PM vows to cut red tape for foreign investments

Prime Minister Narendra Modi, visiting Germany on Sunday, vowed to remove unnecessary regulations and procedures in the process of foreign investment in India, as well as to make it easier for other countries to initiate business deals.

Prime Minister  Narendra Modi addressing the Joint Inauguration of the Indo-German Business Summit, in Hannover, Germany, on 13April 2015

"We are removing unnecessary regulations and simplifying our procedures. The goods and service tax is a long-needed revolution that is becoming a reality. We are using digital technology to accumulate multiple approvals and endless waits," the Prime Minister said while inaugurating the Hannover Messe Fair, the world`s biggest industrial fair.

"Good governance is important for not just our citizens but our business. We will guide you and walk with you in your projects," he added.

He further said that 'Make in India' is more than a mere slogan. "Make in India is not just a brand or simply a slogan. We have moved with speed and boldness to fulfill our pledge, we are creating a stable economic environment railway is the thread that binds India, it will now be a fast track for India`s transformation," Modi said.

"This is a message of 14 states, 120 CEOs and 350 companies from India participating in this fair. Your choice of India as a partner country reflects a new confidence in India, our decision to be here in the first year of our government reflects our priority we want to increase economic growth and we want to transform our cities and villages, and improve the quality of life," he added.

"It is a great privilege for me to be here at the inauguration of the world`s largest fair. It is a special honour to do so in the company of Chancellor Merkel, a great leader and a friend of India. They have been most generous in allowing us to unleash our lions in the city, the lions are a symbol of a new India, and they are all but with the message of friendship and a promise of partnership," said Prime Minister Modi.

Furthermore, he said that Germany`s choice of India as a partner country reflects a new confidence in the country.

"We will naturally pursue our goals on the strength of our own resources but we know that we will be more successful when we do it in partnership with the world. We want to build world class industry and infrastructure. Germany is a valued partner for India, and symbol of innovation, quality and productivity. Indians and Germans have formed a relationship of mutual fascination and goodwill," he said.

"India and Germany share close and warm relationship. Today I come to seek German partnership in my own mission to open up India`s seamless potential. We will pursue our goals on strengths of our skills and enterprise; we will be more successful if we do this in partnership with the world. India is open and ready to embrace the whole world," he added.

The opening ceremony of the fair saw several performances by Indian artists. India showcased its design, innovation, manufacturing prowess at fair, apart from yoga, wellness and culture to encourage German business to invest in the country.

The Prime Minister was received by German Chancellor Angela Merkel at his arrival at the fair.

Earlier, Prime Minister Modi gifted a Madhubani painting, depicting different stages of life, to Lord Mayor of Hannover, Stefan Schostock.

The painting, created on a canvas by national award winning artist Baua Devi, depicts different stages of life and its association with nature as well as the interconnected nature of life on earth.

He also unveiled a bust of Father of the Nation Mahatma Gandhi, saying that the latter is an inspiration to mankind.