Government eliminating unnecessary regulations: Modi

India is the next frontier of economic revolution, PM tells China

May 16, 2015 01:12 am | Updated December 04, 2021 11:30 pm IST - Shanghai:

Prime Minister Narendra Modi with Chinese Premier Li Keqiang during the ceremonial welcome at the Great Hall of People in Beijing, China on Friday.

Prime Minister Narendra Modi with Chinese Premier Li Keqiang during the ceremonial welcome at the Great Hall of People in Beijing, China on Friday.

Prime Minister Narendra Modi arrived here on Friday for the third and final leg of his three-day China visit .

Mr. Modi is scheduled to meet with CEOs of top Chinese companies and initial a number of agreements worth $10 billion.

He will also address the Indian community here before leaving for Mongolia on the second—leg of his three-nation tour that will also take him to South Korea. Earlier addressing a gathering at the Tsinghua University in Beijing, Mr Modi pitched India as the next frontier of “economic revolution” and said his government was doing away with “unnecessary regulations”, building a predictable tax regime and creating a liberal environment for foreign investments.

He also assured investors that land acquisition laws will neither be allowed to hinder growth nor become a burden on farmers. Mr Modi said: “We are eliminating unnecessary regulations and simplifying our procedures. We are using digital technology to eliminate multiple approvals and endless wait.”

He added: “India is now the next frontier of the economic revolution. We have the demography for it. About 800 million people in India are below the age of 35 years. Their aspirations, energy, enterprise and skills will be the force for India’s economic transformation. We now have the political mandate and the will to make it happen.”

India is also scaling up investments in next generation infrastructure — roads, ports, railways, airports, telecom, digital networks and clean energy, he said.

“We have taken sweeping steps to reform our policies and open up more to foreign direct investments. This includes new areas like insurance, construction, defence and railways,” he said.

Over the past year, Mr Modi said, India has moved with a “clear and coherent vision” and acted with speed, resolve and boldness to implement it.

Predictable tax regime “We are building a tax regime that is predictable, stable and competitive, and that will integrate the Indian market.” He further said: “Our resources are being allocated with speed and transparency. And, we will make sure that land acquisition does not become a barrier to growth or a burden on farmers."

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