FM for globally competitive taxation regime to woo investments, boost growth

Make in India workshop in Delhi.

New Delhi, Dec 29: Finance Minister Arun Jaitley on Monday pitched for removal of entry barriers and a globally competitive taxation regime to attract investments and boost growth.

Addressing a national workshop on ‘Make in India’, Jaitley blamed high cost of capital for slowdown in manufacturing sector.

Arun Jaitley said that number of steps have been taken in the past seven months to facilitate an investor friendly climate in the country, but manufacturing still remains a challenge.

Stressing on the need for manufacturing growth to ensure employment for youth of the country, he underlined several initiatives to facilitate ease of doing business in the country.

Jaitley said: “Entry point has to be eased, initial barriers lowered and removed, and after entry, enabling environment has to be created,” and stressed on the need for streamlining the dispute resolution mechanism.

Noting that availability of lands for manufacturing has to undergo a complex procedure, Jaitley talked of the plan to remove such bottlenecks and to ensure that “our regime is competitive.”

Terming the National Workshop as a unique initiative, Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce & Industry, said: “Nothing of this scale has been attempted in the recent memory. This National Workshop is aimed at getting industry and government on the same platform.”

Sitharaman said that discussions would be held on the results of the recent initiatives and also for the new initiatives that need to be undertaken to strengthen the ‘Make in India’ initiatives.

The Minister said that both Department of Industrial Policy & Promotion and Department of Commerce have taken concrete steps for cutting red tape, simplifying rules and delicensing the business environment.

Eighteen sessions are being organised as part of the one-day workshop in which 25 Union ministries and all the States have come together to converge and integrate in a professional manner to chart a roadmap for short and medium term to make ‘Make in India’ initiative a grand success.

(With Agency Inputs)

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