Bengaluru: Prime Minister Narendra Modi said Wednesday that his government has encouraged an environment conducive to business in the country, unlike his predecessor, the United Progressive Alliance, which bound investors in red tape.
In a virtual address to the Global Investors Meet (GIM) in Bengaluru, Modi said: “Today, we have reached a place… (But) It is important to remember from where we started this journey. Nine to 10 years ago, our country was struggling with a crisis at the policy level. In order to bring the country out of this situation, we had to change our approach. Instead of entangling investors in red tape, we created a situation where we rolled out red carpets.”
GIM or “Invest Karnataka”, a biennial event last held in 2016, is a flagship affair in the southern state through which it attracts investment from other countries.
In his speech, the Prime Minister stressed how the BJP-led Union government continued to remove complicated and complex rules for industries.
He said: “Instead of making complicated laws, we rationalised them. Instead of running the business ourselves, we prepared the ground for businesses so that other people could come forward. Instead of entangling youngsters in rules, we gave them opportunities to bring out their capabilities.”
Modi said the focus in building a New India has been on bold reforms, big infrastructure and best talent.
Modi said over 1,500 outdated laws were removed to improve ease of doing business and around 40,000 “unwanted” compliance clauses were also done away with to bring in more investment.
Despite the gloom over world markets, he said, global experts on finance and economics have called India a ‘bright spot’.
“When we talk of talent and technology, the first thing that comes to mind is Brand Bengaluru,” Modi said.
He added that Karnataka was one of the top recipients of all foreign direct investment (FDI) into India in 2021-22.
In the 2021-22 fiscal year, India garnered a record $83.57 billion FDI and Karnataka raked in 38% of this figure, making it the highest in the country.
Modi said the “double engine” government in Karnataka – referring to the BJP rule both at the Centre and state – has propelled growth, allowing it to compete not just with other states but countries globally.
The theme for this year’s Invest Karnataka summit – held from 2-4 November — is “Build for the World”.