Concerned about the sluggish investment impeding growth in the country, Union Finance Minister Arun Jaitley has said that investor friendly environment should be created to attract investment. He vowed for a corruption-free governance, reasonable tax rates and non-discretionary allotment of natural resource. He pointed that these are the basic factors which are to be looked for making it easier for companies to do business in India.
Jaitley while stating the difficulty in doing business can dis-engine investors said that it is necessary to ensure that governance becomes corruption free and discretions were reduced to the minimum. Highlighting the need for making sure that tax rates remain at a reasonable levels he said that the rates of taxation are not so onerous or the policy of taxation is not so aggressive that it deter investors away.
Besides, the minister said that it was essential to ease the systems under which, people can chose to do business and make sure that 'governance becomes completely corruption free. Furthermore he said that it the main responsibility to make sure whether all the facilities from capital to land to natural resources are quickly made available in a non-discretionary and non-arbitrary manner to investors.
Outlining the steps being taken by the government to improve the investment climate in the country and by expressing its confidence that states are competing with each other to attract investments Jaitley said that the country is becoming aspirational and said that 'the aspirational constituency of India has increased. That aspirational constituency which supports growth, reform, which in fact is now getting impatient and wants India to reform much faster, the support of that constituency for reform and growth has usually increased'.
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