A report that has been rightly put by Global consultancy firm EY says that India is the most preferable and attractive investment destination globally for the upcoming three years. The data released by EY makes the competency of Indian market with other nations like China.
As per the polling by the top business leaders of the world marked the bold market preference of the Indian market globally. About 32% of the global leaders supported Indian subcontinent to be the best place for investment which is further followed by China, Southeast Asia and Brazil.
The survey which is quite prominent with the name Ready, set, grow was held in March and April. This survey includes the views of global leaders from varied sectors like industrials, automotive, consumer products, life sciences, infrastructure and technology, among others.
Department of Industrial Policy and Promotion (DIPP) secretary Amitabh Kant said during the launch of the report the finding reconfirms and reaffirms many other recent findings. He said the study clearly brings out there is an increased focus and emphasis on manufacturing and India’s growth in terms of FDI will be driven by manufacturing. India must continue the reform process on a sustained basis over a long period of time. The challenge for India is to grow at rapid rate of 9 to 10 percent per annum year after year for three decades or more.”
Kant also pointed the Prime Minister’s challenge to take India to the top 50 positions on the World Bank’s ease of doing Business in the next three years.
The report also uplifted the global views for India from the last survey of 2014 which came out to be in the areas of macroeconomic stability, political and social stability, relaxation in FDI policy and lastly the Government efforts to aid in dong business.
Kant mentioned “We will marginally improve (our ranking) this year. We will substantially improve next year but in the third year we will definitely reach top 50. We continue to attract investments across and it is important that India becomes a part of the global supply chain.We are pushing for new bankruptcy laws, easier entry and exit. The Vishwananthan Committee will give its recommendation this month and take it forward so that there are easy entry and exit norms.”
“Much has been talked about the tax regime, the lack of consistency but we have taken several decisive steps. The Prime Minister has gone on record to say that India will not resort to retrospective tax,”Kant further added.
On concluding, he cleared up that government is working out with various compliances and the path will shortly be even out to let the start up generation and big companies grow far more easily.