New Delhi [India]: Lok Sabha Speaker Om Birla emphasized that India’s recent financial law reforms have created a transparent and investor-friendly environment, attracting global investments.
Speaking at the two-day symposium on “Adoption to Changing Landscape: My Viksit Bharat – 2047”, organized by the Northern India Regional Council, Institute of Cost Accountants of India (ICAI) in New Delhi, Birla highlighted India’s democratic spirit, stable government, and visionary leadership as key factors fueling economic growth.
“Today’s India, with deeper democratic spirit, stable government, and visionary leadership, is a land of immense opportunities for investors. The fastest-growing economy in the world is a favorite destination for investment across the globe,” he said.
The event was attended by Members of Parliament Faggan Singh Kulaste and Bansuri Swaraj, along with other dignitaries.
Key Legal and Economic Reforms
Om Birla pointed out that, for the first time in Indian history, significant efforts have been made to repeal colonial-era laws, eliminate outdated regulations, and introduce progressive legislations aligned with the aspirations of New India.
Highlighting GST, proposed income tax legislation, labor law reforms, and changes in company laws, he stated that these measures simplify financial regulations, enhance transparency, and promote inclusivity.
“New laws are not only simple, transparent, and progressive but also inclusive, ensuring the well-being of the last person in society. Progressive laws always consider the changing needs of the country, society, and the global landscape,” Birla added.
Infrastructure Growth Boosting Investments
Birla also emphasized that developments in infrastructure, road, rail, and air connectivity have significantly increased investment potential in the country.
He referred to Prime Minister Narendra Modi’s vision of sustainable living, stating that India is leading the world in promoting environmentally responsible economic growth.
ICAI’s Role in India’s Economic Development
Praising India’s financial institutions, Birla noted their global credibility and emphasized the crucial role of the Institute of Chartered Accountants of India (ICAI) in ensuring financial transparency and cost-effective mass production strategies.
“Playing a vital role in strengthening India’s economic potential, the ICAI, with its management skills, is improving the lives of the people,” he asserted.
Expressing optimism about the symposium, Birla hoped it would lay a clear roadmap for ICAI’s contributions in achieving India’s goal of becoming a developed nation by 2047.