PM Modi: 'Government Is Striving To Form Investor-friendly Eco-system'

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PM Modi opined that a few decades ago, people expected the government to give freebies such as waiving off taxes or providing the land with subsidized rates

Written By Pritesh Kamath | Mumbai | Updated On:

Prime Minister Narendra Modi while addressing the Global Investors Summit in Dharmashala, Himachal Pradesh has said that now states have started understanding that the charity model has not been in the best interest of the state and the industries thriving in it. PM Modi opined that a few decades ago, people expected the government to come up with freebies such as incentives on electricity bills or to waive off taxes or allotting land on subsidized rates, however now the people have understood that such policies never helped neither the industry nor the investors in the long term.

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'Governments are striving for investor-friendly ecosystems'

PM Modi opined that it is important for the investor to be provided with a favourable ecosystem. "The investor should be freed from inspector raj, and shouldn't have to face intervention of government (permit raj) on every stage, governments today are striving to form such investor-friendly eco-systems in the state," PM Modi declared.

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Modi appended that there is healthy competition among the states to provide a favourable ecosystem in order to attract investors. Today the states are taking initiatives to change redundant policies. "The rise in competition among the states will help the industries to compete on a global scale," he said.

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PM Modi also spoke on the massive improvement in India's ranking in the World Bank's ease of doing business. "The massive jump isn't just a statistical change. It means that the government is taking decisions that have helped the industrial grassroots mechanism get better," he said.

The two-day investment meet, starting Thursday is being held to showcase investment opportunities in the state. The state government will showcase the policy and regulatory environment and investment scope across eight focus sectors to boost manufacturing and employment opportunities in the state. Himachal Pradesh Governor Bandaru Dattatreya and Chief Minister Jai Ram Thakur were also present at the event along with the Prime Minister.

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