Instead of red tape, govt created red carpet for investors: PM Modi

Prime Minister Narendra Modi addressed the inaugural function of Invest Karnataka 2022, the Global Investors Meet today via video conferencing. PM Modi said that ‘Brand Bengaluru’ comes foremost to the mind when one talks about talent or technology. He added that Invest Karnataka 2022 is a perfect example of competitive and cooperative federalism. The Prime Minister also said that instead of trapping investors in red tape, the government created an environment of red carpet for investment. “Investing in India means investing in inclusion, investing in Democracy, investing for the world, and investing for a better, cleaner and a safer planet,” he added. 

PM Modi said that Karnataka is an amalgamation of tradition and technology, nature and culture, wonderful architecture, and vibrant start-ups. “Brand Bengaluru comes foremost to the mind when it comes to talent or technology. This name is well established not only in India but the entire world,” he said.

The manufacturing and production are majorly dependent on the policies and control of the state, he said. He said that through this global investors’ meet, states can target specific sectors and forge partnerships with other countries. 

India received $84 billion as foreign investment last year. “These are uncertain times, still most of the nations are convinced about the fundamentals of the Indian Economy. In this period of fragmentation, India is moving with the world and giving emphasis on working with the world. India could assure the world about the supply of medicines and vaccines in the period of the disrupted supply chain,” he said. 

Explaining the change of approach from 9-10 years, PM Modi said that ““instead of trapping the investors in the red tape, we created an environment of the red carpet for investment, and instead of making new complicated laws, we rationalised them.”

Talking about reforms, PM Modi mentioned GST, IBC, banking reforms, UPI, “abolition of 1500 outdated laws and 40 thousand unnecessary compliances”. Decriminalisation of many company law provisions, faceless assessment, new avenues for FDI, liberalisation of drone rules, geospatial, space and defence sectors have brought unprecedented energy, he added. 

“Goals of development can be achieved only by focusing on investment and human capital. Moving forward on this thinking, we promoted investments in the Health and Education sector. Our aim is also to increase productivity as well as to improve Human Capital,” he said. 

PM Modi added that 400 of the Fortune 500 companies are here and out of 100 plus unicorns in India, more than 40 are in Karnataka. 

The event saw speakers such as Kumar Mangalam Birla, Sajjan Jindal and Vikram Kirloskar among others. 

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