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Conditions for take-off of Indian economy to get better and better: PM

Kashmir Times. Dated: 11/13/2015 10:11:37 PM

LONDON, Nov 13 (Agencies): Wooing British investors, Prime Minister Narendra Modi today said that "necessary conditions" for take-off of the Indian economy have been created and held out an assurance that it will get "better and better" in the coming days.
Modi said India is among the "most open" countries for foreign investments with the latest round of FDI reforms, asserting, at this point of time, it is "wiser to be in India."
Stating that he is personally eager to work with the British Government and companies, Modi vowed "my personal care in making your dreams a reality."
Modi was speaking before a business audience at the historic Guildhall in the heart of the city of London's financial district on the first day of this three-day visit to the UK--the first by an Indian Premier in 10 years.
The Prime Minister also sounded hopeful of India successfully rolling out the new goods and services tax in 2016.
"Necessary conditions for take-off of the Indian economy have been created. Never before, India was so well prepared to absorb talent, technology and investment from outside. I can assure you that it will get better and better in the coming days.
"We will be open to welcome your ideas, innovations and enterprises. We are open to carry out necessary corrections in our policies and procedures," he said.
Stating that there were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors, Modi said the government has taken "very decisive" steps to remove a number of long pending concerns.
In this context, he cited examples like how regulatory clearances including security and environmental clearance have been expedited and increasing the validity period of defence industrial licences up to eighteen years from three years previously.
"Since my Government took over, we have been working relentlessly to put the economy on track.," he said, adding," The results of our hard work are now visible. IMF Chief has recently said that India is among few bright spots in global economy today. Our growth rate in the last year was 7.3 per cent."
Modi said his government was working on all fronts to make India a global manufacturing hub, adding the hall mark of our strategy now is Policy driven Governance.
Noting that his government was also conscious of the last mile operational issues in its policies, the prime minister said that in that spirit substantial changes have been carried out in the FDI regime across 15 sectors.
"With this round of reforms, I can say that India is among the most open countries for Foreign Investments," he said.
"We want to make sure that our tax regime is transparent and predictable. We are also keen to see that genuine investors and honest tax payers get quick and fair decisions on tax matters."
Modi told his audience that in just eighteen months his government has successfully restored the credibility of India in the eyes of global players.