A fortnight ahead of the Union Budget, Prime Minister Narendra Modi has assured more reforms as he rolled out the red carpet to investors, especially the multinationals. While, assuring his administration will improve the ease of doing business, he said the number of clearances for setting up a hospitality venture will be brought down from a massive 110 to just about 20.
The prime minister stressed that there are tremendous opportunities in the manufacturing sector in India and it offers immense opportunities for ship-building and defence sectors, as the government has increased the FDI or foreign direct investment threshold to 49 percent in defence. He further said that “our government has ensured predictability in our procedures, laws and policies. We have also taken many initiatives towards ease of doing business.”
Modi invited the multinationals to make use of the large pool of highly talented youth in the country and assured corporates across the world that India is a land where they can find talents which can help them manufacture products that are very competitive. He said, “we have the highest demographic dividend, as 65 per cent of our population are below 35 years. Our talented youth have power to attract investments from across the world.”
He said his government’s effort is to make policies predictable to attract investments as he believes that good governance is a guarantee for development and the country wants the manufacturing sector, which today contributes only under 16 percent to GDP, to grow.
