India among most open nations for investments: Modi to British bizmen

November 13, 2015

London, Nov 13: Prime Minister Narendra Modi has said that “necessary conditions” for take-off of the Indian economy have been created and has held out an assurance that it will get “better and better” in the coming days.

Modi

Speaking before a business audience at the historic Guildhall in London on Thursday, Modi also said that 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, he vowed “my personal care in making your dreams a reality.”

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 percent.”

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.

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News Network
May 8,2024

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Nearly 80 Air India Express flights were canceled after the cabin crew members went on a "mass sick leave", official sources said on Wednesday.

As many as 79 international and domestic flights were canceled after about 300 senior cabin crew members reported sick at the last minute and switched off their mobile phones.

The Air India Express management is currently trying to reach out to the crew, who are protesting against the new employment term at the Tata Group-owned airline, sources said.

The cabin crew has also alleged that there was a lack of equality in the treatment of the staff after the merger with Tata Group. They claim that some staff members were offered lower job position despite clearing interviews, sources said.

"A section of our cabin crew has reported sick at the last minute, starting last night, resulting in flight delays and cancellations. While we are engaging with the crew to understand the reasons behind these occurrences, our teams are actively addressing this issue to minimise any inconvenience caused to our guests as a result," an Air India Express spokesperson said.

"We sincerely apologise to our guests for this unexpected disruption and emphasise that this situation does not reflect the standard of service we strive to provide," the spokesperson added.

Guests impacted by cancellations will be offered a full refund or complimentary rescheduling to another date, the airline said.

Several passengers took to their social media accounts and complained about the sudden cancellations of their flights. They said that they had "no information" about the cancellations.

Some "very disappointed" passengers on X said that they had reached the airport when they were informed that their flights were canceled.

"We apologise for any inconvenience. Please be informed that your flight has been canceled due to operational reasons," Air India Express said in response to one of the posts on X.

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News Network
May 8,2024

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Congress leader Sam Pitroda has stepped down from the post of Chairman of the Indian Overseas Congress and his resignation was accepted by the party. Congress leader Jairam Ramesh took to X and announced that Sam Pitroda had decided to resign from the key post "of his own accord".

Pitroda had been under fire over his controversial remark that Indians in the East resemble the Chinese while those in the South look like Africans.

"We could hold together a country as diverse as India -- where people on East look like Chinese, people on West look like Arab, people on North look like maybe White and people in South look like Africans. It doesn't matter. We are all brothers and sisters," Pitroda said during an interview with The Statesman.

The Congress immediately distanced itself from Pitroda's remarks, terming them "unacceptable".

"The analogies drawn by Mr Sam Pitroda in a podcast to illustrate India's diversity are most unfortunate and unacceptable. The Indian National Congress completely dissociates itself from these analogies," Jairam Ramesh said in a post on X.

The BJP also hit out at the Congress over Pitroda's remarks and termed them "racist and divisive".

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News Network
April 25,2024

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The Election Commission of India on Thursday announced that it had taken cognisance of violations to the Model Code of Conduct by both Prime Minister Narendra Modi and Congress leader Rahul Gandhi.

While Modi has indulged in a diatribe against Muslims, without naming them, using terms like 'infiltrators' and 'those with more children', Rahul has been accused of making a false claim about 'rise in poverty'.

Both the BJP and INC have raised allegations of causing hatred and divisions based on caste, religion, language, and community, ANI reported.

While the EC had initially refused to comment on Modi's speeches, sources had told PTI that the commission was 'looking into' the remarks made by the BJP leader.

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