New Delhi, Jan 15 (PTI) Prime Minister Narendra Moditoday promised more economic reforms to further improve theease of doing business in India as he invited Israelicompanies to invest here.
Speaking at an Indo-Israel business event, he referred tothe further opening up of the single brand retail to foreigninvestment recently as also allowing foreign airlines to buystake in national carrier Air India, saying that substantialreforms have been undertaken by his government.
A number of regulatory issues facing companies have beenresolved, he said. "We will not stop, we want to do more andbetter.""Everyday we are making it easier to do business inIndia," he said, listing the introduction of a uniform Goodsand Services Tax (GST) nationwide and a transparent tax systemas achievements.
India, Modi said, is the fastest growing economy with FDIinflows at all time high. "We have been taking steps over lastthree years at macro and micro level."The moto of the government is "reforms, perform andtransform", he said.
To enable entry of capital and technology, most of thesectors including defence, have been opened for FDI, he said,adding that more than 90 per cent of the FDI approvals havebeen put on automatic route.
"We are now among the most open economies," Modi said.
With the visiting Israeli Prime Minister BenjaminNetanyahu at his side, he invited Israeli firms to invest inthe country.
India's development agenda is huge and offers vastopportunity to Israeli companies, Modi said.
"I have always had a deep regard for Israel and itspeople," he said recalling his 2006 visit to Israel as theChief Minister of Gujarat. "Last year in July, I visitedIsrael, the first such visit from India. I experienced theremarkable spirit of innovation, enterprise and perseverancethat drives Israel."There is new energy and purpose that have invigorated theties between the two countries over the last few years, hesaid, adding that they will help take cooperation between thethem to greater heights.
"India's development agenda is huge. It presents a vasteconomic opportunity for Israeli companies. I invite more andmore Israeli people, businesses and companies to come and workin India," he said.
Modi said that along with government and people, thebusiness community of India too is keen to join hands withIsrael.
"We stand on the cusp of a new chapter in India-Israelrelations driven by our people and mutual opportunities forbetterment of lives," he said.
Modi said the just launched India-Israel InnovationBridge will act as a link between the start-ups of the twonations.
"I have been saying that Indian Industries, start-ups andthe academic institutions must collaborate with their Israelicounterparts to access the huge reservoir of knowledge," hesaid. PTI MSS RR NKD CS ANZSA.
This is unedited, unformatted feed from the Press Trust of India wire.