India's image had been identified: Nirmala Sitharaman

Sitharaman said India's image had been "identified unfortunately" with red tape-ism, inspector raj and cumbersome rules which hinders smooth transaction of business.

She said the government has taken a series of pro- business steps and measures to spruce up infrastructure.

Listing out the steps, she said the process of applying industrial licences had been made online and validity of licences had been extended to three years.

"Special timelines have been laid down for processing all applications and security clearances," she added.

The Minister said the government has also liberalised foreign direct investment in several sectors like defence, railway infrastructure and real estate.