India taking several steps to create enabling ecosystem for investors : PM Modi

Speed Post News Network

New Delhi : Prime Minister Narendra Modi, who won November 7, 2019, inaugurated the ‘Rising Himachal: Global Investor’s Meet 2019’ at Dharamshala, Himachal Pradesh (HP), said it is essential there is an enabling ecosystem for investors to invest in the states, where it is free of the Inspector Raj and the need of permits at every stage. He congratulated the Chief Minister of Himachal Pradesh for organising this event.

Addressing the gathering, PM Modi said he is happy to welcome all the Wealth Creators to this meet. He said earlier states were offering various discounts to attract investment and that the investors were waiting to see which State offered more concessions or discounts. The Prime Minister said that in the last few years states have realised that this competition of offering discounts or concessions to industrialists were of no benefit to anyone – either to the state or to the Industrialists. He said it is essential that there is an enabling ecosystem for investors to invest in the states, where it is free of the Inspector Raj and the need of permits at every stage. He said now-a-days the States are competing to provide such an enabling ecosystem to the investors.

The PM said   over the past few years several reforms such as ease of doing business and  scrapping of obsolete laws were undertaken in this direction. He said healthy competition among states would enhance the competitiveness of our industries on the global platform. This would benefit the states, the local population and the country at large and India would progress at a very rapid pace, the PM said, according to a PIB release. He said Industry also likes a clean and transparent system and governments. Unwanted laws and Government interventions, he said, aid in halting the progress of the industry. He said it is due to changes like these, India today stands out as a Business Friendly Destination.

The PM said today the vehicle of development in India is moving ahead with a new thinking and new approach, on four Wheels of – “Society, Government which is encouraging New India, an Industry which is daring, and Knowledge with a motive of sharing”.

The Prime Minister said that between 2014 and 2019, India improved 79 places in Ease of Doing Business Rankings. He said “Every year we are improving in each parameter. Improvement in these rankings means that our Government is making decisions after a thorough understanding of the needs at the grassroots level for the industry.”

“This is not just an improvement in rankings but a major revolution in the way of doing business in India. In today’s global scenario, India is standing strong as we did not allow our economic fundamentals to become weak,” he said. He said Industry is now provided with a proper exit route through robust Insolvency & Bankruptcy code.

He said the Union Government has taken a major decision for the benefit of middle class where in the Government has decided to restart the stalled housing projects across the country so that 4.58 lakh families can now get their houses in which they have invested.He the central government has also slashed Corporate Tax to 15% for new domestic companies. He requested Industry and Global representatives to view India as one of the most favourable destination for investment.

The Prime Minister said that the decision to invest over Rs 100 lakh crore for infrastructure development would benefit the state of Himachal Pradesh too. He said  that Himachal Pradesh has an immense potential for conference tourism. The Prime Minister also visited the exhibition showcasing the investment potential and opportunities of Himachal Pradesh. He also released a coffee table- book.