We can become the “workshop of the world” only if we create a climate for investments by foreigners and NRIs. At present, it is not easy to set up an industry in India. There are so many procedural wrangles that an industrialist gets fed up and he starts looking towards other countries for investment which do not have such procedural problems.
Then in the present state of labour laws, the labour unions can create a hell of lot of difficulties for an industrialist to run his industry smoothly. There is an immediate need of reforming the labour laws if we want to attract foreign direct investment. The law and order situation in the country also needs much to be desired in the eyes of the foreign and NRI investors because today’s bad law and order situation would surely deter them from investing in India.
And finally, that Government is the best which governs the least. So all types of procedural formalities also need to be removed or at least curtailed, the taxes need to be cut and a congenial atmosphere has to be created for making India the “workshop of the world”.
At present, the only incentive for the foreigners and NRIs to invest in India is its cheap labour. We should not be content with that and provide them more facilities for attracting them to invest in India and set up industries here. There is a need to end license-permit-quota raj completely and simultaneously, the Inspector raj also need to be abolished.
{{/usCountry}}At present, the only incentive for the foreigners and NRIs to invest in India is its cheap labour. We should not be content with that and provide them more facilities for attracting them to invest in India and set up industries here. There is a need to end license-permit-quota raj completely and simultaneously, the Inspector raj also need to be abolished.
{{/usCountry}}However, I as an Indian wish that the prime minister’s vision in this regard, may become a reality.