Prime Minister Narendra Modi on Tuesday made a strong pitch for the global business community to invest in India and said his government has replaced the bureaucratic “red tape with red carpet”.
In his plenary address on the first day of the 48th Annual meet of the World Economic Forum, Mr Modi said during last three-and-half years, his government has chosen the path of “reform, perform and transform”.
‘We are making policies which will ensure that making investment in India becomes much more easier,’ he said.
Dwelling on measures taken by his government to boost Foreign Direct Investment (FDI), the Prime Minister said the amendments in various laws have ensured that nearly 90 per cent of foreign investment can come through ‘automatic route.’
‘The states and the Centre working together have brought in numerous reform strategies and as many as 1,400 such laws which were creating hurdles for common people and businesses have been removed,’ Mr Modi said, however, pointing out that these have been achieved strictly by ‘democratic measures’.
“We are not making small changes in our economic and social policies,” he said adding, working, travelling and manufacturing in India has now become easier.
In this context, he said the changes brought by his government in both social and economic fronts have been drastic. This has boosted the export of products and services to the world over.
“India has cut red tape and removed artificial borders within the nation by introducing one nation, one tax in the form of Goods and Services Tax,” Prime Minister said.
Mr Modi, who also earlier hosted a Round Table meet of global CEOs, said, “We are making our economy such that the FDI has become very easy”.
The Prime Minister said his government has evolved schemes and programmes, targeting all sections of people. ‘For development, our vision is inclusiveness and this is the principal focus of all developmental schemes of my government.’
People of India, and specially its youth force were behind this move to transform India, he said, adding innovation and entrepreneurship are the growing trends in this country now.
‘Our youth are no longer just job seekers but are also turning into job givers,’ Mr Modi said and pointed out that this phenomenal transformation would also help the foreign investors who are keen to do business in India. ‘All these efforts will open new windows of opportunities for foreign investors,’ he told the distinguished gathering of investors and nation heads.
He said the underlying theme of his government ‘Sabka Saath, Sabka Vikas’ is specially designed to ensure inclusiveness of women and their education.
He stated that after seven decades of India’s Independence for the first time, a uniform tax law has been enforced in the country. This along with growing use of digitalisation has enhanced transparency and accountability in governance.
‘We are firmly committed about transforming India and our efforts have been appreciated by the Global business houses,’ he said, adding the reform roadmap adopted by his government is ‘a continuing process’ and this is what he is trying to showcase at the WEF.