NEW DELHI (AP) – India’s prime minister on Thursday invited foreign investors to take advantage of the country’s $ 26 billion incentive program and help the country become a manufacturing hub.
India needs a $ 4.5 billion investment by 2040 to develop its extensive infrastructure, Prime Minister Narendra Modi told business leaders and political leaders in a virtual speech hosted by the World Economic Forum.
He identified electric mobility, clean energy, oil and gas pipelines, airports and mobile manufacturing as some of the areas that could be attractive to foreign investors.
He said India offers a large market and business friendly environment as a vibrant democracy. He also spoke about the success of India’s efforts to integrate the informal economy through digital transactions, especially following the outbreak of the coronavirus pandemic.
Modi said India had vaccinated 2.3 million health workers in less than two weeks and the authorities hoped to shoot 300 million people. The recipients will include 30 million doctors, nurses and other front-line workers.
India began vaccinating health workers on January 16 during a major COVID-19 vaccination campaign.
India is home to the world’s largest vaccine producers. On January 4, India approved the emergency use of two vaccines, one developed by the University of Oxford and the drug manufacturer AstraZeneca in the UK, and one by the Indian company Bharat Biotech.
The WEF annual meeting is being held online this year due to the pandemic, instead of the personal event that normally takes place in Davos, Switzerland.
Originally published