Obama ‘excited’ to be at Republic Day celebrations: Kerry
Gandhinagar:Wooing global investors, Prime Minister Narendra Modi on Sunday promised to make India the “easiest” destination to do business with a stable tax regime and a predictable, transparent and fair policy environment.
Pushing his pet theme of manufacturing to boost economic growth and create jobs, he said a single window clearance for projects is being set up at both central and state level.
Stating that the atmosphere of “despair and uncertainty” has gone away within a very short span of seven months, he said, “Since day one, my government is actively working to revive the economy. My government is committed to creating a policy environment that is predictable, transparent and fair.”Modi, who assumed office as Prime Minister in May last year after BJP stormed to power with a huge mandate, said the government is working to provide a policy-driven governance.
“Ease of doing business in India is a prime concern for you and for us. I assure you that we are working very seriously on these issues. We want to make them not only easier than earlier; not only easier than the rest; but we want to make them the easiest,” he said. “We are trying to com-plete the circle of economic reforms speedily. We are also keen to see that our policies are predictable. We are clear that our tax regime should be stable. In the last few months, we have taken several decisions in this direction,” he said.
“… We are not only making commitments and announcements. We are also backing them up with concrete action,” he said.
Speaking at the Vibrant Gujarat Summit here, with leaders from across the world, including top industrialist and US Secretary of State John Kerry, UN Secretary General Ban Ki-moon and World Bank head Jim Yong Kim, in attendance, Modi said that India is on the “path of transformation”.
Stating that the govern-ment has made commitments to its people for a great future for India in a very short time, he said, “we know that to do this, we need the enabling policy framework..Assuring investors that the govern-ment will “hold your hands whenever needed,” he said: “If you walk one step, we will walk two steps for you.” The first two quarters of the current financial year beginning April 2014 have seen growth rate which is one per cent higher than the previous year, Modi said, adding that IMF has predicted that India would be the second fastest growing economy in the coming years.
According to the Organi-sation for Economic Co-operation and Development (OECD), India would be the only country among world’s top economies which would increase its pace of growth this year, he said.
Listing out recent initiatives, he said FDI in construction has been liberalised, 100 per cent foreign investment has been allowed in railways, the defence sector has been opened for FDI up to 49 per cent and a similar level in the insurance sector. President Barack Obama is “very excited” that he will be the first US President to be honoured as the chief guest at India’s Republic Day celebrations, Secretary of State John Kerry said on Sunday.
Speaking at the 7th Vibrant Gujarat Summit, he said: “President Obama is very excited and particularly pleased with the fact that he will be the first US President to be honoured as the chief guest on Republic Day commemoration.”
Prime Minister Narendra Modi had invited the US President to be the chief guest at this year’s Republic Day celebrations on January 26. Obama accepted the invitation in signs of expanding ties between the two nations.
“And he will the first sitting US President to visit India twice while in office,” Kerry said. “Let me make it clear we believe in values that both countries share.”
India traditionally invites a head of state to participate as chief guest at Republic Day celebrations that culminates in a military parade.
Last year’s chief guest was the then Japanese Prime Minister Shinzo Abe.
Modi met Obama on a his visit to the United States in September and they have spoken on telephone since then.
Obama, who had visited India in 2010, would also be the first US President to visit the country twice while in office. (PTI)