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  • November 08, 2019

PM Modi: Ease of Doing Business, Not Sops Attracts Investors

Prime Minister Modi inaugurated the two-day ‘Rising Himachal Global Investors' Meet’ that was held to attract investment to the state. He spoke against sops like free power, cheap land and tax waivers for industrialists, saying they would rather have a transparent business environment with simpler rules.

“The Industry likes transparency and a clean system. Unwanted rules and undue interference by the government somehow create hindrance in the pace of industrial growth,” he said.

“One state would waive tax; another would provide free power. But I am satisfied that this situation has changed drastically in the last few years. Now state governments have started realising that the competition on incentives can neither benefit the states nor the industrialists,” he added.

“For attracting investment, the proper ecosystem, dismantling of the inspector raj and doing away with the permit system is required,” he said. “This dream of achieving a $5 trillion economy does not belong only to the Centre. This goal can only be achieved with the cooperation of different states.”

Officials maintained that during the events before the summit, businesses have committed investments of over Rs 92,000 crore, exceeding the target of Rs 85,000 crore.
Himachal Pradesh Governor Bandaru Dattatreya, Himachal CM Jai Ram Thakur, Sikkim CM Prem Singh Tamang, Union Ministers Prahlad Patel and Anurag Thakur and Niti Aayog Vice Chairman Rajiv Kumar attended the event.

 

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