“It is only through increasing investments in the economy that can India travel on a high growth path in the coming years. Over the past few years, India has seen both economic and governance reforms. India has adopted a multipronged approach that created an enabling environment for private investment and entrepreneurship to thrive,” said Mr Amitabh Kant, CEO, NITI Aayog, India, speaking at the Session on Tracking India’s Reform Journey: The Investment Trajectory at the Partnership Summit 2021 organized by CII in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
He stated that the past few years have seen India’s reform agenda gather an unprecedented pace. These comprise of several reforms undertaken by the Government for improving the investment climate such as introduction of Goods and Services (GST) in 2017, reduction in corporate tax rates, ease in direct tax compliances, elimination of retrospective tax, opening of sectors for FDI, etc. Overarching focus on improving ease of doing business in India has paid dividends with India’s ease of doing business ranking improving considerably. He further mentioned that going digital and green are likely to be key catalysts of competitiveness in the post COVID era.
Ms Sumita Dawra, Additional Secretary, DPIIT, Ministry of Commerce and Industry, Government of India mentioned that the country’s flagship program of AatmaNirbhar Bharat built on five pillars - namely, intent, inclusion innovation, infrastructure and investment is taking India ahead to be part of the resilient supply chain. India is striving hard to improve the quality and scale of manufacturing through the production linked incentive scheme. The underlying objective is to bolster domestic manufacturing and integrate it efficiently with global supply chains to boost trade in sectors. She mentioned about several reform measures in technology, infrastructure, focus on process re-engineering, etc. aimed at creating an investor friendly ecosystem in the country.
Mr Richard Heald OBE, Group Chair, UK India Business Council (UKIBC), UK said that the announcement of the comprehensive strategic partnership between India and UK aims at doubling bilateral trade and investments by the year 2030. He mentioned that the focus of the proposed agreement is on reducing tariffs, promoting technology transfer, reducing non-tariff barriers on goods such as aligning standards and simplification of procedures and processes, ensuring IP protection, etc. This
Mr. Richard Rossow, Senior Adviser and Wadhwani Chair in U.S.-India Policy Studies, Center for Strategic and International Studies (CSIS), USA mentioned that the pace of reforms in India has started to pick up following the economic slowdown on account of the onset of the COVID-19 pandemic. He added mentioned that State Governments are speeding up reforms in several critical areas such as in land acquisition, labour reforms etc which will further position India as an attractive investment destination.
Mr Goldy Hyder, President and CEO, Business Council of Canada mentioned that with Canada looking at diversifying its economy, India comes across as a market that represents tremendous upside in terms of favourable demographics. He stated that predictability, stability, and confidence instilled by the regulatory regime and political infrastructure along with social cohesion are the key factors for consideration by Canadian companies for doing long-term business in any country including India.
Mr Rajiv Memani, Chairman, CII National Committee on Taxation and Chairman - India Region & Chairman, Emerging Markets Committee, Ernst & Young LLP, India, stressed that India had pursued several structural reforms aimed at creating a welcoming climate for doing business and attracting investments. These include big-ticket and smaller reforms, with taxation as a major area.
13 December 2021