Prime Minister Narendra Modi on Wednesday invited Swedish companies to invest in India, asserting that the country's reform agenda is moving at full speed and offering a stable and predictable policy environment for businesses.
Reforms and Opportunities
Addressing the India-Sweden Business Summit virtually, Modi highlighted the significant economic reforms undertaken by his government, including the introduction of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, and corporate tax cuts. He emphasized that these measures have improved the ease of doing business and made India an attractive investment destination.
The Prime Minister noted that India is focusing on sectors such as renewable energy, electric mobility, smart cities, and digital infrastructure, which offer vast opportunities for Swedish companies. He also mentioned the Production Linked Incentive (PLI) scheme, which provides incentives for manufacturing in key sectors.
Green Partnership
Modi underscored the potential for collaboration in green technologies, given Sweden's expertise in sustainability and India's ambitious renewable energy targets. He highlighted India's goal of achieving 450 GW of renewable energy capacity by 2030 and invited Swedish firms to participate in this journey.
Swedish Prime Minister Stefan Lofven, who also addressed the summit, praised India's reform momentum and expressed interest in deepening bilateral trade and investment ties. He noted that Swedish companies are keen to contribute to India's growth story, particularly in areas like clean energy, healthcare, and digitalization.
Strengthening Bilateral Ties
The summit was part of ongoing efforts to strengthen economic cooperation between India and Sweden. Both leaders discussed ways to enhance collaboration in innovation, research, and development. The event saw participation from top executives of Swedish companies such as Ericsson, Volvo, and IKEA, who shared their positive experiences of doing business in India.
Modi assured the business leaders that his government is committed to further improving the investment climate and ensuring a level playing field for foreign investors. He encouraged Swedish companies to take advantage of India's large market and skilled workforce.
