- The day the Indian economy and the market were thrown open as part of the globalization and liberalization efforts, the decision ushered in tremendous changes in not only the way our future lives would be shaped but also allowing the countrymen to access hitherto unavailable products/commodities from across the universe. The opening of the market ensured foreign behemoths flock to the country smelling an unexplored opportunity huge demography had to offer back then. We all know how things have panned out since that momentous occasion transforming the country’s fortune like never before.
PC: Chiranjivi Chakraborty
- And the country continues to hold sway for international business houses/conglomerates to invest here despite proverbial red-tapism speaks volumes about our inherent strength to attract.As the popular saying goes, change is the only constant, we are constantly looking for ways to further strengthen our economic heft and traction by laying out investor-friendly measures by extending olive branches. Paradoxically, certain states in the country are considered as absolutely investor-friendly attracting big business houses but failing to extend a congenial social atmosphere owing to anachronistic policies and beliefs.
- Take for instance a state like Gujarat, considered one of the most advanced in the country for its path-breaking developments where several world-renowned industrial establishments have set up base, which still hangs onto prohibition laws despite making tremendous progress in the modern world parameters. For the uninitiated, around 15 years back, the Union Government brought together a few experts to suggest a path to transform Mumbai into an international financial centre, ready to take on Singapore or London. Not surprisingly, their report had predictable suggestions on taxation and the foreign exchange market.
PC: Jeet Verma
- Surprisingly, it also mentioned experts remarking that most innovative ideas are exchanged over cups of coffee. And also stray conversations of the weekend can potentially ignite business deals too. Perhaps that is the closest a Government of India report came to admitting that beverages of all hues – including spirits – matter in creating an attractive destination for prospective business entities to invest here. Now, it’s the turn of Gujarat’s Gujarat International Finance Tec-City (GIFT), which has positioned itself as an international financial centre, to follow the above path. It is understood that GIFT’s management has sought relaxation from Gujarat’s stringent prohibition laws. Time has come for one of India’s most investor-friendly states to admit that business and pleasure may not exist in silos.
- Mind you, a thriving nightlife need not be incompatible with more business. Note that as important as infrastructure is to the endeavour, other aspects that fall within the ambit of quality of life equally could be the clincher as well. Of course, it can be provided without losing any traditional value. Needless to mention, investment decisions are influenced by the ease with which people can adapt to a new destination. Governments in India need to accept this reality sooner by allowing people to lead their regular lives. This will indeed attract those who do unencumbered business. As such, the Gujarat government should respond positively to the GIFT management’s request if it wishes to actualize its vision of a vibrant international financial centre. Who knows, it might take a business to a new ‘high’
