Big corporates - including the Ambanis, the Adanis and the Birlas as well as Suzuki and Rio Tinto from abroad - on Sunday committed to investing about Rs 2 lakh crore and creating more than 50,000 jobs, as Prime Minister Narendra Modi promised to make India the 'easiest' place to do business with a stable policy and tax regime. Here are the key takeaways from Mr Jaitley speech.
Vibrant Gujarat has become one of foremost economic conclave in India
From 2008 to 2013 we spent 5 years in coming up with a new company law, completely out of tune with the current requirement of business.
The corporate laws need to be amended
We cannot have economic indecision for 10 years
Government criticised for quick decision making
Insurance FDI will raise the confidence of foreign investors
Highly adversarial tax regime scared investors away
This government has no intention to use retrospective tax
Government determined to change tax regime
Ease of doing business is a priority area for government
Land law amendments will not only help development but also the farmers
Industrial corridors will help benefit rural India
Industrial corridors are essentially going to run through rural areas, help villages increasing value of land, and generate employment for those villages
The original land law would have made India a land of incomplete projects