Chief Minister Raman Singh has told US investors that the Indian Government’s demonetisation exercise is a 'very big reform' which will eradicate black money and also stem the flow of money to the Maoists and terrorists.
Goods and Services Tax will help the society in the long term thus boosting growth across Indian States , he said during his ongoing tour of the United States.
Notably, the Chhattisgarh Government has organized a business mission in collaboration with USIBC and TIE Global. The mission was held in New York wherein more than 80 representatives from corporates and NRIs participated in the Chhattisgarh Investors' Seminar, officials informed.
Singh has called upon the leading US-based companies to invest in the rapidly developing State of Chhattisgarh.
He said the resource-rich State has many sunrise sectors like Information Technology and Defence.
He assured the investors of secure environment and friendly policies.
During his tour, Singh will meet leading investors, experts and companies in Chicago, New York and San Francisco for inviting them to be partners in Chhattisgarh's progress.
The Chief Minister said that the State team is here in USA to inform investors and firms that the State is the best destination for investment in core sectors of mines and minerals, IT, Engineering and solar energy.
Singh added that investors may not be fully aware of the investment opportunities and facilities extended in the young State of 16 years. There is tremendous potential in Chhattisgarh. There are several industries which need large-scale investments.
Three-million tonne per annum capacity steel plant is being set up in Bastar as a part of 'Make in Chhattisgarh'. The State is keen on investments in food processing, pharma, textile and solar energy. It will help us it diversify economy and exploit untapped growth opportunities, he said.
Ease of Doing Business is implemented in totality and the entire administration is geared up to provide smooth access to all formalities in the setting up of industries, he said.
It may be recalled that State Minister for Commerce and Industries, Amar Agrawal in July this year had interacted with the members of the Eastern Region at the Third meeting of the Regional Council of the Confederation of Indian Industry (CII) in Raipur.
“After establishing itself as one of the most preferred investment destinations in core sectors like steel, power, cement, minerals etc, Chhattisgarh is now treading forward for industrial diversification in non-core sectors and value addition in the established core sector in the State”, the Minister had stated in his address. With its commitment towards creating value for investment, Chhattisgarh ensures ease of doing business which has also been attested by the World Bank and DIPP in their recent survey wherein Chhattisgarh was ranked 4th in the country in terms of Ease of Doing Business, he said.
In addition to that, Chhattisgarh also provides competitive cost of doing business which largely gets ensured through lower power tariff than the national average, low cost of land, low rentals, low transportation cost etc, Agrawal said.
Infrastructure and connectivity are also major areas of thrust in Chhattisgarh which draws investors’ attention to this central state, he said during his interaction with the Industry leaders. Agrawal stated Focus sectors like IT/ ITeS, Electronics, Defence, Food processing, Engineering, NRE etc. are being promoted to ensure value addition in the established core sectors and promote sectors of strategic importance having high employment potential. Minister had invited leading industrialists from the eastern region of India to come and invest in Chhattisgarh and assured all support from the Industries Department in this regard.