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Housing project fund to benefit the middle class, says Modi
Dharamsala, November 7, 2019
Prime Minister Narendra Modi today said the Union Government has taken a major decision for the benefit of the middle class in announcing a Rs 25,000 crore fund to restart stalled housing projects across the country.
Speaking at the inauguration of "Rising Himachal, the Global Investors Meet 2019", Modi said 4.58 lakh families can now get their houses in which they have invested.
The decision to invest over Rs 100 lakh crore for infrastructure development would benefit the state of Himachal Pradesh, too, he added.
He stressed the need to provide an enabling ecosystem for investors free of the Inspector Raj and the need of permits at every stage.
Nowadays, the States were competing to provide such an enabling ecosystem to the investors. Earlier, they used to offer various discounts to attract investment. The investors, in turn, waited to see which State offered more concessions or discounts.
However, in the last few years, states have realised that this competition of offering discounts or concessions to industrialists benefitted neither the state nor the Industrialists.
The Union Government has introduced several reforms such as ease of doing business and scrapping of obsolete laws. “Healthy competition among states would enhance the competitiveness of our industries on the global platform,” he said.
Such steps would benefit the states, the local population and the country at large. India would be able to progress at a very rapid pace, he said.
"Industry also likes a clean and transparent system and governments. Unwanted laws and Government interventions halted the progress of the industry," he said.
Modi said that, due to the recent changes, India today stands out as a business-friendly destination. “The vehicle of development in India is moving ahead with a new thinking and new approach, on four wheels of society, The government which is encouraging New India, an industry which is daring, and knowledge with a motive of sharing,” he said.
He said that, between 2014 and 2019, India improved 79 places in the World Bank's Ease of Doing Business Rankings. “Every year we are improving in each parameter. Improvement in these rankings means that our Government is making decisions after a thorough understanding of the needs at the grassroots level for the industry,” the Prime Minister said.
“This is not just an improvement in rankings but a major revolution in the way of doing business in India. In today’s global scenario, India is standing strong as we did not allow our economic fundamentals to become weak,” he added.
The industry is now provided with a proper exit route through a robust Insolvency & Bankruptcy Code. Corporate taxes have been slashed to 15% for new domestic companies.
He requested the industry and global representatives to view India as one of the most favourable destinations for investment.
He appreciated the efforts of Himachal Pradesh for several landmark initiatives for creating an investor-friendly environment. In this context, he mentioned steps taken by the state government, such as single-window clearance system, sector-specific policies, transparent system of land allotment, and so on.
The Prime Minister described Himachal Pradesh as having immense potential for conference tourism. He also visited the exhibition showcasing the investment potential and opportunities of the state and released a coffee table book in this context.
UAE is the Partner Country for the Global Investor’s Meet. Over 1,700 business delegates, including 200 international delegates, participated in the event.
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