WORKING TO MAKE INDIA AN EASY PLACE FOR BUSINESS: PM
Promises ‘personal attention’ to make conditions conducive
Wooing Korean investors, Prime Minister Narendra Modi, on Tuesday, promised to give “personal attention” to making conditions “more conducive” for them, to do business in India. He added his government was working aggressively to make India an easy place to do business.
Promising CEOs in Seoul a more stable, predictable and transparent taxation system, he outlined the steps taken by his government, which include fast tracking of approvals in industry and infrastructure, and liberalisation of FDI.
“I invite you to India to see the change. We are also prepared to work with you in making conditions more conducive,” he said, addressing the first meeting of the newly set up India-South Korea CEOs Forum.
Describing India as a “land of potentials” he said, “India is also a land of enabling policy environment. Moreover, there is renewed commitment of my Government for changing the face of the country...there is a lot we do together”.
The prime minister told 21 CEOs and other business leaders attending the meet that infrastructure, including housing, was an area where the two countries could work together in a big way.
He said there was tremendous potential for cooperation in areas like water, transportation, railways, sea ports, shipbuilding, electricity, including renewable energy, IT infrastructure and services, electronics and construction industry, all of which are “very promising” sectors in India.
India, he said, particularly wanted to promote manufacturing in a big way to create jobs for youth.
Foreign Direct Investment (FDI), he said, was important and will not come to India “without a globally competitive business environment”.
“We are working aggressively for making India an easy place to do business,” he added.
Seeking collaboration with Korean business in sectors like IT and electronics, steel-making, railways, ship building and housing, Modi said, “A dedicated mechanism for hand holding of Korean investors” is being formed. It will be known as Korea Plus. In addition, I assure you of my personal attention if there are any issues,” he said.