Wooing global investors, Prime Minister Narendra Modi on Sunday promised to make India the “easiest” destination to do business with a stable tax regime and a predictable, transparent and fair policy environment.
Pushing his pet theme of manufacturing to boost economic growth and create jobs, he said a single window clearance for projects is being set up at both central and state level.
Stating that the atmosphere of “despair and uncertainty” has gone away within a very short span of seven months, he said, “Since day one, my government is actively working to revive the economy. My government is committed to creating a policy environment that is predictable, transparent and fair.”
Modi, who assumed office as Prime Minister in May last year after BJP stormed to power with a huge mandate, said the government is working to provide a policy-driven governance. “Ease of doing business in India is a prime concern for you and for us. I assure you that we are working very seriously on these issues. We want to make them not only easier than earlier; not only easier than the rest; but we want to make them the easiest,” he said.
“We are trying to complete the circle of economic reforms speedily. We are also keen to see that our policies are predictable. We are clear that our tax regime should be stable. In the last few months, we have taken several decisions in this direction,” he said. “… We are not only making commitments and announcements. We are also backing them up with concrete action,” he said. Speaking at the Vibrant Gujarat Summit here, with leaders from across the world, including top industrialist and US Secretary of State John Kerry, UN Secretary General Ban Ki-moon and World Bank head Jim Yong Kim, in attendance, Modi said that India is on the “path of transformation”. Stating that the government has made commitments to its people for a great future for India in a very short time, he said, “we know that to do this, we need the enabling policy framework. We are working constantly to improve it further”. Assuring investors that the government will “hold your hands whenever needed,” he said: “If you walk one step, we will walk two steps for you.”