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India is not only a good destination. It’s always a good decision to be in India: PM

Published By : Admin | December 14, 2016 | 14:20 IST
PM Modi jointly inaugurate The ET Asian Business Leaders’ Conclave 2016 with Malaysian PM, Najib Razak
Under the leadership of Prime Minister Najib, Malaysia is moving towards its goal of achieving developed country status by 2020: PM
Close relations with Malaysia are integral to the success of our Act East Policy: PM
The 21st Century is the Century of Asia: PM
India is currently witnessing an economic transformation: PM
We have now become the 6th largest manufacturing country in the world: PM
We are now moving towards a digital and cashless economy: PM
India is currently buzzing with entrepreneurial activity like never before: PM
Our economic process is being geared towards activities which are vital for generating employment or self-employment opportunities: PM
India is not only a good destination. It’s always a good decision to be in India: PM

His Excellency Dato Sri Mohammad Najib, Hon’ble Prime Minister of Malaysia,

Members of the Management of Economic Times,

Business Leaders,

Ladies and Gentlemen!

It is a great pleasure to jointly inaugurate The Economic Times Asian Business Leaders’ Conclave 2016 with His Excellency the Prime Minister of Malaysia.

The fact that the Economic Times has chosen Kuala Lumpur as the venue for this Conclave proves the importance of Malaysia as a commercial and business destination.

My best wishes for the Conclave!

 

Friends.

Under the leadership of His Excellency the Prime Minister, Malaysia is moving towards its goal of achieving developed country status by 2020.

It has also shown resilience in coping with the global economic situation.

The timeless ties between India and Malaysia are reinforced by the presence of a large Indian community.

A recent symbol of our historic links is the Torana Gate in the heart of Kuala Lumpur which connects two great nations and two great cultures.

In recent times, we have forged a Strategic Partnership.

My visit to Malaysia in November last year served to reinforce this strategic engagement across a range of areas.

Close relations with Malaysia are integral to the success of our Act East Policy.

India’s initiatives including a Project Development Fund and Line of Credit have given a huge fillip to India-ASEAN cooperation.

 

Friends.

The leaders of ASEAN countries have led efforts for better integration among the countries of the region.

This initiative to bring the business leaders of Asia together is therefore very timely.

I have said on many occasions that the twenty first century is the century of Asia.

Asia where there are Hands to work, Homes to Consume and Heads have the Humility to learn.

Despite unfavourable and uncertain global economic environment, the growth prospects of the Asian region have been a ray of hope.

 

Friends.

India is currently witnessing an economic transformation.

It is not only one of the fastest growing large economies in the world. It is also marked by initiatives centered around:

- ease of doing business

-making governance transparent and efficient

-reducing regulatory overburden

 

Presently, cleaning the system from black money and corruption is very high on my agenda.

This comes closely after digitisation and introduction of GST.

The outcomes of our efforts are visible from India’s global rankings on various indicators.

India’s rank has gone up in World Bank’s Doing Business Report.

We are fast closing the gap between business practices in India and the best in the world.

We are ranked third in the list of top prospective host economies for 2016-18 in the World Investment Report 2016 released by UNCTAD.

Our rank improved by 32 positions in World Economic Forum’s ‘Global Competitiveness Report 2015-16 and 2016-17’;

We improved 16 places in ‘Global Innovation Index 2016’ and 19 positions in the World Bank’s ‘Logistics Performance Index of 2016’.

We have opened up new sectors for FDI and enhanced caps for existing sectors.

Our concerted efforts on major FDI policy reforms continue, and conditions for investment have been simplified.

The results are there for all to see.

Total FDI inflows in the last two and a half years have touched US Dollars 130 billion.

Highest ever FDI inflows were received during the last year.

The increase in FDI equity inflows in the last two financial years was 52 per cent as compared to previous two financial years.

Sources and sectors in which FDI is coming have also greatly diversified.

Our ‘Make in India’ initiative which celebrated its second anniversary this year, is aimed at making India a global hub of manufacturing, design and innovation.

I would like to highlight some of our achievements:

We have now become the sixth largest manufacturing country in the world.

Our Gross Value Added in manufacturing has recorded a growth of 9.3 per cent in 2015-16.

51 cold chain projects have been completed in the last two years and six Mega Food Parks have been opened since 2014;

19 new textile parks have been sanctioned and 200 new production units have come up in existing textile parks in the last 2 fiscal years.

This year saw 90 per cent jump in number of mobile phone units manufactured in India;

Leading global players in the auto sector have setup various new assembly lines and Greenfield units.

 

Friends.

Our efforts to ensure ‘Ease of Doing Business’ in India have been comprehensive and wide ranging, including legislative and structural.

I am happy to share that:

The constitutional amendment for Goods and Services Tax has been passed.

This is expected to be implemented in 2017.

We are moving towards a digital and cashless economy.

Our licensing regime has been greatly rationalised.

We have launched Single Window Interfaces for registering a business, EXIM clearances and Labour compliance.

Procedures involved in getting utilities like water and electricity are being simplified.

An investor facilitation cell has been created to guide and assist the investors.

Our partnership with the State Governments has also enhanced considerably since the launch of Make in India.

In association with the World Bank, the States were ranked on the basis of their business policies and procedures on agreed parameters in 2015.

This was further expanded in 2016.

We have adopted for the first time ever, a comprehensive National Intellectual Property Rights policy to lay a future roadmap for intellectual property.

We have also taken major steps to kick-start the process of ‘creative destruction’.

We are making it easier for companies to restructure and exit.

The enactment and implementation of the Insolvency and Bankruptcy Code is a crucial step towards ease of exit in India.

New Commercial Courts are being set up to fast track resolution of commercial disputes.

Arbitration laws have also been amended to fast track the proceedings.

 

Friends.

India is currently buzzing with entrepreneurial activity like never before.

Start-ups are the next big economic force in India and are no less than a revolution.

Our Start-up India program aims to unleash our potential in this area.

Our economic process is being geared towards activities which are vital for generating employment or self-employment opportunities.

This is the only way to reap the demographic dividend.

Through the ‘Skill India’ initative and its various components, we are trying to synergise the skills to the market requirements.

Building futuristic infrastructure is the biggest task at hand.

We are developing a pentagon of industrial corridors across the country.

There is immense focus on removing the logistic constraints across the country.

Roads, railways, ports are being upgraded across the country.

To finance such infrastructure, we have set up the National Investment and Infrastructure Fund in collaboration with foreign funds.

 

Friends.

This is a time for integration.

 Integration cannot happen without openness.

 India has always been open at the heart.

Now, at the level of economy also, we are among the most open and integrated economies.

We welcome those who are not there in India so far.

 I personally assure you that I shall be there when you need me.

 India is not only a good destination;

 It is always a good decision to be in India.

Thank You!

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Joint Statement: Visit of President of the UAE, His Highness Sheikh Mohamed bin Zayed Al Nahyan, to India
January 19, 2026

At the invitation of the Prime Minister of India, Shri Narendra Modi, President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan, paid an official visit to India on 19 January 2026. This was the fifth visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan to India in the last ten years and his third official visit to India as the President of the UAE.

Prime Minister Shri Narendra Modi and President His Highness Sheikh Mohamed bin Zayed Al Nahyan reviewed the full scope of bilateral cooperation between the two countries. They agreed that the India-UAE Comprehensive Strategic Partnership has continued to strengthen over the past decade.

The two leaders welcomed the visits of the Crown Prince of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, and Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, to India in the last two years, noting that these visits marked generational continuity of the bilateral relationship.

The two leaders endorsed the outcomes of the 13th High-Level Task Force on Investments held in September 2025, and the 16th India-UAE Joint Commission Meeting and 5th Strategic Dialogue held in December 2025.

The two leaders welcomed the robust growth in trade and economic cooperation since the signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2022 and noted the rapid growth of bilateral trade, which reached US$ 100 billion in FY 2024-25. Buoyed by the enthusiasm of the business communities on both sides, they decided to double bilateral trade to target US$ 200 billion by 2032.

They directed their teams to work towards connecting Micro, Small and Medium Sector Enterprises (MSMEs) on both sides. In this context, they called for the expeditious implementation of key initiatives, such as the ‘Bharat Mart’, the ‘Virtual Trade Corridor’ and the ‘Bharat-Africa Setu’ to promote MSME products across the Middle East, West Asia, Africa and the Eurasia region.

The leaders expressed satisfaction that the Bilateral Investment Treaty signed in 2024 has further strengthened investment flows across multiple sectors in both countries. They welcomed discussions on a potential UAE partnership for the development of the Special Investment Region in Dholera, Gujarat. The envisioned partnership would include the development of key strategic infrastructure, including an international airport, a pilot training school, a maintenance, repair and overhaul (MRO) facility, a greenfield port, a smart urban township, railway connectivity, and energy infrastructure. Highlighting the success of the first NIIF Infrastructure Fund, the Prime Minister of India invited UAE sovereign wealth funds to consider participation in the second Infrastructure Fund, scheduled for launch in 2026. The two leaders welcomed the establishment of DP World and First Abu Dhabi Bank branches in GIFT City, reinforcing its emergence as a leading international financial center. FAB’s GIFT City branch will act as a key bridge, connecting Indian corporates and investors to its expertise and global network across the GCC and MENA markets.

Both sides reaffirmed their strong commitment to enhancing UAE–India cooperation in food security, recognising its strategic importance in ensuring sustainable supply chains and long-term resilience. They underscored the role of public-private partnerships, innovation and knowledge exchange in advancing sustainable agriculture and enhancing national food resilience in line with the national priorities of both countries.

The two leaders agreed to deepen cooperation in space sector. In this context, they welcomed the understanding reached to collaborate on a joint initiative aimed at driving commercialisation of the sector through the advancement of space sciences and technologies. This initiative aims to produce an integrated space ecosystem with end-to-end infrastructure and a strong industrial base. It aims to enable India–UAE joint missions, expand global commercial services, create high-skilled employment and start-ups and strengthen bilateral investment through sustainable business models.

The two leaders decided to strengthen collaboration in science and technology and innovation, especially in the areas of artificial intelligence (AI) and emerging technologies. Welcoming the decision to collaborate on the establishment of a supercomputing cluster in India, they also agreed to explore cooperation in setting up data centres in India. The two leaders directed their teams to explore the possibility of establishing ‘Digital Embassies’ between the UAE and India, under mutually recognised sovereignty arrangements. President His Highness Sheikh Mohamed bin Zayed Al Nahyan expressed support for the AI Impact Summit to be hosted in India in February 2026.

The two leaders expressed satisfaction with the strength of the bilateral energy partnership and underscored the UAE’s contribution to India’s energy security. They welcomed signing a 10-year LNG Supply Agreement between Hindustan Petroleum Corporation Limited (HPCL) and ADNOC Gas for the delivery of 0.5 million tonnes per year of liquefied natural gas, beginning in 2028. The leaders also welcomed the enactment of the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) law, noting that it creates new opportunities for enhanced civil nuclear cooperation. The two sides agreed to explore partnership in advanced nuclear technologies, including development and deployment of large nuclear reactors and Small Modular Reactors (SMRs), as well as cooperation in advanced reactor systems, nuclear power plant operations and maintenance and nuclear safety.

The two leaders appreciated the deepening financial sector cooperation between the two countries. They directed their teams to work towards interlinking the national payment platforms to enable efficient, fast and cost-effective cross-border payments.

Recognising the shared cultural and historical heritage between the two countries, Prime Minister Shri Narendra Modi welcomed the UAE’s decision to provide artefacts for the National Maritime Heritage Complex at Lothal. The two leaders decided to establish a ‘House of India’ in Abu Dhabi as a lasting symbol of the India-UAE friendship. They also agreed to continue nurturing vibrant people-to-people ties through youth exchanges aimed at further deepening cultural understanding.

The leaders identified education as a cornerstone of India-UAE partnership. Building on the opening of the offshore campuses of Indian Institute of Technology Delhi and the Indian Institute of Management–Ahmedabad in the UAE, they encouraged greater efforts to promote linkages between universities and educational institutions in both countries and expand student exchanges, which will serve as a knowledge bridge between the two countries. It will include cooperation in expanding Innovation and Tinkering Labs in schools and colleges. The leaders welcomed the understanding reached to work towards integrating India’s Digilocker with the UAE platforms for seamless authentication of Indian academic degrees/ documents, which will promote greater economic and educational opportunities and ease of living.

The leaders highlighted deep respect for each other’s sovereignty and territorial integrity and the importance of strategic autonomy. They acknowledged steady and strong bilateral defence and security cooperation as a core pillar of the Comprehensive Strategic Partnership. They welcomed the momentum generated by the recent exchange of visits by the respective Service Chiefs and Commanders of the Army, Navy and Air Force of both countries, and the successful conduct of bilateral military exercises. They welcomed the signing of Letter of Intent towards the conclusion of a Strategic Defence Partnership.

The two leaders reiterated their unequivocal condemnation of terrorism in all its forms and manifestations, including cross-border terrorism, and emphasised that no country should provide safe haven to those who finance, plan, support or commit terrorist acts. They agreed to continue cooperation within the framework of the Financial Action Task Force (FATF) to counter terror financing and strengthen anti-money laundering efforts.

The two leaders recalled the launch of the India-Middle East-Europe Economic Corridor (IMEC) on the margins of the G20 summit in Delhi in September 2023.

The two leaders exchanged views on regional and global issues of mutual interest. They underlined their shared interest in regional peace, security and stability. They noted excellent cooperation and mutual support at multilateral and plurilateral fora. The UAE side conveyed its full support for the success of India's BRICS Chairmanship in 2026. The Indian side conveyed its support for the 2026 UN Water Conference, to be co-hosted by the UAE at the end of 2026, which will focus on accelerating the implementation of SDG 6, ensuring the availability and sustainable management of water and sanitation for all.

Both sides highlighted their collaboration in polar science and noted the positive outcomes of joint expeditions and institutional cooperation. Both sides agreed to further advance this partnership through targeted scientific initiatives, coordinated research planning and strengthened collaboration between national polar research institutions. They emphasised that continued cooperation in the polar regions would support evidence-based climate action and contributes to global scientific efforts.

President His Highness Sheikh Mohamed bin Zayed Al Nahyan thanked Prime Minister Shri Narendra Modi for the warm welcome and gracious hospitality.