Bengaluru, Oct. 6 (ANI): Prime Minister Narendra Modi on Tuesday said that his government has successfully restored the credibility of India in the world and the sentiment of private and foreign investment has turned positive.
“Just in 15 months, we have successfully restored the credibility of India. The sentiment of private investment and inflow of foreign investment has turned positive, as we have increased validity of industrial license to 18 years from three years,” said Prime Minister Modi while addressing the Indo-German Summit ‘Digitising Tomorrow’ organised by Fraunhofer India and NASSCOM.
“We have removed a number of long term pending concerns of investors. We are setting up an India Investment and Infrastructure Fund of Rs 20,000 crore (2.57 billion Euros) from our own resources,” he added.
Prime Minister also said that his government was keen on building the futuristic physical and social infrastructure.
“We are aware that domestic financial resources are not sufficient to meet our needs. Therefore, the flow of foreign investments,” he added.
Prime Minister Modi further said that India is committed to protecting Intellectual Property Rights Rights of all innovators and entrepreneurs.
“We want to make sure our tax regime is transparent and predictable. We have introduced the GST bill in Parliament, hopeful to roll it out in 2016,” he added.
The Prime Minister also stressed that providing employment to the youth was the biggest challenge in the country and that the youth today are not looking for high paying jobs, but are now becoming entrepreneurs.
“For meeting this challenge, we need to provide a huge push to manufacturing which has stagnated at 16 percent of GDP for several decades in India. This percentage must reach 25 percent in short and medium term. We have launched ‘Make in India’ for this only,” he added.
Prime Minister Modi also said that his government was putting in place a professional team for asset management.
“We have also come up with a mechanism of tax free infrastructure bond for projects in rail, road and irrigation sector,” he added. (ANI)