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FDI is also ‘first develop India’, says Modi

Singapore: Selling ‘Brand India’ hard to the Indian Community here, Prime Minister Narendra Modi on Tuesday said Indian needs huge Foreign Direct Investment (FDI) for modernisation and progress.

“India requires foreign investment. I feel FDI is also ‘first develop India’,” said Prime Minister Modi, adding that there is an increase in FDI since he has taken office.

Stating that India’s currency must gain more respect at the world level, the Prime Minister said, “Rupee bonds are a sign of confidence in the Indian economy and currency.”

“Should a nation of 125 crore people rely on other nations for defence equipment, why can’t we make it,” he said, adding that India has opened up this sector for FDI up to 49%.

Addressing the Indian Community at Singapore Expo, the prime Minister said, “We have begun a movement, we are working on skill development and we are working with Singapore, Germany, the US in this direction.” (ANI)