Best time to invest in India, says PM Modi

New Delhi | Prime Minister Narendra Modi on Wednesday renewed his pitch for Make in India across sectors -- from mobiles to semiconductors and electronics, saying the government is accelerating the pace of reforms, offering the best investment opportunities.

Speaking at the inauguration of India Mobile Congress here, he said India's democratic setup, the government's welcoming approach and ease of doing business policies have helped the country attain an image of an investor-friendly destination.

"This is the best time to invest, innovate and make in India," he said.

Modi said he had announced on August 15 that this year would be a year of big changes and big reforms.

"We are increasing the pace of reforms," he said without elaborating.

Just last month, goods and services tax (GST) rates were rationalised, making common-use items from shampoo to television sets cheaper.

India, he said, offers immense opportunities in the manufacturing of semiconductors, mobiles, and electronics.

Industry, innovators and startups need to step up now, he said.

Listing tremendous progress made by India in the digital space in the last decade, he said 1 GB of wireless data in India is cheaper than the cost of one cup of tea.

"Digital connectivity in India is no longer a privilege or a luxury. It is now an integral part of every Indian's life," he said, adding India today has the world's fastest-growing developer population.

India has the world's second-largest telecom market, the second-largest 5G market, the manpower, mobility and mindset to lead, he said.

India has launched its Made in India 4G Stack. This is a major indigenous achievement for the country. With this, India has joined the list of just five countries in the world that possess this capability, he said.

"The country that once struggled with 2G, today has 5G reaching almost every district," he said.