Prime Minister Narendra Modi gave an energetic speech at St Petersburg International Economic Forum (SPIEF) on Friday, one that was welcomed with thunderous applause and cheers from the audience of global business leaders. It may be recalled that the SPIEF meet is attended by hundreds of business leaders from across the globe and this is the first time that India is attending the forum as a guest nation. Using the platform to reach out to global business leaders, PM Modi said that India is progressing like never before, powered by political will, political stability and clear vision. He said that due to the transformative reforms introduced in the last few years, India has become one of the most sought-after markets in the world. PM Modi pointed out that India has been identified as the third most favorable country for foreign investments by international credit rating agencies. He urged global businesses to invest in India and said that the sky is the limit for possibilities in India.
PM Modi also talked about the Goods and Services Tax (GST), which is being considered as one of the most important reforms to be introduced in the country. “GST will be implemented from July 1 and there will be a uniform system of taxation. This will benefit not only Indian industry but also foreign companies looking to invest in the country,” Modi said. Modi also talked about the scientific prowess of Indians, albeit in a lighter tone by saying, “We managed to go to Mars at a cost significantly less than what it takes to produce a Hollywood movie.” This was greeted by a resounding applause and cheers from the audience.