FDI has seen a record jump |
The Foreign Direct Investment (FDI) has seen a huge jump from $34,487 billion to $61,724 billion since 2013. Indian Prime Minister Narendra Modi said this while giving an overview of his three-year-old government. India is today seen as a bright spot in the global economy, doing business here has been made easier and the tax regime is more predictable and stable.The GST is also going to have long standing benefits for the nation, he said in a write-up on Linkedin. When he assumed office in May 2014, India was going through a challenging phase. To begin with, the element of trust - in government, in institutions- had disappeared.There was little potential and no incentive to invest in India. Corruption, nepotism and high handedness of authorities had demoralized industry. One of his immediate priorities was to change this atmosphere, which he has done over the last three years. Noting that the guiding tenet of his government is `reform to transform`, Modi said the reform agenda is "comprehensive and inclusive, covering all sections of society, all regions of India and all aspects needing attention."He has "immense happiness" that a friendly spirit of competition has developed among the states for accelerating reforms and getting more investment.
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