BJP govt has freed investors from red tapism: PM Modi at Invest Karnataka 2022 Summit

New Delhi, Nov 02: Prime Minister Narendra Modi on Wednesday said that the BJP government has freed investors from red tapism while rolling out red carpet of opportunities.

"These are uncertain times, still most of the nations are convinced about the fundamentals of the Indian Economy. In this period of fragmentation, India is moving with the world and giving emphasis on working with the world. India could assure the world about the supply of medicines and vaccines in the period of the disrupted supply chain. Despite a climate of market saturation, our domestic markets are strong due to the aspirations of our citizens," a statement from his office quoted him as saying at the Invest Karnataka 2022 Summit, the Prime Minister said,

He highlighted that even in times of a global crisis, experts, analysts and economists have hailed India as a bright spot. "We are continuously working towards cementing our fundamentals to further strengthen India's economy with each passing day", PM Modi said.

The Prime Minister stressed the need to understand the trajectory of the Indian economy. He explained the change of approach from 9-10 years ago when the country was grappling with policy and implementation-related issues. He underlined that "instead of trapping the investors in the red tape, we created an environment of the red carpet for investment, and instead of making new complicated laws, we rationalised them."

Prime Minister Narendra Modi inaugurated the 3-day function of Invest Karnataka 2022, the Global Investors Meet of the state, via video conferencing.

The meet is aimed at attracting prospective investors and setting up development agenda for the next decade. The three-day programme is expected to witness more than 80 speaker sessions.

The speakers include some of the top industry leaders including Kumar Mangalam Birla, Sajjan Jindal, Vikram Kirloskar among others. Along with this, a number of business exhibitions with more than three hundred exhibitors, and country sessions would run parallel.

According to the PM, building a new India is possible only with bold reforms, massive infrastructure and the best of talent. "Today bold reforms are carried out in every sphere of the government."

He mentioned GST, IBC, banking reforms, UPI, abolition of 1500 outdated laws and 40 thousand unnecessary compliances. He also said that steps like decriminalisation of many company law provisions, faceless assessment, new avenues for FDI, liberalisation of drone rules, geospatial and space sector and defence sector are bringing unprecedented energy. The Prime Minister said that the number of operational airports has doubled in the last 8 years and Metro has expanded in more than 20 cities.