Bangalore: Prime Minister Narendra Modi on Wednesday said his government has encouraged a conducive business environment in the country, unlike its predecessor, the United Progressive Alliance, which had tied up investors in red tape.
Addressing the Global Investors’ Meet (GIM) in Bengaluru, Modi said: “Today, we have reached a place … (but) it is important to remember from where we started this journey. Nine to 10 Years ago our country was facing a crisis at the policy level. To get the country out of this situation, we have to change our approach. Instead of trapping investors in red tape, we have created a situation where we have rolled out the red carpet.
GIM or “Invest Karnataka”, a biennial event held last in 2016 is a major case in the southern state through which it attracts investments from other countries.
In his speech, the Prime Minister emphasized how the BJP-led central government continued to remove complicated and complicated rules for industries.
He said: “Instead of making complex laws, we rationalized them. Instead of running the business ourselves, we prepared the ground for the business so that others can come forward. We gave the youth a chance to bring out their abilities instead of getting bogged down in rules.
Modi said the focus has been on bold reforms, big infrastructure and best talent in building a New India.
Modi said over 1,500 old laws were scrapped to improve ease of doing business and around 40,000 “unwanted” compliance clauses were also removed to bring in more investments.
He said that despite the gloom in the world markets, global experts in finance and economics have called India a ‘bright spot’.
“When we talk of talent and technology, the first thing that comes to mind is the brand Bengaluru,” Modi said.
He said Karnataka was one of the top recipients of all foreign direct investment (FDI) in India in 2021-21.
In the 2021-22 fiscal year, India achieved a record FDI of $83.57 billion and Karnataka achieved 38% of this figure, making it the highest in the country.
Modi said the “double engine” government in Karnataka – referring to the BJP’s rule both at the Center and in the state – has spurred growth, allowing it to compete with not only other states but countries globally Is.
The theme of this year’s Invest Karnataka Summit – held from 2-4 November – is “Build for the World”.
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