Right time to invest in India, PM Modi tells French businesses

Prime Minister Narendra Modi has invited French companies to look at the immense opportunities offered by the India growth story and said it was the "right time" to invest in the country.

In his address at the 14th India-France CEOs Forum in Paris, where he was joined by French President Emmanuel Macron, Modi noted the expanding bilateral business and economic collaboration and the impetus it has provided to the strategic partnership between the two countries.

He highlighted India's attractiveness as a favored global investment destination, based on a stable polity and predictable policy ecosystem.

"Let me tell you all, this is the right time to come to India. Everyone's progress is linked to India's progress," said Modi.

"An example of this was seen in the aviation sector, when Indian companies placed large orders for airplanes. And, now, when we are going to open 120 new airports, you can imagine the future possibilities for yourselves," he said.

Inviting French business to join India's development journey, he said, "When France's finesse and India's scale meet; when India's pace and France's precision join; when France's technology and India's talent unite... then, not just business landscape, but global transformation will happen."

PM Modi noted that India is becoming the biggest center of diversification and de-risking, backed by a new generation of reforms outlined in the Union Budget earlier this month.

He noted, "India and France are not just linked by democratic values. The foundation of our friendship is based on the spirit of deep trust, innovation, and public welfare. Our partnership is not limited to just two countries.

"We are cooperating together to address global problems and challenges. During my last visit, we had outlined the 2047 roadmap for our partnership. Following that, we are pursuing cooperation in a comprehensive manner in every field.”

He pointed to areas such as aerospace, ports, defense, electronics, dairy, chemicals and consumer goods where Indo-French cooperation is already in action.

"You are well aware of the changes that have taken place in India in the last decade. We have established a stable polity, and predictable policy ecosystem. Following the path of reform, perform, and transform, today India is the fifth largest economy in the world. It is the fastest growing major economy in the world," he said.

"It will soon become the world's third largest economy. India's skilled young talent factory and innovation spirit are our identity on the global stage. Today, India is fast becoming a preferred global investment destination,” he added.

In a post on X, Modi said the India-France CEO Forum plays a key role in strengthening economic ties and fostering innovation. "It is gladdening to see business leaders from both nations collaborate and create new opportunities across key sectors. This drives growth, investment and ensures a better future for the coming generations."

According to the Ministry of External Affairs (MEA), the forum brought together CEOs from a diverse group of companies from both sides, focusing on sectors such as defense, aerospace, critical and emerging technologies, infrastructure, advanced manufacturing, artificial intelligence, life-sciences, wellness and lifestyle, and food and hospitality.

External Affairs Minister S Jaishankar also addressed the forum alongside French Minister for Europe and Foreign Affairs Jean-Noël Barrot, and the Minister of the Economy, Finance, and Industrial and Digital Sovereignty of France, Eric Lombard.

“This has been expressed, at different times, as the third way, as strategic autonomy or as a multi-polar world. But, it is not just that we think similarly. We also actively strive to strengthen each other’s position and make our collaboration an important element of contemporary world affairs,” Jaishankar said.

“Because our ties are trust-driven and value-based, they have developed a very high level of comfort. That, in turn, allows us to contemplate a broad set of domains for cooperation, including some sensitive ones,” he added.

The minister said that the quality of strategic partnership and the term strategic itself today means more than it did before.

“The very quality of our partnership, encourages the ambitious nature of our agenda. The more we do with each other, the more we strengthen our own positions. And equally important, help stabilize the global economy in volatile and uncertain times,” he said.

“Partnerships have a real meaning only when they get translated on the ground. And that responsibility rests largely with business,” he said.

Referring to the 'Make in India' initiative, Jaishankar said, “We are moving from a buyer-seller phase to greater and deeper collaboration. Even co-designing and co-production."

"The ‘Make in India’ initiative has opened many new possibilities in that regard,” he added.

“Equally, we need to shape the global discourse in this key domain. Only a multipolar world can ensure that AI is developed with the least bias,” he added.

Jaishankar said that de-risking the global economy has become even more urgent.

“We need more diversified production, resilient and reliable supply chains and deeper business collaborations. India and France can make a difference, including by motivating the rest of the EU,” he said.

“There are very few places in the world where the infrastructure is changing as rapidly as it is in India today. You see that in railways, airports, highways and ports,” the minister said.

Referring to the India-Middle East-Europe Economic Corridor (IMEC), Jaishankar said it could be a game changer.

“It is no accident that later this evening PM Modi and President Macron will be travelling to Marseille. There have been complications in IMEC, but I do want to tell our friends in France and Europe, that there has also been some progress on its eastern end,” he said.

“As incomes rise in India, lifestyles change accordingly. And we all know that this can be a driver of new demands in a vast range of domains,” Jaishankar said.

Modi is scheduled to visit the International Thermonuclear Experimental Reactor project and the Mazargues War Cemetery to honor Indian soldiers who sacrificed their lives in the World Wars in Marseille before departing for the US on Feb 12 for his meeting with President Donald Trump at the White House

(PTI)