Vastavam web: Prime Minister Narendra Modi today invited global entrepreneurs to invest in India, saying that the government has undertaken a host of taxation and other reforms to create an investor friendly environment.Speaking at the Global Entrepreneurship Summit, 2017, being attended by US President Donald Trump’s daughter and adviser Ivanka Trump, Modi said his government has scrapped over 1,200 outdated laws, eased 87 rules for foreign investment in 21 sectors, and taken several processes online.”To my entrepreneur friends from across the globe, I would like to say: ‘Come, Make in India, Invest in India – for India, and for the world’. I invite each one of you to become a partner in India s growth story. And once again assure you of our whole-hearted support,” he said.
An investment-friendly environment needs to be stable from the macro-economic perspective, he said, adding that his government has succeeded in containing the fiscal and current account deficits as well as curbing inflation.He said India’s foreign reserves have crossed USD 400 billion, and the country continues to attract large foreign capital flows.”Our sportswomen have done the country proud. This very city of Hyderabad is home to Saina Nehwal, PV Sindhu, and Sania Mirza, who have brought laurels to India,” he said.
Referring to economic reforms, Modi said that taxation system has been overhauled with the launch of GST, while Insolvency and Bankruptcy Code has been introduced to ensure timely resolution of bad loans in the banking system.”We have recently strengthened this further, preventing wilful defaulters from bidding for stressed assets,” he said.”We now digitally provide monetary benefits of various government schemes to the beneficiaries through Direct Benefit Transfer using Aadhaar,” he said.
Modi listed out various business friendly measures taken by his government and said loans worth Rs 4.28 lakh crore have been sanctioned under the entrepreneurship scheme, MUDRA.Besides, he said, under the ‘Atal Innovation Mission’, Tinkering Labs are being opened in more than 900 schools to promote a culture of innovation and entrepreneurship among children.Besides, he said, the government is working on developing a national gas grid and a comprehensive national energy policy is also in the pipeline.
On financial inclusion, he said almost 300 million bank accounts, with deposits of over Rs 685 billion, have been opened through the Jan Dhan Yojna. “This brings previously un-banked sections of society into the formal financial system. Of these, 53 per cent account are women.” Modi further said: “We are steadily working towards a less cash economy and have launched a Unified Payment Interface App called BHIM. In less than a year, this platform is facilitating almost 280,000 transactions daily.”