On Tuesday, India–Korea Business Summit was held by bodies DIPP and CII. Addressing this summit, PM Modi announced that the ruling government has worked on establishing a steady business atmosphere in the country and assured that, while he is working on seeking funds from outside India, he will take care of and boost investments. He also went on to declare about the readiness of India for business and how India is open for organizations.
Speaking about the automation in approvals and openness of economy in terms of FDI, he highlighted about absence of any need for government permissions for investment in the sector of manufacturing. He expressed to business from Korea about how much he values their participation and value-addition to India and assured them of complete assistance.
On this occasion, Prime Minister also spoke about how his government has brought down tax impact for corporates and highlighted the fast pace of Indian economy, which is on its way to become, by nominal GDP standard, fifth largest economy in the world. Also, while highlighting the policies of government of promoting investment, he stated that the government is intending to boost manufacturing sector for employment creation.
While addressing the summit, PM Modi threw limelight on the initiatives and accomplishments of his government including ease of business, trade across boundaries, investment, administration, GST, scrapping of old acts that led to complexities in administration and rise in Foreign Direct Investment.
He emphasized the importance of South Korea and India in Asia, about the potential the cooperation between the two holds, especially in the domains of ports, ship-building, IT, steel and automobiles. He also focused on the advantage to be gained by both countries by intensifying cooperation and about the pivotal role that India can play for businesses in Korea to help them enter the markets of Africa and Middle East.