The government of the day has already swung into action to substantially prune and curtail frills of uncalled for regulations in all segments of Indian economy to encourage both foreign and domestic investments as well the investment rates as a result the committee anticipates surge in them as also in growth rates including capital and stock markets, start up businesses and private equities, said the Chairman of Expert Committee on Improving Ease of Doing Business Mr. Ajay Shankar who was a former Secretary in DIPP.
Mr. Shankar said, land acquisition has hardly been a major issue for green field and infrastructural projects since the states and the union territories have huge land escapes at their command in the name of land banks.
Availability of land has been and is an issue, however, for projects in steel and cement sector. To address access to land for taking off projects in such industrial segments, the government has been trying its best to bring about the modified land acquisition bill which after its enactment would resolve the issue for availability of land for massive projects and amount to improving ease of doing business in India, said Mr. Shankar.
In a bid to create chains of labour intensive units in India for accelerated manufacturing and additional employment creation, the concerned organs of the government under the watch mechanism of the Union Ministry of Labour & Employment has moved to integrate 44 labour laws to bear minimum, pointed out Mr. Shankar adding that the government is trying its best to reduce logistic costs. He was of the view that with improved ease of doing business, not only the FDIs will come in but the corporate in India would also begin to invest more.
Later on, speaking on the occasion Joint Secretary, DIPP, Mr. Atul Chaturvedi said that the government has been taking multiple initiatives since September 2014 to improve ease of doing business in India and major initiative taken by the government to this effect comprised enhancing of FDI ceiling in insurance and pension funds as also defence. Close to 60 items for defence production have been taken out from licensing list.
The government was also trying to further liberalize the FDI regime by permitting even 100% foreign capital in defence sector with the approval of the government on case to case basis.
Director-Research, Brooking India Dr. Subir Gokarn said that India needed a handsome confluence of reduce transaction costs with improved technology so as to accelerate its trade volumes and emphasized that India also required advocacy to enter the trade exclusive clubs since multilateralism is receding at back burner.
The Seminar was presided over by the President of the PHD Chamber Mr. Alok B. Shriram who complemented the government of the day for its proactive reformed oriented approach to improve of ease of doing business in India, positive results of which would follow.
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