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’’.
Prime Minister Narendra Modi delivers State of the World special address at the World Economic Forum’s Davos Agenda, via video conferencing, in New Delhi, on Monday, January 17, 2022. PTI
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 The geospatial mapping space has been deregulated and outdated regulations scrapped in the IT and BPO space.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.
