India on a drive to improve investment climate, ease of living: Narendra Modi

New Delhi: Prime Minister Narendra Modi said on Tuesday the National Democratic Alliance (NDA) government was on a drive to improve the investment climate in the country and to create a globally competitive industry through deregulation and minimal state role, while enhancing the ease of living of people.

Addressing business leaders at the India-Korea business summit, jointly organised by the Department of Industrial Policy and Promotion and industry chamber Confederation of Indian Industry (CII), Modi said India is now a “free destination for enterprise” and “a free and growing market that cannot be found anywhere else”.

Assuring Korean business leaders, the prime minister said that the government is continuously working towards improving the business climate. “We have created a stable business environment ensuring the rule of law and removing arbitrariness in decision making,” said Modi, adding that there is now a complete change in the mindset of government, from a (permit) issuing authority to that of an active business partner to achieve minimum government and maximum governance.

“We are on a de-regulation and delicensing drive,” the prime minister said, adding that the government is now working on “ease of living”.

The Prime Minister also said the NDA regime is committed to building a globally competitive industry, with a service base equipped with skill, speed and scale. “Therefore, we are working continuously to improve our investment climate. We particularly want to promote manufacturing in a big way to create jobs for our youth,” said the prime minister.

The prime minister as well as commerce and industry minister Suresh Prabhu promised full support to Korean investors in the country.

CII president Shobana Kamineni, who was present on the occasion, said Korea’s presence in India has been expanding with Korean companies accounting for $4.5 billion of investments in India. Indian foreign direct investment in Korea too is touching $3 billion, said Kamineni.

In 2016-17, bilateral trade between India and South Korea touched $16.8 billion, showing a growth of 1.6% from a year ago, according to data available from the commerce ministry.

India’s imports from South Korea stood at $12.5 billion in 2016-17, about three times its exports to that nation in that year of $4.2 billion, commerce ministry data showed.

Modi pitched for greater investment from Korean firms as well as more bilateral partnerships. He said India offers a system-based approach and liberal values that ensure free and fair play to one and all. He said a vast pool of “young energetic workforce”, a growing market for goods and services and a rising middle class that stimulate growth are the highlights of the domestic economy.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.