November 7, 2019
Over 1700 business delegates, including 200 international delegates, participated in the event hosted in partnership with UAE
PM states how transparency and the lack of unwanted laws and Govt. interventions makes India a business-friendly destination
India has improved by 79 places in the World Bank’s Ease of Doing Business rankings between the period 2014 and 2019
Government has slashed Corporate Tax to 15% for new domestic firms, making India a favourable investment destination
Prime Minister Shri Narendra Modi inaugurated the Rising Himachal: Global Investors Meet 2019 on November 7 in Dharamshala, Himachal Pradesh. The event focused on bringing together wealth creators to determine the best opportunities for potential investment, depending on the specific discounts and concessions offered by various states. Organised in partnership with UAE, the event was attended by over 1,700 business delegates, including 200 international delegates, according to an official release.
On the occasion, PM Modi addressed the need for Indian states to create an enabling ecosystem for investment, free from over-regulation and permit requirements at every stage. In the case of Himachal Pradesh, the decision to invest US$13.9 billion in infrastructure development can be fully leveraged thanks to several state initiatives, such as single-window clearance systems, sector-specific policies, transparent system of land allotment, etc., creating a suitable environment for investors.
Acknowledging several Government reforms to improve the ease of doing business and remove obsolete laws, PM Modi stated that healthy competition among states enhances the global competitiveness of Indian industries, helping India and its people develop more rapidly. He addressed how unnecessary laws and Government interventions affect industry progress, and praised India as a business-friendly destination for its transparency.
Between 2014 and 2019, India showed improvement in various parameters and rose by 79 places in terms of Ease of Doing Business. PM Modi attributed this growth and development to a focus on ‘Society, Government, Industry, and Knowledge-sharing’ amongst states, supported by a thorough understanding of industry requirements at a grassroots level.
PM Modi concluded by inviting industry and global representatives to recognise India’s suitability as a favourable investment destination, owing to the central government slashing Corporate Tax to 15 per cent for new domestic companies while simultaneously allowing suitable exit routes for industry through India’s robust Insolvency and Bankruptcy Code, 2016.