“Through the budget announcements, we are taking various steps in making India a seamless, export-friendly economy, one where businesses are free to focus on innovation and expansion, and not paperwork and penalties,” she said, addressing a post-budget webinar titled ‘Making India Investment Friendly’. Decriminalisation of business-related laws reduces the legal risk, allowing industry to operate with greater confidence, Sitharaman said. More than 42,000 compliance requirements have already been removed, and over 3,700 legal provisions have been decriminalised since 2014, she noted.
Chief economic advisor Ananth Nageswaran said foreign investment plays a crucial role in economic growth and development, and India, being a current account deficit country, needs both portfolio and direct investments. “Growth will come under pressure across the world and therefore it is very incumbent on us to do all we can to sustain a mood of optimism in the country,” he said. -Our Bureau
