India has moved from red tape to red carpet, claims PM Modi

Prime Minister Narendra Modi, who was addressing a gathering at G20 Trade and Investment Ministers’ Meeting held in Jaipur via video link on Thursday, said that India has now moved away from red tape to red carpet.

Highlighting the global optimism and confidence in the Indian economy, Modi said, "We have moved away from red tape to red carpet and liberalised FDI flows." India is seen as a combination of openness, opportunities and options; India has established dedicated freight corridors and built industrial zones, he said.

 During his address, Modi has touched upon initiatives such as Make in India and Aatmanirbhar Bharat that have given a boost to manufacturing and also mentioned policy stability in the country and underlined that the government is committed to making India the third-largest global economy in the next few years.

He asserted that during the past nine years India has become the fifth-largest global economy as a result of the sustained efforts by the government. "We embarked on the journey of "Reform, Perform, and Transform" in 2014," Modi said as he gave examples and mentioned increased competitiveness and enhanced transparency, expanding digitisation and the promotion of innovation.