New Delhi: Prime Minister Narendra Modi on Tuesday promised to protect and promote investments as he sought foreign funds to boost growth, saying that India is a free destination for enterprise and ready for business. Speaking at the India-Korea Business Summit organised jointly by CII and DIPP, he said his government has worked towards creating a stable business environment and removed arbitrariness in decision-making.
“India is now ready for business. India is now a free destination for enterprise. You will not find such a free and growing market anywhere in the world,” he said.
In FDI, the Asia’s third largest economy is one of the most open countries with most sectors open for foreign investment and more than 90 per cent approvals put on automatic route.
“There is practically no requirement of government approval for investments in manufacturing sector except for Defence sector,” he said. “I further assure you that whatever is required to promote and protect your investments will be done here.” Mr Modi said his government has “worked towards creating a stable business environment, ensuring the rule of law, and removing arbitrariness in decision making”.
India can potentially grow at 8%, claims Arun Jaitley:
India’s economy has the potential to achieve a growth rate of more than 7-8 per cent in view of policy changes, accompanied by a supportive global environment, finance minister Arun Jaitley said on Tuesday. Addressing the summit here, he observed that over the next 10-20 years India will continue to remain one of the fastest growing economies in the world.
India has demonstrated in the last few years that it has, even in a global environment of adversity, a potential to self correct itself, to continue to take difficult decisions if necessary and maintain a high growth trajectory, Mr Jaitley said. He said the country has been able to blend its economic decisions along with political acceptability to the extent that there is now a huge support, almost bordering on impatience, where people want India to reform and grow much faster.
According to him, most people in India believe that a 7-8 per cent growth rate is an absolute normal for the country but the real potential of India is to beat that. Therefore with policy changes accompanied by a supportive global environment, India perhaps has the potential to achieve a little more than that, he said.