Lok Sabha Speaker Om Birla: Simplification and transparency in financial laws have provided a favourable environment for investment in India
New Delhi: Speaker of the Lok Sabha Om Birla emphasized that recent efforts to streamline and make financial rules more transparent have created an atmosphere that is conducive to investment in India.
“Today’s India, with its deeper democratic spirit, stable government, and visionary leadership, is a land of immense opportunities for the investors,” Birla said in his opening remarks at the two-day symposium on “Adoption to Changing Landscape: My Viksit Bharat – 2047,” which was hosted in New Delhi on Friday by the Northern India Regional Council, Institute of Cost Accountants of India (ICAI). One of the most popular places in the world to invest is the country with the fastest-growing economy.
Members of Parliament Bansuri Swaraj and Faggan Singh Kulaste, together with other dignitaries, attended the event.
In reference to India’s legal reforms, Birla said that, for the first time, an attempt has been made to amend colonial laws, get rid of unnecessary ones, and create new laws that reflect the ambitions and desires of the people of New India.
Birla underlined that the leadership’s goal of guiding the nation toward development and prosperity is reflected in the GST, planned income tax legislation, and modifications to labor and corporate rules.
In addition to being straightforward, open, and progressive, new laws are inclusive and aim to enhance the lives of everyone in society. Progressive legislation always takes into account the nation’s and society’s evolving needs as well as the shifting global landscape,” he said.
The Speaker of the Lok Sabha said that advancements in the areas of infrastructure, road, rail, and air connectivity have increased the nation’s ability to attract foreign investment, which would eventually benefit society as a whole.
He also brought up the Prime Minister’s strong appeal for sustainable living in order to create a brighter future. “India is leading the world in inspiring the people to pursue the path of sustainable living,” he said.
Birla said that India’s financial institutions are its strongest point, saying that they are respected globally.
Birla praised the Institute of Chartered Accountants of India’s (ICAI) efforts, saying that the organization is crucial for directing the nation toward low-cost mass manufacturing as well as for maintaining financial system openness.
“Playing a vital role in strengthening the economic potential of the country, the ICAI, with its management skills, is improving the lives of the people,” he said.
Om Birla said he hoped the two-day conference will provide a roadmap for the ICAI’s contributions to achieving the Prime Minister’s goal of making India a developed nation by 2047.
