PM enumerates steps for deepening the financial markets
The Government has repealed as many 1,500 laws in the last six months as India has made up its mind and is committed to reforms in rules and regulations, Prime Minister Narendra Modi has told the business community.
Addressing the ASSOCHAM Week, held 15-19 Dec 2020, Modi also enumerated several steps for deepening the financial markets including the bond market, sovereign funds and pension funds are being given tax rebates.
Similarly, Sovereign Wealth Funds and Pension Funds are being tax exempted, REITs and INVITs are being promoted and Infrastructure related assets being monetized, he said.
Besides, the strengthening of PSU banks is also being taken up to ensure adequate funding for the unfolding opportunities.
For global investors, the country has transformed itself from “Why India” to “Why Not India”. This is reflected in the robust inflows of foreign direct investment and foreign portfolio investment even at times of the pandemic-hit global economy, the Prime Minister said on 19 Dec 2020.
India has moved towards ease of doing business in terms of labour laws, regulatory compliances, Startup ecosystems and the broad policy of giving a ‘Red Carpet’ treatment to investors.
Calling upon ASSOCHAM and the entire India Inc to help devise a mechanism to deal with the fast-changing geopolitical situations in the world, Modi said the industry must also look at scaling up corporate governance.
Whether it is dealing with gender parity, corporate governance, labour inclusivity and interest of other stakeholders, “what you expect from the government and society”, must be done by the industry as well.
The government is putting a special focus on manufacturing. Besides reforms, incentive schemes have also been announced for more than 10 sectors. Positive results of the same are already visible, he said. #economy #banks #exports #manufacturing #reforms #laws /fiinews.com
