Prime Minister Narendra Modi called Make in India as the biggest brand and assured investors of stable tax regime. Modi, known for his strong support to manufacturing in India, also promised simplified clearance and licensing processes.
Modi said,” We will not resort to retrospective taxation; we are making our tax regime transparent, stable and predictable.” Environmental clearances would be quicker as well.
Many foreign delegates, business leaders and heads of governments were present at the launch of ‘Make in India Week’ in the commercial capital Mumbai. The corrections will be made in order to increase the efficiency of the Make in India brand. It has already managed to attract the attention of the media, individuals, industry and institutions world over.
The Foreign Direct Investment (FDI) inflows have grown by 48 percent since Modi came to power. It makes India one of the most open countries for FDI. Ease of doing business will be the core focus of all concerned government departments. Modi emphasized that his government wants to make India a global manufacturing center.
Democracy, Demography and Demand are 3 ‘Ds’ which are important for growth in India. Another D of Deregulation will be added advantage for investors in India. States are also taking the Make in India initiative seriously and one can clearly see the growing health competition between them to attract investments.
According to data, India contributed 12.5 percent to the global growth in 2014-15. Several agencies and institutions have already declared India as the most attractive investment destination. Modi assured the support of the government of India to young entrepreneurs.
The BKC’s MMRDA ground has been converted into Make in India center to showcase the success stories of the manufacturing sector in India.
The success of Make in India week only depends upon the implementation of stable tax regime promised by Narendra Modi.