Vice President Venkaiah Naidu on Saturday said India has emerged as a bright spot in world economy and hinted that reforms and steps taken by the government of India to improve Ease of Doing Business will continue. India has been a favoured investment destination due to the robustness of its institutions, the resilience of its policy frameworks, the reforms initiated by the government and the responsiveness of Industry bodies. The size of the economy is expected to touch $5 trillion which would further double to $10 trillion by 2030, he said.
In his inaugural address at the 25th CII Partnership Summit here, Naidu said India was ranked 11th in the Global FDI confidence index 2018. The annual Foreign Direct Investment (FDI) inflows in the country are expected to rise to $75 billion over the next five years, according to a report by UBS.
The summit was jointly organised by the Department of Industrial Policy and Promotion and Maharashtra government. The two-day summit is being attended by delegates from 44 countries.
The Vice President also observed that the forward-looking taxation reforms like introduction of Goods and Services Tax (GST) and implementation of Bankruptcy and Insolvency Code have converted India into an integrated market. India improved its rank by 23 positions in the World Bank's Ease of Doing Business.
"The series of economic and administrative reforms undertaken by the Indian government have not only added more tax payers but also enabled the government to bring down tax rates apart from improving the way business is done. Various reforms are also aimed at making the economy inclusive," Naidu said.
He noted that in the present era of competitive and cooperative federalism, various states governed by different parties are competing among themselves in a healthy manner to attract investments, both domestic and foreign, by offering incentives and concessions in different sectors.
"Such healthy competition will make states adopt the best practices and promote a conducive business environment. I feel that similar competition should be promoted among districts within a State," Naidu said.
Suresh Prabhu, Union Minister of Commerce and Industry, said the government's strategy is from grassroots to global, manufacturing to services, agriculture to value addition, and FDI by India to investment in other countries.
He informed that the New Industrial Policy awaits Union Cabinet approval and it aimed to develop global value chain and boost manufacturing competitiveness.
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