Delivering the ‘State of the World’ special address at the World Economic Forum’s virtual ‘Davos Agenda‘ on Monday, the Prime Minister listed the reforms undertaken by his government to address the issue of retroactive tax, ease of doing business in the country improve, lower corporate taxes and reduce compliance.
“Today India is encouraging ease of doing business and reducing government interference. By simplifying and reducing corporate tax rates, we have made them most competitive,” Prime Minister Modi said. “This is the best time to invest in India.”
The PM called for a coordinated global response to cryptocurrencies.
He said that there was a time when India was known for ‘license raj’, when most of the areas were controlled by the government. “I understand the challenges faced by businesses in India. We are constantly striving to address those challenges,” he said.
The PM said that over 25,000 compliances have been reduced in the last one year and India has also de-regulated several areas including drones, space and geospatial mapping.
Commitment to Deep Reforms:
He said that India has also made major reforms in the old telecom rules related to IT sector and BPO.
“By reforming retrospective taxation, India has restored the confidence of the business community,” Modi said. “India’s commitment to deep economic reforms is another major factor that makes India the most attractive investment destination.”
He reiterated that India is committed to emerge as a reliable partner in the global supply chain and is making inroads with many countries through free trade agreements.
He said that compared to only 100 startups in 2014, there are more than 60,000 startups in India today, of which 80 are unicorns and more than 40 unicorns have emerged in 2021 itself.
Citing physical and digital infrastructure, the PM said over 600,000 villages are being connected by optical fiber and $1.3 trillion is being invested in connectivity infrastructure.
India is not only focusing on Atmanirbharta (self-reliance) but is also encouraging investment and production, the PM said.
India is moving ahead with the mantra of ‘Make in India’ and ‘Make for the world’: PM Modi He said that the government has approved production-linked incentive schemes worth $26 billion for 14 sectors.
PM Modi said that amid the COVID-19 pandemic, India, following its vision of ‘One Earth, One Health’, saved many lives by supplying essential medicines and vaccines, today India is the third largest drug producer and the world There is a pharmacy for ,