Modi at Bloomberg Business Forum LIVE: PM tells the world to 'come to India' and invest

Prime Minister Narendra Modi delivered the keynote address at the Bloomberg Global Business Forum (GBF) on Wednesday in New York. PM Modi who is in the US to attend the United Nations General Assembly (UNGA) was invited for the event by Bloomberg LP and Bloomberg Philanthropies founder and former mayor of New York City, Michael R Bloomberg.

The Prime Minister met Michael Bloomberg ahead of the address in the event.

The leader started off the speech by referring to the recent win at the Lok Sabha elections. He said that 130 crore Indians believed in the Modi administration and brought them to power. He added that voters showed that development was very important for the country.

Follow the LIVE updates here:

7:00 pm: PM Modi once again invites investors to India: "India is waiting for you. India is the only destination for you."

6:59 pm: PM Modi said, "I am in favour of using social media for good governance."

6:57 pm: "India has the 3rd biggest coal reserve in the world. We invite the world to bring their technology for coal gasification in India that will produce clean energy. The gas can then be used for mobility as well as a source of energy," he said.

6:55 pm: With the changing environment, we will have to focus on disaster-resilient infrastructure. We will have to change our curriculum, bring new materials for this. This will become a huge market in near future. We are planning to create a new institution for this: PM Modi.

6:53 pm: "We have young talent and focussed on innovation. We wish to develop human resource. We have emphasised on skill development which can beused by the global fraternity," he said. 

6:52 pm: "Your prudent method and our pragmatic mind can write new stories in management. Your rational ways and our human values can show the path which the world is looking for. And if there is any gap anywhere, I will personally act as a bridge," said PM Modi.

6:50 pm: "All our initiatives will ensure that our economy grows at a fast pace. I believe we will soon reach the $5 trillion economy benchmark. To achieve this big target, we have capability, courage as well as the conditions," he said.

6:48 pm: "Now in the coming years, India is going to invest 1.3 trillion dollars in modern infrastructure. Also, lakhs of crores of rupees are being spent on social infrastructure of the country," he said.

6:47 pm: "First, we have to link our laws with global benchmarks. We are working in this direction. Second is ensuring safety for investors. For this, we have a democratic setup and a judicial system using English which eradicates language barriers," PM Modi said on the question of increasing foreign investment in India.

6:46 pm: "We invite the world to bring technology for coal gasification and use the energy thus gained," said PM Modi.

6:44 pm: We have banned single-use plastic and launched a great movement to discourage its usage, he said.

6:42 pm: "Water remains an aspect which has not received much attention in the efforts to protect the environment... We wish to launch steps in this direction," he said.

6:40 pm: We will produce 450GW renewable energy in future. For this we have formulated policies and given incentives: PM Modi.

6:35 pm: "Citizens behaviour will be a greater remedy against global warming than governments' policies," he said.

6:30 pm: "Since the arrival with a fresh and bigger mandate, we are taking one after another big decision. Recently we have deducted corporate tax to increase investment. We have abolished 50 old laws. This is just the beginning, much more to come in the coming days. It is going to be a long journey," said PM Modi.

6:25 pm: PM Modi asked the CEOs to invest in India. "If you want to invest in a market where there is scale, come to India," he said. "If you want to invest in a market where the latest trends and features are appreciated, come to India. If you want to invest in start-ups with a huge market, come to India. If you want to invest in one of the world's largest infrastructure ecosystem, come to India. We are rapidly modernising our cities, and equipping them with the latest technology and citizen-friendly infrastructure. Thus if you want to invest in urbanisation, come to India," he said.

6:20 pm: The leader also spoke about the corporate tax cut and said that it sent a positive message. "Recently we have deducted corporate tax to increase investment. We have abolished 50 old laws. This is just the beginning, much more to come in the coming days. It is going to be a long journey," he said.