouse.
“Infrastructure development is a matter of priority for us. And on this, we are doing public expenditure of more than $114 billion a year. We have laid railway tracks on a massive scale, using technology to modernize and upgrade the railways.
“We are fast moving towards the target of 500 Gigawatts of renewable energy by 2030. For this, we have promoted solar cell manufacturing. We have also launched the Critical Mineral Mission.
“We have also taken up the Hydrogen Mission. For this, electrolyser manufacturing is being emphasized. By 2047, we are aiming for 100 gigawatts of nuclear power. I am happy to share that this sector is being opened up to the private sector. We are focusing on SMR (small modular reactors) and AMR (advanced modular reactors) technologies,” he added.
The MEA spokesperson in a post on X said:
“Forging India-France business & investment ties.
“PM @narendramodi and President @EmmanuelMacron jointly addressed the Indo-French CEOs Forum in Paris.
“Discussions centered around the pivotal role of strong economic ties in driving progress towards the India-France Horizon 2047.”
External Affairs Minister S. Jaishankar, alongside France’s Minister for Europe and Foreign Affairs Jean-Noël Barrot, and the Minister of the Economy, Finance, and Industrial and Digital Sovereignty of France, Eric Lombard also addressed the Forum.
