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Business leaders heap praise on Indian PM Modi – citing improving business conditions

by | 24 Jan, 2018

Nordstrom Kohl's Target Macys

India’s equity markets are booming under Narendra Modi as he plans to lure more foreign investment

Indian Prime Minister Narendra Modi has received praise from global CEO’s over improvements that have made India a better place to do business in.

At a private meeting ahead of his Davos address, over 64 CEO’s representing $3.6 trillion in market cap spoke with Modi and senior Cabinet colleagues and explained that the government’s actions in cutting red tape, introducing structural reforms like the goods and services tax and a focus on digitisation and infrastructure had created new business opportunities, according to sources present at the meeting.

In his address at the World Economic Forum, Modi said India was working toward becoming a $5 trillion economy by 2025, saying the country was “removing the red tape and laying out the red carpet”, referencing a move to become more business friendly.

PwC chairman Bob Moritz said: “The global business community is in awe of the progress that the Modi government has achieved in terms of reforms and getting business ready.”

Speaking to journalists at Davos, Union Minister Piyush Goyal said: “We have been the fastest growing large economy for the last three years and clearly people see a huge investment opportunity as India develops its infrastructure. With a $2 trillion investment trust, we are looking at infrastructure, I don’t think there is a comparable opportunity in the whole world.”

Meanwhile in Indian equity markets today, the NIFTY50 index continues its superb run upwards and pushed even higher through the 11,000 mark, topping out at 11,105.95 points before retreating to 11,086 at the close. The index has had a stellar month (see the chart below) and looks set to continue its bullish run into 2018 off the back of great corporate results and more confidence in India’s economy from global investors.

Related: World Bank praises India

Nordstrom Kohl's Target Macys

The Invstr chart shows the great performance of the NIFTY50 over January

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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