Arab Today, arab today india promises investors more red carpet less red tape
Last Updated : GMT 22:35:04
Arab Today, arab today
Arab Today, arab today

India promises investors more red carpet, less red tape

Arab Today, arab today

Arab Today, arab today India promises investors more red carpet, less red tape

Indian workers manage machines at a factory of Sona Koyo
New Delhi - AFP

Prime Minister Narendra Modi pledged Thursday to slash red tape and harness the benefits of a huge young population as he launched a campaign to attract global business to manufacture in India.
India's business-friendly new leader wants to revive his country's flagging economic fortunes by kick-starting a manufacturing sector long eclipsed by that of neighbouring China.
"We don't need to invite the world to India, they are ready to come. We just need to give them our address," Modi said at the launch of his 'Make in India' campaign.
"India is the only country in the world that has the power of democracy, demographic dividend and demand," he added, saying India's young people stood to benefit from manufacturing growth.
Modi's right-wing Bharatiya Janata Party swept to power in May on a mandate to revive the economy, which is going through its worst slowdown in two decades.
The government has already relaxed rules for foreign investors, eager to create jobs for the millions of Indians who enter the employment market each year.
But any company seeking to do business still has to contend with byzantine regulations and a stringent tax regime.
Modi said he had been "pained" to hear stories of businesses abandoning India because of an unfavourable business climate.
"I asked my staff, 'why are government forms so lengthy?' And there was no reason," he told an audience of business leaders including Reliance Industries head Mukesh Ambani, India's richest man.
Commerce Minister Nirmala Sitharaman said there was "huge untapped potential" for manufacturing in India, which accounts for just 15 percent of gross domestic product (GDP), far less than many other Asian nations.
"India has long been associated, unfortunately, with red-tapism and cumbersome rules and regulations. We are conscious of such perceptions," Sitharaman said.  
"We want to change that. Red tape will be replaced by the proverbial red carpet," she said.
The World Bank recently placed India a poor 134th among 189 economies in its ease of doing business report while regional rival China ranked 96th.
British mobile giant Vodafone is locked in a $2.4 billion tax row with the Indian government while Finnish company Nokia had its plant in India seized over a tax dispute.
Although it has moved to open the insurance, defence and transport sectors to foreign investors, the government has also closed the door on foreign supermarket chains such as WalMart, which had been hoping to enter the Indian market.
- Red carpet for investors
Kenichi Ayukawa, head of Indian car manufacturer Maruti Suzuki, said India had the potential to be a world leader in the sector, but was being held back by red tape and other issues.
"Costs of production in India increase because of various government policies, procedures, regulations and the way some of the laws are implemented," he said at the launch, adding he was confident such barriers to growth could now be removed.
Modi launched the campaign hours before he was due to fly to the United States, where he will meet heads of businesses including Google and PepsiCo on an official visit heavily focused on attracting investment.
The government has identified 25 sectors including automobile, aviation and construction that have potential to attract investment.
A new web portal, www.makeinindia.com, will answer all investment-related queries from business entities, while a revamped Invest India unit will act as the first reference point for guiding foreign investors on all aspects of regulatory issues.
The Associated Chambers of Commerce and Industry (ASSOCHAM), which promotes trade in India, said the initiative would "go a long way in instilling trust and confidence among all sections of the industry".
The government's manufacturing push comes at a time when many global companies are seeking an alternative to China as costs and risks there rise.
"India can become an alternative to China for global manufacturers," Anjan Roy, an independent economist based in Delhi told AFP.
"We have a large domestic market that is being largely serviced from imports.
"Manufacturing has been lagging for a long time, growth in this sector has been marginal and sometimes it has even slipped into the negative zone. So this push by Mr Modi is very timely."
The Asian Development Bank said Thursday that India's economy showed promise of a "turnaround" following Modi's election, forecasting GDP would grow by 6.3 percent next year, compared to an earlier projection of six percent.

 

arabstoday
arabstoday

GMT 13:55 2017 Wednesday ,20 September

Humble bicycle back in vogue in Cuba

GMT 13:19 2017 Wednesday ,20 September

European equities waver before Fed decision

GMT 12:57 2017 Wednesday ,20 September

UK retail sales surge in August, raises interest rate

GMT 11:03 2017 Wednesday ,20 September

US CEOs optimistic on economy, tax reform: survey

GMT 07:12 2017 Wednesday ,20 September

NAFTA talks moving at 'warp speed,' US trade rep

GMT 07:04 2017 Wednesday ,20 September

Brazil’s economy needs your prayers

GMT 17:06 2017 Tuesday ,19 September

EU firms want 'concrete action' from China on access
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india promises investors more red carpet less red tape Arab Today, arab today india promises investors more red carpet less red tape

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india promises investors more red carpet less red tape Arab Today, arab today india promises investors more red carpet less red tape

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday