Gandhinagar, Wooing global investors, Prime Minister Narendra
Modi today promised to make India the “easiest” destination to do business with
a stable tax regime and a predictable, transparent and fair policy environment.
Pushing
his pet theme of manufacturing to boost economic growth and create jobs, he
said a single window clearance for projects is being set up at both central and
state level. Stating that the atmosphere of “despair and uncertainty” has gone
away within a very short span of seven months, he said, “Since day one, my
government is actively working to revive the economy. My government is
committed to creating a policy environment that is predictable, transparent and
fair.”
Modi, who assumed office as Prime Minister in May last year after
BJP stormed to power with a huge mandate, said the government is working to
provide a policy-driven governance. “Ease of doing business in India is a prime
concern for you and for us. I assure you that we are working very seriously on
these issues. We want to make them not only easier than earlier; not only
easier than the rest; but we want to make them the easiest,” he said. “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. In the last few months, we have taken several decisions in this
direction,” he said.
“… We are not only making commitments and announcements. We are
also backing them up with concrete action,” he said. Speaking at the Vibrant
Gujarat Summit here, with leaders from across the world, including top
industrialist and US Secretary of State John Kerry, UN Secretary General Ban
Ki-moon and World Bank head Jim Yong Kim, in attendance, Modi said that India
is on the “path of transformation”.
Stating that the government has made commitments to its people
for a great future for India in a very short time, he said, “we know that to do
this, we need the enabling policy framework. We are working constantly to
improve it further”. Assuring investors that the government will “hold your
hands whenever needed,” he said: “If you walk one step, we will walk two steps
for you.” he first two quarters of the current financial year beginning April
2014 have seen growth rate which is one per cent higher than the previous year,
Modi said, adding that IMF has predicted that India would be the second fastest
growing economy in the coming years.
According to the Organisation for Economic Co-operation and
Development (OECD), India would be the only country among world’s top economies
which would increase its pace of growth this year, he said.
Listing
out recent initiatives, he said FDI in construction has been liberalised, 100
per cent foreign investment has been allowed in railways, the defence sector
has been opened for FDI up to 49 per cent and a similar level in the insurance
sector. Government, he said, is “working towards single window clearance at the
Federal and State levels”.
The Prime Minister said the approach to problems has to change. Recession
is talked of in isolation in the context of business and industry, but it
results in low-level of per capital income in countries where majority of
global population lives.
“I assure this global platform that India wants to work with the
global leadership. Be it issues of poverty or ecology,” he said. Spelling out
his vision, he said institutions and systems of delivery have to be
strengthened. “You may be aware that our economic growth had slowed down during
the last few years. Now, my government is putting all efforts to ensure faster
and yet inclusive growth. The initial results are very encouraging.”
The focus is on building infrastructure like roads, gas grids,
electricity and water systems, farm irrigation and cleaning of rivers through public
and private investments. “In order to execute the infrastructure plan, a fast
track PPP mechanism is being put in place.” Sagarmala project is of modernising
ports and developing new world class ports besides providing better road and
rail connectivity for port-led development. Also, digital highways, i-Ways,
besides highways, are being created.
“To upgrade manufacturing infrastructure, we are setting up
world-class investment and industrial regions along with the dedicated freight
corridors and industrial corridors,” he said. “India offers you the potential
of low-cost manufacturing. India has low-cost and high quality manpower. We are
trying to further harness these strengths through better management and good
governance,” Modi said.
Employment opportunities are being enhanced by promoting
manufacturing, agro-based industries, tourism as well as services. “We have
undertaken labour reforms to encourage enterprise and to create a bigger job
market for our youth,” he said.
The
Prime Minister said the development process should result into benefits for the
people along with the economic players. “Our challenge is that we have to work
both on the vertical and horizontal fronts. We have to think big while taking
adequate care of the smallest person. To meet this challenge, in a faster way,
technology and innovation is perhaps the only tool. Therefore, we are committed
to placing emphasis on knowledge and innovation, research and development,” he
said.
India, he said, is a land for opportunities. “We have to build
fast track roads and railways. We have to energise homes and factories on a
continuous basis. We have to build infrastructure for cities where almost half
of our population lives.” There are immense possibilities for global investors in
India, he said, adding the process of development is not incremental but a
quantum leap.
“We have made commitments to our people. We have made
commitments to ourselves. We have made commitments for India’s great future. We
have to write our new destiny. And we have to write it in a very short time,”
he said. Stating that there was a need for enabling policy framework, he said
the strength of Indian democracy and independence of judicial system provide a
level-playing field for long lasting business. (Source- www.newsroompost.com)
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