Reliance joins calls for India to tighten marketplace rules

Vedanta Chairman Anil Agarwal on Tuesday said India is on the path of encouraging ease of doing business and stressed that the government is production-minded and not revenue-minded.

In a tweet, Agarwal said trust, talent, and technology are the cornerstones of development.

”We fully agree with PM Shri Narendra Modi Ji at #DavosAgenda that it’s the best time to invest in India. It is a great opportunity for entrepreneurs to identify partners and investors to collaborate with them, as general consciousness is that they’d like to work with local entrepreneurs,” he tweeted.

He also tweeted, ”#India is definitely on the path of encouraging ease of doing business. Govt. is production minded and not revenue minded.” Citing India’s commitment to deep economic reforms and the ease of doing business, Modi on Monday asserted that this is the best time to invest in the country as policy-making is focused on the needs for the next 25 years for a ‘clean and green’ as well as ‘sustainable and reliable’ growth period.

In his special address to the World Economic Forum’s online Davos Agenda 2022 summit, Modi underlined a host of reform measures undertaken by his government to stress that it has worked to reduce the administration’s interference in business by deregulating many sectors and to clear the way for free trade agreements with different countries.

India was once associated with ‘License Raj’, he had noted highlighting the measures, including the reduction of corporate tax to boost business and doing away with over 25,000 compliance requirements.

He also mentioned new challenges, including cryptocurrencies, facing the world and said they call for countries to respond together as measures by any one country may be inadequate.