Friday, Mar 29 2024 | Time 20:24 Hrs(IST)
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Business Economy


Govt working continuously to improve investment climate, says PM Modi

(Rptg. correcting dateline and file name)
Gandhinagar, Jan 18 (UNI) Prime Minister Narendra Modi on Friday said that India is a land of immense opportunities with Democracy, Demography and Demand to help foreign investors and maintained that the government is working continuously to improve the investment climate further and encourage more competition.
"India is a land of immense opportunities. It is the only place, which offers you Democracy, Demography and Demand. To those who are already present in India, I would like to assure you that our democratic system, human values and strong judicial system will ensure the safety and security of your investments," Prime Minister said addressing the 9th edition of the Vibrant Gujarat Summit.
"We are continuously working to improve the investment climate further and make ourselves more and more competitive," he said.
"For those who are not yet present in India, I extend an invitation and encourage you to explore the opportunities. This is the best time to be here. We have set up dedicated ways to help investors on a one to one basis," Mr Modi said.
"We are keen to scale up investments in next generation infrastructure including roads, ports, railways, airports, telecom, digital networks and energy. We are also investing heavily in our social, industrial and agri-infrastructure to give better income and quality of life to our people," he said in presence of international leaders and heads of nations.
Among others, President of Uzbekistan, Shavkat Mirzoyoyev and Prime Ministers of Denmark, Czech Republic, Malta Lars Lokke Rasmussen, Andrej Babis and Joseph Muscat respectively are attending the Summit.
Prime Minister said - India is now ready for business "as never before".
"We have made Doing Business Easier. In the last four years, we have jumped 65 places in the Global Ranking of World Bank’s Doing Business Report. From 142 in 2014 to 77 now, but we are still not satisfied. I have asked my team to work harder so that India is in the top 50 next year," he said.
Mr Modi said: "I want our regulations and processes to compare with the best in the world. We have also made Doing Business cheaper. The historic implementation of Goods and Services Tax and other measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient".
"We have also made Doing Business Faster through digital processes, online transactions and single point inter-faces. In FDI Foreign Direct Investment, we are one of the most open countries now. Most of the sectors of our economy are now only open for FDI," he said.
More than 90 percent approvals have been put on automatic route. Such measures have propelled Indian economy into a high growth path, he said.
"In the last four years, we have received FDI worth 263 billion Dollars. This is 45 per cent of the FDI received in last 18 years," Prime Minister pointed out.
In this context, Mr Modi said, "Those who visit India regularly would have felt a change in the air.
The change is both in terms of direction and intensity. Over the last four years, the focus of my Government has been to reduce Government and enhance Governance".
Mr Modi said - "The mantra of my Government has been Reform, Perform, Transform and further Perform. We have taken a number of drastic steps. We have also undertaken deeper structural reforms which have added strength to our economy and nation".
UNI DEVN KNA 1551/1721
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