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From red tape to a red carpet Modi assures Bengaluru investors that unlike the UPA, we encouraged investment

The Prime Minister essentially addressed "Invest Karnataka" while making fun of the previous administration, which he claimed stifled investment owing to policy crises.

Bengaluru: According to Prime Minister Narendra Modi, his administration has supported a business-friendly climate in the nation, in contrast to the United Progressive Alliance, which burdened businesses with red tape.

In a virtual address to the Global Investors Meet (GIM) in Bengaluru, Modi said: “Today, we have reached a place… (But) It is important to remember from where we started this journey. Nine to 10 years ago, our country was struggling with a crisis at the policy level. In order to bring the country out of this situation, we had to change our approach. Instead of entangling investors in red tape, we created a situation where we rolled out red carpets.”

The yearly “Invest Karnataka” (GIM) event, which was most recently conducted in 2016, is the state’s premier event for luring foreign investment.

The Prime Minister emphasised in his speech how the BJP-led Union government continued to eliminate intricate and difficult laws for industry.

He said: “Instead of making complicated laws, we rationalised them. Instead of running the business ourselves, we prepared the ground for businesses so that other people could come forward. Instead of entangling youngsters in rules, we gave them opportunities to bring out their capabilities.”

According to Modi, the emphasis on creating a New India has been on audacious reforms, expansive infrastructure, and top talent.

According to Modi, over 1,500 old regulations have been repealed to make doing business easier and about 40,000 “unwanted” compliance requirements have also been deleted to encourage investment.

Despite the darkness surrounding global markets, he claimed, India has been dubbed a “bright light” by international specialists in finance and economics.

“When we talk of talent and technology, the first thing that comes to mind is Brand Bengaluru,” Modi said.

Karnataka was among the states that received the most foreign direct investment (FDI) into India in 2021–2022; he noted.

Karnataka received 38% of the record $83.57 billion in FDI that India attracted for the fiscal year 2021–2022, the biggest share in the nation.

Karnataka’s “double engine” government, which refers to the BJP’s control of both the federal government and the state, according to Modi, has fueled growth and enabled it to compete not just with other states but also with nations around the world.

The Invest Karnataka summit, which took place from November 2-4, has “Build for the World” as its theme.

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