Doing business in India has now become much cheaper and faster through GST and other tax reforms as well as through digital processes, single-point interfaces and single-window clearance systems, said Vice-President M. Venkaiah Naidu, while delivering his valedictory address at the Global Investors Meet (GIM) 2019.
“GST was the biggest transformation and it will bring in a sea change. The entire world will take a cue from the GST experiment,” he said. Mr.Naidu added that the leveraging of Information Technology through mission mode projects like Digital India has simplified many complicated and multi layered procedures.
He said that events like this (GIM 2019) provide an ideal platform to showcase the strengths of a state and the myriad opportunities that it offers to investors.
Minister for Industries M.C. Sampath said, “We are keen that every project should become a reality and create employment for the youth.” He added that in GIM 2019, southern, western and central districts of Tamil Nadu had received a considerable share of investments. “Investments this GIM are diversified and we have attracted substantial investments in traditional sectors including textiles, agro and food processing, light engineering and fabrication,” he said.
Industrialists who inked MoUs for new investments as well as additional investments said that getting clearances from the State government had become easier now. Officials from various departments pertaining to industries have also been approachable, they said.
Ford India President and Managing Director Michael Brielmaier said that in terms of talent, Tamil Nadu was the best, not just in India, but internationally as well. He said that infrastructure has been a weakness in the state and added that the state government has been working on it. He also suggested that the state government should closely watch trends from other states.
B. Santhanam, president and managing director, Flat Glass (South Asia, Malaysia and Egypt), Saint-Gobain India Private Limited, said his company had been a serial investor in the State.
He added that the State has had the highest MoU conversions. Seon Seob Kim, MD and CEO, Hyundai Motor India Limited, said its new electric car Kona would be manufactured at its plant in Chennai. Hyundai has made an additional investment of ₹7,000 crore in Tamil Nadu.
