Prime Minister Narendra Modi has called on French businesses to tap into the vast opportunities available in India, particularly in technology, innovation, and sustainable development. Addressing the 14th India-France CEOs Forum in Paris, Modi emphasized the growing potential for collaboration between India and France in these key sectors.
Unlocking Opportunities Through Economic Reforms
In his speech, PM Modi highlighted the series of recent economic reforms aimed at boosting investment and enhancing the ease of doing business in India. He specifically pointed to the new budget measures, which he believes will strengthen India’s economic growth.
Notably, the Prime Minister highlighted the government’s progressive stance toward attracting foreign investment, including the opening of the insurance sector to 100% Foreign Direct Investment (FDI). Modi also mentioned the government’s focus on clean and efficient energy solutions, with an emphasis on Small Modular Reactors (SMRs) and Advanced Modular Reactors (AMRs) in the civil nuclear energy sector.
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“The insurance sector is now open for 100% FDI, and the civil nuclear energy sector welcomes private participation. We’ve rationalized the customs rate structure and are introducing a simplified income tax code to enhance the Ease of Living,” said Prime Minister Modi.
Simplifying Economic Policies
The Prime Minister went on to describe the government’s ongoing efforts to streamline economic policies and remove barriers to business. He noted that over 40,000 compliances had been rationalized in recent years to make India a more attractive business destination.
To facilitate international trade, Modi introduced the concept of ‘India Trade Net,’ which aims to leverage digital public infrastructure. The government, he added, is also working on a simplified income tax code to ease the lives of citizens and businesses alike.
A Call For Collaboration
Prime Minister Modi invited French enterprises to deepen their partnerships with India, particularly in sectors such as technology and sustainable development. He assured attendees that now is the perfect time to invest in India, as the country offers tremendous growth opportunities.
“Everyone’s progress is link to India’s progress,” Modi said. He pointed to the booming aviation sector as a prime example, citing the large orders placed by Indian companies for airplanes and the upcoming opening of 120 new airports, which he said would offer even more possibilities for businesses.
“I welcome you all to join India’s development journey,” he added.
Strengthening Bilateral Ties
The CEO Forum also saw the presence of French President Emmanuel Macron, who joined Prime Minister Modi in discussions. Modi noted that this was their sixth meeting in the past two years, underscoring the growing ties between the two nations.
“This year, President Macron was the Chief Guest at our Republic Day celebrations,” Modi said, reflecting on the strength of the India-France relationship.
PM Modi’s Ongoing Visit
Prime Minister Modi is currently visiting France from February 10-12. During his stay, he co-chaired the AI Action Summit with President Macron on Tuesday. After concluding his visit to France, Modi will travel to the United States on February 12-13, where he will meet with US President Donald Trump and senior members of the US administration.
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