India one of the most preferred investment destinations: Ajay Seth

"India has risen to become not only the favoured destination for investments but also in terms of resilient and sustainable global supply chains. This has been possible due to fundamental structural reforms undertaken by the government under the leadership of the Prime Minister and coupled with a very strong focus on inclusive development,” said Ajay Seth while addressing a webinar on ‘Sewa aur Samparpan Abhiyan - Social and Economic Reforms’, organised by the Federation of Indian Chambers of Commerce & Industry (FICCI) recently.

He further elaborated that there are fundamental enablers for inclusive development- the JAM trinity being one of them that has been transformative and a game changer. "There has also been a targeted support for persons and entities with weak economic capacities, not just in the pandemic period but throughout the past seven years. Starting with the PM Kisan Yojana, to PM Awas Yojana for both urban and rural segments, the Jal Jeevan Mission and electricity for all, the pace of delivery has been amazing," Seth added.

At the event, Rashesh Shah, former president, FICCI and chairman, Edelweiss Group, said that the social and economic transformation that India is currently going through have all been under the aegis of the Prime Minister. "India is always a work in progress, but India is at a different place than what it was 20 years back. The economic opportunities are getting democratised, and prosperity is percolating down.”

"The focus of reforms during the past 18 months of the pandemic period was not just management of impact, but a very strong emphasis on stepping up the reforms so that economy bounces back, and fast growth rates can be reached,” said Seth adding that the finance ministry looks forward to an industry and government partnership for transparent and constructive exchange of ideas.

Shah further said that multi-faceted interconnected reforms have transformed and touched many lives in India. "In the last seven years we have made significant progress in transparency, ease of doing business, removing discriminatory practices so that we truly achieve equality of opportunity. We need to look at the interconnectedness of reforms in India. Improving competitiveness, transparency, innovation, and policy stability have been the foundation of all the reforms that we have seen in the last seven years. Local savings, strong investment, consumption, propelled by the reform agenda will result in the start of the Golden Era for the Indian economy over the next five years,” Shah noted.

"We salute the Prime Minister's dedication and commitment towards building a New India - a nation that will ascend to new heights of prosperity and development," Dilip Chenoy, secretary general, FICCI, said.

Fibre2Fashion News Desk (RR)