PM Modi says $1 trillion investment possible in India

Reuters:  Prime Minister Narendra Modi, who is in United Arab Emirates (UAE) for two-day visit, said on Monday (August 17) that immediate investment opportunity for one trillion dollars exists in India.

Modi is seeking to engage Abu Dhabi, one of the richest sovereign wealth funds in the world, to invest in India as well as expand cooperation in the energy sector. Abu Dhabi accounts for nine percent of India’s energy needs and India wants to increase that.

Modi made a strong pitch for investment in India during hid roundtable meeting with business leaders at Masdar city.

“There is a possibility of immediate investment of one trillion dollars. And I would wish this as India has dynamic and progressive policies, a stable and decisive government,” Modi said.

He added several sectors including railways, insurance and defence manufacturing in India have been opened up for foreign investment.

Modi said if UAE and India will work together, they can make the vision of the Asian century a reality.

Modi also said Gulf region is important for India’s economic, energy and security interests.

“There is a potential to tap 188 gigawatt (GW) of energy - 100 GW of solar energy, 75 GW of wind energy and 13 GW of renewable energy - from the waste to wealth. I believe this is a big opportunity. We want manufacturing of solar energy equipment, and installment of solar energy. We would like to move towards the direction of power generation. One-sixth of the population is suffering from global warming in the world which we can be solved by taking a step forward,” he said.

India, the world’s third emitter of greenhouse gases, is under growing pressure to tackle its carbon emissions after the world’s top two emitters - China and the United States - last year agreed to new limits starting in 2025.

Modi became the first Indian Prime Minister in the last 34 years to visit UAE.