Centre taking major steps to improve investment climate in the country: Arun Jaitley
Updated: Jan 13, 2015 12:42:36pm
Gandhinagar, Jan 13 (KNN) The government has taken major steps to improve the investment climate in the last several months and will continue to do so, said Union Minister for Finance and Corporate Affairs, Arun Jaitley.
Speaking at the Seminar ‘Invest in India Summit 2015 – Financing for Future Growth,’ held on the sidelines of Vibrant Gujarat, in Gandhinagar on Monday, the minister said that the country needs investments, as it has a long distance to go especially in developing some of the eastern and north east states, according to an official release.
He briefly touched upon the areas in which the government has taken positive steps to improve the investment climate, such as opening of insurance and defence sector for foreign investments. He said that if India could buy defence equipment from foreign countries then why not permit investment and participation in manufacture of those goods in the country itself.
He said that the government’s plan to build 100 smart cities had created scope for foreign investment, adding that investment in railways too has been allowed.
The government, according to him has also taken steps to rectify some flaws in the tax regime which was responsible for keeping investments away. Many complications in Company Law are also being done away with and process is being simplified to avoid veto by minority.
He pointed out that the Land Acquisition Ordinance will give a boost to rural electrification and rural roads and creation of industrial corridors will help develop all areas including rural areas. While the Coal Ordinance will help provide cheap coal and power to people; the planning commission which has been replaced by a policy commission would be more democratic and engage states in the planning process.
In addition, the Finance Minister said that in the near future, GST could become a reality and further improve the investment climate. Tourism would gain by e-visas and 24 hour custom services at airports and seaports will enhance trading activity. Further, banks would be given more independence in management. (KNN/ES)
Speaking at the Seminar ‘Invest in India Summit 2015 – Financing for Future Growth,’ held on the sidelines of Vibrant Gujarat, in Gandhinagar on Monday, the minister said that the country needs investments, as it has a long distance to go especially in developing some of the eastern and north east states, according to an official release.
He briefly touched upon the areas in which the government has taken positive steps to improve the investment climate, such as opening of insurance and defence sector for foreign investments. He said that if India could buy defence equipment from foreign countries then why not permit investment and participation in manufacture of those goods in the country itself.
He said that the government’s plan to build 100 smart cities had created scope for foreign investment, adding that investment in railways too has been allowed.
The government, according to him has also taken steps to rectify some flaws in the tax regime which was responsible for keeping investments away. Many complications in Company Law are also being done away with and process is being simplified to avoid veto by minority.
He pointed out that the Land Acquisition Ordinance will give a boost to rural electrification and rural roads and creation of industrial corridors will help develop all areas including rural areas. While the Coal Ordinance will help provide cheap coal and power to people; the planning commission which has been replaced by a policy commission would be more democratic and engage states in the planning process.
In addition, the Finance Minister said that in the near future, GST could become a reality and further improve the investment climate. Tourism would gain by e-visas and 24 hour custom services at airports and seaports will enhance trading activity. Further, banks would be given more independence in management. (KNN/ES)
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