India will not offer 'red tape' but a 'red carpet' to foreign investors:Modi

Modi praised both the nations' intelligence by saying, "India has excelled in the field of software and Japan in hardware"

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Pitching for enhanced business and manufacturing ties between India and Japan, Prime Minister Narendra Modi today said that for easing the way business is conducted in India, many regulations had been deregulated, and now foreign investors could hope for a red carpet welcome instead of 'red tape'.

Addressing the Japan External Trade Organization (JETRO) and Nikkei in Tokyo today, the Prime Minister said, "We want to encourage and invite SMEs, small scale industries. I have come to assure you that there is no Red Tape but Red Carpet in India. We have eased off a lot of regulations."

"It's the only place where you can find democracy, demography and demand where 65% of population is below the age of 35 ," he added.

Talking of his government's work as it is about to finish its first 100 days, Prime Minister Modi said, "After forming my government, I have put before people 'Make in India' in the form of a vision. When I was small, if it was said 'Made in Japan', we did not have to think twice. We would buy the product. Now, when we are saying 'Make in India', it means we are providing you with an environment that matches the demand of your product."

"In order to meet the demand of your product, Japan's economy has turned into a high-end economy by moving towards high cost manufacturing. That is the reason why a possibility of low-cost economy is important for you along with the environment providing ease of business", he added.

Assuring Japan of India's capability, he said, "I assure that the miracle you do in the time span of ten years in Japan, the same can be achieved in India in just two years. India is a country of such great possibilities. If you want to promote any product in the world then India is a god gifted country for that."

Talking of new relaxations in the defence sector by his government, he said, "We took so many important decisions in the past few days, especially in the field of Defence. In the rule of 100 days, we have curbed almost 55 per cent of regulations. I would like to assure you that if you invest in our Defence sector then the needs of many small countries all around the world can be met on our land."

Moving to the technology sector, Prime Minister Modi praised the nations' intelligence by saying, "India has excelled in the field of software and Japan in hardware. Just like the way, hardware and software are incomplete without each other, Japan-India are also alike. A miracle can take place if your hardware and our software are combined together.