PM assures investors
Prime Minister assures investors of personal attention to British projects in India
Promises “personal attention” to FDI projects
Highlighting the latest round of economic reforms announced earlier this week, Prime Minister Narendra Modi invited has British companies to invest more in India, assuring them of his “personal attention” in their projects in “among the most open countries” for FDI. Private sector projects amounting to £9.2-billion were announced soon after his address.
Addressing a business gathering at the Guildhall on Thursday evening, he said: “To enhance the flow of foreign investments, we have liberalised the FDI regime, allowing 100% FDI in railways. We enhanced the FDI limits to 49% in defence and insurance”.
“We are also conscious of the last mile operational issues in such policies. In that spirit, early this week, we have carried out substantial changes in the FDI regime across 15 sectors… With this round of reforms, I can say that India is among the most open countries for foreign investments,” he added.
On tax issues, Modi mentioned a series of measures undertaken by the government, and said he wanted India’s tax regime to be transparent and predictable. “We are also keen to see that genuine investors and honest taxpayers get quick and fair decisions on tax matters. As a result of our initiatives, the sentiments for private investment and inflow of foreign investment have turned positive. FDI inflows have gone up by 40% compared with previous year’s corresponding period.”
India, Modi said, offered “immense opportunities” to British firms, including building 50-million houses to setting up smart cities; modernisation of railway network and re-development of stations to new railway corridors; generation of 175 GW of renewable energy to transmission and distribution networks, from national highways to Metro rail networks. “Such a huge potential for creation of infrastructure and production of goods will not be available in any other country.”
“I assure you of my personal care in making your dreams a reality. Many of you belong to India; Many of you are in India already. But for those who are not there, I must say that: At this point of time, it is wiser to be in India; further, we are making it easier to invest in India. And believe me, we are making it even better to ‘Make in India’,” he added.