We will hold your hand when needed, PM promises investors

In the presence of several global leaders, including US Secretary of State John Kerry, UN Secretary-General Ban Ki-moon, and World Bank head Jim Yong Kim, India's Prime Minister Narendra Modi on Sunday continued to push his vision of India's economic development.

Modi made a pitch for investments at the ongoing 'Vibrant India' summit that is being not unexpectedly held in Gandhinagar, the capital of his home state of Gujarat.

At the summit attended by over 50 corporate chief executives, he told potential investors that the government will "hold your hand whenever needed''; and "If you walk one step, we will walk two steps for you."

Modi further said, "The ease of doing business in India is a prime concern for you and us. We are working very seriously on these issues."

Major investors are pinning their hopes on Modi's attitude – he claims he will reverse the perceived hostile investment climate in India, packed with red tape and corruption. He pointed to the much-touted Gujarat development model.

He ruled the state for an unprecedented three terms before becoming the country's leader. However, Gujarat was already one of India's most prosperous states long before his tenure; and critics doubt seriously if he can implement the process across India.

The PM promised to make India the "easiest" destination to do business - combining a stable tax regime with a predictable, transparent and fair policy environment.

He said the new government was making all efforts to ensure faster and yet inclusive growth and initial results were very encouraging.  Already, the Organisation for Economic Co-operation and Development has said India would be the only country among world's top economies which would increase its pace of growth this year.

Listing the recent initiatives of the government, he said Foreign Direct Investment in construction has been liberalised, 100 per cent investment has been allowed in railways, the defence sector has been opened for FDI up to 49 per cent; ditto for the insurance sector.

"We have a large number of hands to work. And we have an even larger number of dreams to be realised," he said.

Pushing his theme of manufacturing to boost economic growth and create jobs, he said a single window clearance for projects is being set up at both central and state levels.

"We are not only making commitments and announcements. We are also backing them up with concrete action," he said.