Modi assures more reforms |
Ahead of the Budget, Prime Minister Narendra Modi on February 14 assured more reforms as he rolled out the red carpet to investors, especially multinationals. He also urged investors to set up manufacturing in India as there was enough talent to do so. Modi made the remarks while inaugurating the multimodal manufacturing facility set up by the American engineering giant GE Corporation. Modi said the number of clearances for setting up a hospitality venture will be brought down from a massive 110 to just about 20. Besides, his government has ensured predictability in procedures, laws and policies. India has also taken many initiatives towards ease of doing business. Meanwhile, the government of India wants to get exports of telecom products and services up to USD 10 billion (about Rs 62,000 crore) in the next five years. The current figure is Rs 32,000 crore, of which Rs 20,000 crore is products and equipment and balance Rs 12,000 crore is from services. Telecom Secretary Rakesh Garg said India should reduce imports of electronic products and meet the demand through indigenous production. The government is offering various sops to industry to boost domestic manufacturing in the field of electronics.
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