Simplification and transparency in Financial Laws provided enabling environment for investment in India: Lok Sabha Speaker

In his inaugural address 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) at New Delhi on Friday, Birla said, "Today's India with deeper democratic spirit, stable government and visionary leadership, is a land of immense opportunities for the investors. The fastest growing economy in the world is a favourite destination for investment across the world."

Faggan Singh Kulaste and Bansuri Swaraj, both Members of Parliament, and other dignitaries graced the occasion.

Referring to legal reforms in India, Birla noted that for the first time in India, an effort has been made to change colonial laws, repeal redundant laws, and make new laws that are in sync with the hopes and aspirations of the people of New India.

mentioning GST, proposed income tax legislation, and changes in labour laws and company laws, Birla emphasized that these initiatives reflect the leadership's vision to take the country on the path of progress and prosperity.

"New laws are not only simple, transparent and progressive but also inclusive to improve the life of the last person in the society. Progressive laws always take into consideration the changing requirements of the country and the society and the changing international scenario," he added.

Stating that developments in the fields of infrastructure, road connectivity, rail connectivity, air connectivity have augmented the capacity to bring in more investment to the country, the Lok Sabha Speaker observed that these investments will ultimately benefit the society at large.

He also mentioned about the clarion call of the Prime Minister to pursue sustainable living for a better future. "India is leading the world in inspiring the people to pursue the path of sustainable living," he added.

Mentioning that India's financial institutions are its strength, Birla noted that our financial institutions command respect all over the world.

Hailing the contributions of the Institute of Chartered Accountants of India (ICAI), Birla opined that this institution not only plays an important role in ensuring transparency in financial system but also for guiding the country on mass production with minimum cost.

"Playing a vital role in strengthening economic potential of the country, the ICAI, with its management skills, is improving the lives of the people," he asserted.

Om Birla expressed hope that the two-day symposium would provide a roadmap about the contributions of the ICAI to fulfill the resolve of the Prime Minister to make India a developed country by 2047 a reality. (ANI)