New Delhi, January 17
Prime Minister Narendra Modi told a gathering of world’s business and political leaders that this is the best time for investment in India.
Pointing out that in the economic arena, India is moving forward with some encouraging results, he said at an online special address at the World Economic Forum on Monday that a strong democracy like India was bringing to the world a “beautiful gift’’.
The gift, he said, was “a bouquet of hope” even as India was battling yet another wave of the Covid pandemic with the right circumspection and caution.
"There was a time," Modi said, "when India was recognised for its licence raj. But the present government understands the difficulties faced by businesses and has been constantly trying to remove all such challenges".
"Today the ease of doing business has been increasing, government interference has gone down and corporate tax rates reduced to make it more competitive in the world. These deepening economic reforms are another big reason why India is the most attractive destination," he said.
“Just like expatriate Indians are displaying their skills on the global stage, youth in India is ready to take your businesses to new heights,’’ said the PM while listing insurance, defence, banking, space as sectors that have been deregulated and where overseas companies ought to invest.
The Prime Minister gave a detailed overview of the reforms so far such as reducing 25,000 compliance-related norms, scrapping retrospective taxation, and in general restoring the confidence of the industry. The geospatial mapping space has been deregulated and outdated regulations scrapped in the IT and BPO space. India is committed to becoming a trusted partner in the global supply chain, he added.
The PM’s last year’s address at WEF was badly timed when he had said that “India is among the most successful countries in saving lives’’ and that India “is a country that saved mankind from a big disaster by saving its citizens from the pandemic’’. The devastating second wave hit shortly thereafter.
This time, he said, “in moments of distress, we saw how India’s ‘One Earth One World’ vision helped many countries with much-needed medicines and vaccines, thereby saving crores of lives”. “Today India is the world’s third-biggest pharma producer and among those countries whose health professionals and doctors by their empathy and expertise are winning the trust of everyone,” he said.
— Narendra Modi (@narendramodi) January 17, 2022
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