PM vows easy biz rules for investors

Prime Minister Narendra Modi on Sunday reassured global investors that his government would continue its efforts to make India the country where doing business would be the easiest in the world.

Acknowledging that India’s poor show in terms of ease of doing business was a matter of concern, Modi said his government was working on the issue “very seriously”.

“We want to make them (rules, regulations and procedures for doing business in India) not only easier than earlier, easier than the rest, but the easiest,” he said, inaugurating the Vibrant Gujarat Global Investor Summit at Mahatma Mandir in Gandhinagar.

India ranked 142 among the 189 countries surveyed for the World Bank's latest “Ease of Doing Business” report released in October 2014—a two-notch decline from the year before.

The conclave was organised by the Gujarat government to garner investment for the state.

Modi, however, used the opportunity to persuade the international business community to invest in India, and to reassure them that his government remained focused on its agenda for development and reforms for economic growth.

“We are trying to complete the circle of economic reforms speedily. We are also keen to see that our policies are predictable. We are clear that our tax regime should be stable,” he said.

Apart from Reliance Industries chairman Mukesh Ambani, Adani Group chief Gautam Adani, Godrej Group head Adi Godrej and other luminaries of India Inc, the conclave was also attended by leaders and business delegations from over 100 countries.
Modi investors,

Bhutan Prime Minister Tshering Tobgay, Macedonian Prime Minister Nikola Gruevski and Poland Deputy Prime Minister Janusz Piechociski attended the inaugural ceremony, besides US Secretary of State John Kerry, United Nations Secretary-General Ban Ki-moon and World Bank President Jim Yong Kim. Senior ministers from Australia, Canada, Israel, the UK and the Netherlands led delegations from their countries.

Modi claimed his government had been able to change the “atmosphere of despair and uncertainty” in just seven months. “Since the first day, my government has been actively working to revive the economy. My government is committed to create a policy environment that is predictable, transparent and fair,” he said.

The prime minister listed out his government’s recent endeavours—raising Foreign Direct Investment cap in defence, construction, railways, manufacturing of medical devices and insurance sectors; launch of the Jan Dhan Yojana for financial inclusion; the “Make in India” campaign to woo investors and spur manufacturing growth;

easing and fast-tracking procedures for land acquisition; the Swachh Bharat Mission; Digital India; and restructuring the Planning Commission into the “NITI Aayog”.
“I have launched these initiatives in a campaign mode so they force us in the government to make faster corrections; they challenge us to do away with red tape and become proactive,” he said.

Referring India as a “land of opportunities”, Modi called for global investment in India.

“There are immense possibilities for global investors in India. The process of development we are taking up is not incremental. We are planning to make a quantum leap,” he said, adding: “It is not limited to one sector or region; it is truly unlimited.”
DH News Service