'Will roll out red carpet, not red tape for investors'

As Prime Minister Narendra Modi tours Europe looking to attract investments to India, Minister of State for Finance Jayant Sinha has assured global investors that India will roll out the red carpet for them and do away with red tapism.

"As honourable prime minister said, we will roll (out) the red carpet for the foreign investors and not red tapism," Sinha said on Sunday at an event here hosted by Alpen Capital (ME) and Barjeel Geojit Securities, in association with the Gulf Cooperation Council (GCC) Chapter of Indian industry body Associated Chambers of Commerce and Industry of India (Assocham), according to a Khaleej Times report on Monday.

"Our destiny is to become the economic engine to provide products and services for the world's seven billion people. This is a historic opportunity to become a part of India's growth story. It is a once in a lifetime opportunity and I would request you to be a part of it," Sinha told the gathering.

Sinha said that one of the initiatives to support the government's "Make in India" campaign was the National Investment and Infrastructure Fund to ensure that India's infrastructure matched its growth ambition.

A large part of the Rs.700-billion fund will go towards road and railway development. The fund has an annual flow of Rs.200 billion.

The minister highlighted the role of India as one of the fastest-growing economies in the world and talked about the investment opportunities available to investors across sectors. He also stressed the reforms introduced by the Indian government and the drive towards "Make in India".