WEF 2018: 'We are removing red tape, laying red carpet': Modi invites global investment, talks tough on terror

Prime Minister Narendra Modi pitched for a bigger global role for India as he addressed world leaders and global CEOs at the World Economic Forum (WEF) in Davos on Tuesday and invited investors to India. He hardsold his economic reforms back home, and said India is poised to become a $5 trillion dollar economy by 2025.

The PM showcased ease of doing business in India to the world's rich and powerful, and also mentioned three big challenges that the world faces -- "climate change, terrorism and a threat to globalisation with powers of protectionism rising."

While in 2017 Chinese President Xi Jinping cast himself as a steadfast defender of free trade, globalisation and economic openness, Modi took a step forward by moulding himself as a leader of collective efforts and inclusive growth. Modi's debut at the WEF came a year after Xi Jinping became the first Chinese leader to address the conference.

In a 50-minute Hindi speech, he emphasised that the motto of his government 'Sabka Saath, Sabka Vikas' was aimed at taking everyone along.

He began with how the world has changed in the past two decades — from a time when tweeting was a job of birds to the age of big data and artificial intelligence — and gradually set the tone for India, ready to roll out the red-carpet for the world to do business.

He said that India has replaced red-tapism with red carpet and removed artificial borders within the nation by introducing one nation, one tax in the form of the Goods and Services Tax. 

“We have pledged to end the licensing regime from its roots. We are removing red tape and laying a red carpet. More than 1,400 archaic laws have been abolished,” he said, adding that ‘reform, perform and transform’ is his mantra for development.

He said, predictable, stable, transparent and progressive India is good news in an otherwise state of uncertainty and flux across the globe. He told the gathering, while ensuring peace, security and stability has emerged as serious global challenges, technology was assuming immense importance and deeply influencing the various aspects of life. “Mountains of data are getting created and there is a race to control those as the feeling is that the one who gets control of this data would rule the world,” he said.

The PM said that terrorism is dangerous, but what is equally dangerous is artificial distinction made between good and bad terrorists.

He called upon leaders to create a ‘heaven of freedom’, where there is cooperation and not division and fractures. “If you want wealth with wellness, health with wholeness and prosperity with peace, come to India,” he said.