NEW DELHI: India’s Prime Minister Narendra Modi has directed the government’s nodal agency tasked with catalyzing economic development to prepare an ‘Investment-friendly Charter’ of parameters for generating investment.

Addressing a Governing Council meeting of the nodal agency, known as NITI Aayog, Modi said economic incentives alone will not attract investments from abroad.

‘Law and order, good governance and infrastructure are vital for attracting investments,’ he told Chief Ministers of 20 states and Lieutenant Governors of six Union Territories who attended the meeting.

Once the Charter is prepared, NITI Aayog should monitor state governments to ensure that they ‘achieve these parameters to promote healthy competition among them for attracting investments.’

Another initiative proposed by Modi at the meeting was to create river grids at the state level for effective utilization of India’s rich and abundant water resources.

The Prime Minister urged the adoption of natural and organic farming practices
, which can improve soil fertility, ensure better and quicker returns to farmers and open up global export markets.

Source: Emirates News Agency