Govt to create transparent ecosystem to boost investment in India: Amitabh Kant
Updated: Jan 28, 2015 12:01:40pm
New Delhi, Jan 28 (KNN) India needs to change its mindset and move away from a government-controlled economy to make the country a global investment destination. Opening up FDI regime vigorously for some key sectors such as railways, defence, construction, insurance and medical devices is a step towards this.
This was stated by Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Amitabh Kant, while speaking on the theme ‘India as a Global Investment Destination’ at the 84th Annual General Meeting of International Chamber of Commerce India (ICC), FICCI’s affiliate body.
Kant said that today India needs to create 33000 jobs per day and for the coming three decades its GDP must grow at the rate of 9-10 per cent per annum, daunting though the task may seem. In this regard, old and complex regulations, laws and procedures must be discarded to create a predictable, consistent and transparent investment ecosystem to encourage young entrepreneurs and innovators who would become job creators rather than job seekers, according to an official release.
He said that there was also a need to converge and integrate technology across government departments and the first step towards this end is the eBiz platform, which aims to create a business and investor friendly ecosystem in India by making all business and investment related clearances and compliances available on a 24x7 single portal, with an integrated payment gateway. Improving the quality of infrastructure was also essential, he said.
Pointing out that becoming a manufacturing hub for the global market was critical; he said that the importance of India to become a manufacturing hub with a GDP growth rate of 13-14 per cent has been asserted time and again. India needs to become a part of the global supply chain and be a competitive manufacturer of best quality global products to assure sustained growth rates.
On the other hand, President, ICC India, Rajiv Memani observed that the global economic outlook does not look too bright. Hence countries need to strengthen their resolve to work in tandem. A new coordinated policy action could be the key to unlock the potential opportunities that come their way in future, he said.
ICC was founded in 1919 with an overriding aim to serve the world business community by promoting trade and investment, open markets for goods and services, and free flow of capital. It was granted the highest level of consultative status with United Nations and its specialized agencies a year after the creation of the United Nations.
Ever since, it has ensured that international business receives due weightage within the United Nations system and at meetings of intergovernmental bodies such as G-20, WTO and OECD; where decisions affecting the conduct of business are made. During the recently concluded multilateral trade talks, ICC played a key role in achieving a significant breakthrough in the stalled Doha talks. Besides, ICCs is leading the business side (B-20) of the G-20 work.
Set up in 1929, ICC India is one of the most active Chapters of the ICC and has been contributing significantly to espousing the cause of developing countries in the global policy work of ICC. (KNN Bureau)
This was stated by Secretary, Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Amitabh Kant, while speaking on the theme ‘India as a Global Investment Destination’ at the 84th Annual General Meeting of International Chamber of Commerce India (ICC), FICCI’s affiliate body.
Kant said that today India needs to create 33000 jobs per day and for the coming three decades its GDP must grow at the rate of 9-10 per cent per annum, daunting though the task may seem. In this regard, old and complex regulations, laws and procedures must be discarded to create a predictable, consistent and transparent investment ecosystem to encourage young entrepreneurs and innovators who would become job creators rather than job seekers, according to an official release.
He said that there was also a need to converge and integrate technology across government departments and the first step towards this end is the eBiz platform, which aims to create a business and investor friendly ecosystem in India by making all business and investment related clearances and compliances available on a 24x7 single portal, with an integrated payment gateway. Improving the quality of infrastructure was also essential, he said.
Pointing out that becoming a manufacturing hub for the global market was critical; he said that the importance of India to become a manufacturing hub with a GDP growth rate of 13-14 per cent has been asserted time and again. India needs to become a part of the global supply chain and be a competitive manufacturer of best quality global products to assure sustained growth rates.
On the other hand, President, ICC India, Rajiv Memani observed that the global economic outlook does not look too bright. Hence countries need to strengthen their resolve to work in tandem. A new coordinated policy action could be the key to unlock the potential opportunities that come their way in future, he said.
ICC was founded in 1919 with an overriding aim to serve the world business community by promoting trade and investment, open markets for goods and services, and free flow of capital. It was granted the highest level of consultative status with United Nations and its specialized agencies a year after the creation of the United Nations.
Ever since, it has ensured that international business receives due weightage within the United Nations system and at meetings of intergovernmental bodies such as G-20, WTO and OECD; where decisions affecting the conduct of business are made. During the recently concluded multilateral trade talks, ICC played a key role in achieving a significant breakthrough in the stalled Doha talks. Besides, ICCs is leading the business side (B-20) of the G-20 work.
Set up in 1929, ICC India is one of the most active Chapters of the ICC and has been contributing significantly to espousing the cause of developing countries in the global policy work of ICC. (KNN Bureau)
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