Govt. to create predictable, consistent & transparent ecosystem to give a fillip to investment in India- Amitabh Kant, DIPP Secretary

India needs to change its mindset and move away from a government-controlled economy to make the country a global investment destination. The Government of India has already embarked on this journey by opening up FDI regime vigorously for some key sectors such as railways, defence, and construction, insurance and medical devices.

ICC was founded in 1919 with an overriding aim to serve the world business community by promoting trade and investment, open markets for goods and services, and free flow of capital. It was granted the highest level of consultative status with United Nations and its specialized agencies a year after the creation of the United Nations. Ever since, it has ensured that international business receives due weightage within the United Nations system and at meetings of intergovernmental bodies such as G-20, WTO and OECD where decisions affecting the conduct of business are made. During the recently concluded multilateral trade talks, ICC played a key role in achieving a significant breakthrough in the stalled Doha talks. Besides, ICCs is leading the business side (B-20) of the G-20 work.

 

Set up in 1929, ICC India is one of the most active Chapters of the ICC and has been contributing significantly to espousing the cause of developing countries in the global policy work of ICC.

Mr. Kant said that today India needs to create 33000 jobs per day and for the coming three decades its GDP must grow at the rate of 9-10 per cent per annum. It is a daunting challenge, he said, and added that old and complex regulations, laws and procedures must be discarded to create a predictable, consistent and transparent investment ecosystem to encourage young entrepreneurs and innovators who would become job creators rather than job seekers.

He said that there was also a need to converge and integrate technology across government departments and the first step towards this end is the eBiz platform, which aims to create a business and investor friendly ecosystem in India by making all business and investment related clearances and compliances available on a 24x7 single portal, with an integrated payment gateway. Mr. Kant added that improving the quality of infrastructure was also essential.

He said that the importance of India to become a manufacturing hub with a GDP growth rate of 13-14 per cent has been asserted time and again. Mr. Kant pointed out that becoming a manufacturing hub for the global market was critical. India needs to become a part of the global supply chain and be a competitive manufacturer of best quality global products to assure sustained growth rates.

Mr. Rajiv Memani, President, ICC India, said that the reform oriented approach of the new government has brought in a fresh whiff of optimism and has infused confidence at all levels. The interest of global companies has been reinvigorated. He added that the global economic outlook does not look too bright. Hence countries need to strengthen their resolve to work in tandem.

A new coordinated policy action could be the key to unlock the potential opportunities that come their way in future.

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