Commerce Minister Says Modi Govt Has Made Ease of Doing Business Easier

By Sarkaritel September 26, 2014 11:25

Commerce Minister Says Modi Govt Has Made Ease of Doing Business Easier

By TN Ashok / Economic Affairs Editor

New Delhi, Sept 25: India’s Commerce Minister Ms Nirmala Sitharaman said the Modi government had taken a number of steps to make it easier to do business in India with the removal or relaxation of foreign equity caps in several areas.

“The processes of applying for licences has been made online, it is 24/7. The validity of such licences has also been extended to three years,” Sitharaman said participating in the Make India launch at the Vigyan bhavan here today.

Several norms and procedures are also being changed to make it easier to do business in India, she said. The government has been able to change perception of India in last few months, she said.

The minister further said validity on industrial licences will be extended to 3 years and the government is now amending number of labour laws. Sitharaman said the government is fully commited to de-licensing, deregulating and taking India to high growth trajectory.

Tata Group Chairman Cyrus Mistry said there is a need to reform labour laws. He also added that the Tata Group is fully committed to investing in India. “This programme offers a unique and timely opportunity to make India truly global,” Cyrus Mistry said, adding, countries attain high standards with a vibrant industrial economy and the biggest challenge is to create jobs for millions of youth.

Kenichi Ayukawa, Managing Director of Maruti Suzuki India, said his Japanese group was among the first to invest in India and remains committed to the country. He said he was sure India will eventually become one of the most competitive economies.

“Today we commit ourselves to the `Make in India` movement that was given to us by our beloved prime minister,” Reliance Industries chairman Mukesh Ambani said. He said the main task before the industry in India was to achieve global competitiveness.

High-profile CEOs, present at the launch included Chairman of Tata Group Cyrus Mistry; Mahindra Group CMD Anand Mahindra; Biocon CMD Kiran Mazumdar-Shaw; and ITC Chairman Y C Deveshvar.

ITC Chairman Yogi Deveshwar said problems of inflation, unemployment could be resolved through domestic manufacturing: My next investment destination is Madhya Pradesh, he said.

Manufacturing will enhance country’s macro-economic stability besides creating jobs, said: ICICI Bank CEO & MD Chanda Kochhar. We need to focus on ease of doing business; quick, simple and transparent decision-making, she said. .

While WIPRO Chief Azim Premji said true success of manufacturing lies in ability to service global markets, The big boss of Aditya Birla Group, Kumara Mangalam Birla said Manufacturing has to become the next big wave for us. .

RIL Chairman Mukesh Ambani said it was Important for us to succeed in ‘Make in India’ for global competitiveness: -Cost of Mars mission is just Rs 7 per kilometre, equivalent to cost of travel in most cities in India, he said adding It is important to be open to capital and expertise from all over the world:-Implementation of GST will make India one market and strengthen overall ‘Make in India’ programme.

-Reliance Industries is to create 1.25 lakh jobs in next 12-15 months, he said.

By Sarkaritel September 26, 2014 11:25