Beijing: Pitching India as the next frontier of “economic revolution”, Prime Minister Narendra Modi today said his government is doing away with “unnecessary regulations”, building a predictable tax regime and creating a liberal environment for foreign investments.
He also assured investors that land acquisition laws will neither be allowed to hinder growth nor become a burden on farmers.
Addressing a gathering at the Tsinghua University here, Modi said: “We are eliminating unnecessary regulations and simplifying our procedures. We are using digital technology to eliminate multiple approvals and endless wait.” He added: “India is now the next frontier of the economic revolution.
We have the demography for it. About 800 million people in India are below the age of 35 years. Their aspirations, energy, enterprise and skills will be the force for India's economic transformation. We now have the political mandate and the will to make it happen.”
India is also scaling up investments in next generation infrastructure - roads, ports, railways, airports, telecom, digital networks and clean energy, he said. “We have taken sweeping steps to reform our policies and open up more to foreign direct investments. This includes new areas like insurance, construction, defence and railways,” he said.
Over the past year, Modi said, India has moved with a “clear and coherent vision” and acted with speed, resolve and boldness to implement it. “We are building a tax regime that is predictable, stable and competitive, and that will integrate the Indian market.”
He further said: “Our resources are being allocated with speed and transparency. And, we will make sure that land acquisition does not become a barrier to growth or a burden on farmers.”
The controversial land bill was recently referred to the Joint Committee of Members of Parliament for scrutiny following stiff criticism by opposition parties. “I know that rewriting policies can be easier than changing mindsets and work culture. But, we are on the right path,” he said, adding “you will feel the change in India. And, you can see it in our growth rate. It has now increased to 7.5 per cent, and we are encouraged by international experts speak in one voice of higher growth rates”.
He said that perhaps, no other economy in the world offers such opportunities for the future as India's. “And, few partnerships are as filled with promise as ours”.
On bilateral ties, Modi said: “Partnership in modernising Indian railways, two Chinese industrial parks in India, commitments of 20 billion dollars in investments into India over the next five years partnership in our Make in India Mission: This is the shape of our future.”