India has undertaken wide-ranging reforms for improving the ease of doing business in India, said Prime Minister Narendra Modi on Friday while inaugurating Semicon India Conference 2022.
Modi informed about measures like the abolition of more than 25,000 compliances, a push towards auto-renewal of licenses, transparency and speed in regulatory framework via digitisation and one of the most favourable taxation structures in the world.
“India is headed for robust economic growth with the world’s fastest-growing startup ecosystem. India’s own consumption of semiconductors is expected to cross USD 80 billion by 2026 and USD 110 billion by 2030, he said.
He underlined the critical role of semiconductors in today’s world and said, “It is our collective aim to establish India as one of the key partners in global semiconductor supply chains. We want to work in this direction based on the principle of hi-tech, high quality and high reliability.”
Modi said that India is building a digital infrastructure to connect over 1.3 billion Indians. Describing the strides that India has recently made in the field of financial inclusion, banking and digital payment revolution, he said, “We are using digital technology to transform lives in all sectors of governance from health and welfare to inclusion and empowerment.”
He said that at a time when humanity was fighting a once in a century pandemic, India was not only improving the health of our people but also the health of our economy.
Prime Minister Modi talked about ‘production linked incentives’ schemes that offer incentives of over USD 26 billion in 14 key sectors.
“We have worked hard over the last few years to create an environment that encourages growth. India has an appetite for tech and risk-taking. We have put the odds in your favour as far as possible through a supportive policy environment. We have shown that India means business,” he said.