Vibrant Gujarat: PM Modi Bullish on New Business Rules For Investors

BANGALORE: Making a decisive push towards generating investment to see the success of his 'Make in India' mantra, Prime Minister Narendra Modi welcomes the investors from all over the world in the Vibrant Gujarat Global Investor summit in Gandhinagar.

Modi has recognized the core of difficulty for doing business in India which is the complex business rules. While enlightening over the tremendous opportunities and addressing the global leaders, he assured them, “There are immense possibilities for global investors in India. The process of development is not incremental; we are planning to make a quantum leap. We want to make them (rules, regulations and procedures for doing business in India) not only easier than earlier, easier than the rest, but the easiest,” reports Deccan Herald.

The summit, held at the impressive Mahatma Mandir convention centre, spread over a 55-acre complex comprising conference venues, saw the biggest participation from other countries this time.

Apart from Reliance Industries chairman, Mukesh Ambani, Adani Group chief Gautam Adani, Godrej Group head Adi Godrej, various global leaders like Ban Ki-Moon and John Kerry, several ministers from Europe, Japan, Australia and Canada international companies participated in the summit, which will conclude on January 13.

According to a report, “Ease of Doing Business” released in October 2014 revealed that India is ranked 142 among the 189 countries. Keeping faith in the Indian economy, the World Bank President Jim Yong Kim believed that India can increase by 6.4 percent in 2015 and has the potential to excel further. But he threw light on some of the conventional issues such as casteism can halt or slower the process of growth rate.

Modi said his government was committed to changing and improving the economic and social condition of India, including the quality of life. In a mere span of 7 months they have produced outputs. “Since the first day, my government has been actively working for to revive the economy. My government is committed to create a policy environment that is predictable, transparent and fair,” reports Deccan Herald.

The results of the summit will not be seen now but its initiation can be seen as various big names in the business have decided to make a leap of faith in Modi’s mission.

The Aditya Birla Group will invest 20,000 crore in Gujarat to increase capacity of various existing facilities in a state. The Mukesh Ambani led-Reliance Industries (RIL) will invest 100, 000 crore across its businesses, including the Gujarat petrochemical complex, in the next 18 months.

The Associated Chambers of Commerce and Industry of India data showed the country had received 1,421 investment proposals worth 362,805 crore till September 2014 which had declined significantly from 1,906 proposals worth 451,643 crore.

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