Prime Minister Narendra Modi said that India is aiming to enter the list of top 50 countries in terms of ease of doing business. He assured existing and prospective investors of efforts being made to improve the investment climate in the country. Referring to the push to digital transactions and processes, and the policy changes like the Goods and Services Tax and tax reforms, PM Modi said that doing business in India has become cheaper and faster.
"In the last four years, we have jumped 65 places in the Global Ranking of World Bank's Ease of Doing Business Report. From 142 in 2014 to 77 now, but we are still not satisfied. I have asked my team to work harder so that India is in the top 50 next year. I want our regulations and processes to compare with the best in the world," PM Modi said during the inaugural event of Vibrant Gujarat Summit.
In his speech, PM Modi also emphasised on the changes regarding FDI rules to make things easier for foreign investors. "Most of the sectors of our economy are now open for FDI. More than 90 percent approvals have been put on automatic route. Such measures have propelled our economy into a high growth path. In the last four years, we have received FDI worth $263 billion. This is 45 per cent of the FDI received in last 18 years," PM Modi said.
Speaking at the event, industrialist Mukesh Ambani announced that Reliance Industries will double its investment in Gujarat over the next ten years, in a more distributed manner all over the state.
Ambani also announced that Reliance Jio and Reliance Retail will jointly float a new commerce platform, which will be rolled out first in Gujarat. This project will benefit 12 lakh small retailers and shopkeepers in Gujarat.
He also talked about Reliance's 'Oil to Chemical' outlook, under which hydrocarbon will be used less as fuel and more as a raw material for high-value new materials. "Our 'Oil to Chemicals' strategy will greatly boost the value of Indian exports - and also create new employment opportunities," Ambani said.
He also promised investments to the tune of Rs 150 crore for Pandit Deendayal University (PDPU) which has 5,000 students.
Meanwhile, Gautam Adani, who also has attended all nine editions of the Vibrant Gujarat Summit like Mukesh Ambani, announced investments up to Rs 55,000 crore in Gujarat over the next five years.