India aims to be most open economy in world: Modi

Wooing Japanese investors, Prime Minister Narendra Modi on Friday said that stable, predictable and transparent regulations are redefining the nature of doing business in India as the country aims to be the most open economy in the world.

"All of the economic reforms that India is pursuing point in to the new direction. My resolve is to make India the most open economy in the world. The impact of our efforts is being felt and recognised globally," Modi said at a business luncheon here, organised jointly by the Confederation of Indian Industry (CII) and Japan business federation, Keidanren.

India's Foreign Direct Investment (FDI) equity inflows have gone up 52 per cent in the last two years. Japan stands as the fourth largest source of FDI into India.

According to the World Investment Report of 2015, India is first among the top 10 FDI destinations of the world.

Creating an enabling environment for business and attracting investments remains top priority for India, with e-governance and new legislation regarding Goods and Services Tax (GST) set to simplify and ease the nature of doing business, Modi said.

He said 'Made in India' and 'Made by Japan' combination could work towards infrastructure building.

"There are futuristic infrastructure projects of the second generation, including dedicated freight and industrial corridorss, high-speed railways, smart cities, coastal zones and Metro rail projects. All of these offer unprecedented opportunities for the Japanese industry," the Indian Prime Minister said.

In 2015, the Indian economy grew faster than other major economies. The World Bank and the International Monetary Fund assess this trend will continue. Lower labour costs, large domestic market and macro-economic stability combine to make India a very attractive investment destination, he said.

Modi said his government is looking at a greater influx of Japanese investments and that Indian laws have been amended for facilitating foreign investors.

"The Insolvency and Bankruptcy Code passed recently will make it easier for investors to make an exit. We are setting up commercial courts and commercial divisions to ensure speedy disposal of commercial matters," he said.

The arbitration proceedings will now become faster as the law has been amended, he added.

--IANS

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