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Invest in India
Using his powerful oratorical skills, Prime Minister Narendra Modi on Tuesday pitched India as the best investment destination and asked global entrepreneurs to invest in India for Indian and world markets. \"To my entrepreneur friends from across the globe, I would like to say, \'Come, Make in India, Invest in India\', for India and for the world.
Hyderabad: Using his powerful oratorical skills, Prime Minister Narendra Modi on Tuesday pitched India as the best investment destination and asked global entrepreneurs to invest in India for Indian and world markets. "To my entrepreneur friends from across the globe, I would like to say, 'Come, Make in India, Invest in India', for India and for the world.
I invite each one of you to become a partner in India's growth story. And once again assure you of our wholehearted support," Modi said after inaugurating Global Entrepreneurship Summit here. Over 1,500 delegates from 170 countries are taking part in the three-day event.
The Prime Minister explained that his government had removed restrictions and abolished archaic laws to provide an investment-friendly environment. “Over 1200 redundant laws have been scrapped, 87 rules for FDI have been eased in 21 sectors, and several government processes have been taken online,” he maintained.
Pointing out that an investment-friendly environment needs to be stable from the macro-economic perspective, Modi said his government has succeeded in containing the fiscal and current account deficits as well as curbing inflation.
"Our foreign reserves have crossed $400 billion, and we continue to attract large foreign capital flows," he said. The Prime Minister said the taxation system has been overhauled with the launch of GST, while the Insolvency and Bankruptcy Code has been introduced to ensure timely resolution for stressed ventures.
"We have recently strengthened this further, preventing wilful defaulters from bidding for stressed assets," he said. "Tough measures have been adopted to tackle the parallel economy, check tax evasion and control black money."
The government, he said, understands that an environment of transparent policies and a rule of law providing a level playing field are necessary for entrepreneurship to flourish. Stating that the government's Start-Up India programme is a comprehensive action plan to foster entrepreneurship and promote innovation, he said the scheme aims to minimise the regulatory burden and provide support to startups. To young entrepreneur friends from India, he said: "Each of you has something valuable to contribute towards creating a New India by 2022. You are vehicles of change and instruments of India's transformation."
“An entrepreneur uses knowledge and skills to fulfil a motive. Entrepreneurs see opportunity in adversity. The power to think differently and ahead of the times for the betterment of mankind is what sets entrepreneurs apart. I see that power in India's young generation today. I see 800 million potential entrepreneurs who can work towards making the world a better place,” he added.
Pointing out that the theme “Women First, Prosperity for All” makes this edition of GES stand out, he said: “In Indian mythology, woman is an incarnation of Shakti - the Goddess of power. We believe women empowerment is vital to our development”.
