Dharmshala: Hailing the Himachal Pradesh Global Investors meet in his address, Prime Minister Narendra Modi on Thursday termed it as a major leap ahead.

"The Global Investors Meet in Dharamshala might sound a little baffling, but it is the truth. It is unprecedented, and I congratulate all of you. Earlier, investors' summit like these used to happen in just a few cities in the country. The situation has changed today. Every state today is competing to attract business and investment," Modi said addressing the meet here.

Asserting that it was an indicator of healthy race amongst the states to seek investors, he said, "A positive competition can be seen among the states. The governments are taking initiatives and are removing unimportant mechanisms. The rise in this competition will help our industry grow better at the global level."

"States have now understood that incentives do not help better governance. They do not help the industry, nor the investors in the long term. A well-equipped ecosystem is integral for any investor today," he added.

The Prime Minister in his speech also praised the actions taken by his cabinet by pointing towards the jump in India's ranking in the Ease of Doing Business ranking.

"The massive jump in Ease of Doing Business Ranking for India isn't just a statistical change. It means our government is taking decisions that have helped the industrial grassroots mechanism get better," Modi said.

Before addressing the meet, Modi attended an exhibition organised at the two-day meet being held in Dharamshala.

Himachal Pradesh Governor Bandaru Dattatreya and Chief Minister Jai Ram Thakur were also present at the event along with the Prime Minister.

Earlier today, Modi reached Dharmshala where he was welcomed upon arrival by the Chief Minister Thakur and Union Tourism Minister Prahlad Patel.

The two-day investment meet, starting today is being held to showcase investment opportunities in the state.