Prime Minister Narendra Modi declared his ambition to bring about a paradigm shift through a series of historic changes, reiterating the government's commitment to reforms and projecting India as a bright spot amid global gloom after having emerged as the world's fastest-growing economy.
"We are seen as the engine of global growth," Modi said at the opening of the eighth Vibrant Gujarat global investor summit in Gujarat's capital on Tuesday. "World Bank, IMF and other institutions have projected even better growth in the coming days."
Modi said his government wants to make India one of the easiest places in the world to do business in, making it irresistibly attractive to investors. "It is our vision and mission to bring a paradigm shift in the ways of our polity and economy," he told an audience that included India's top industrialists, including Mukesh Ambani and Ratan Tata, and world leaders. "We have taken a series of decisions and steps in this direction."
The key to improving investor sentiment lay in removing the scope for discretion.
"We are bringing a shift from relationship-based governance to system-based governance, from discretionary administration to policy-based administration, from random interference to technological intervention, from favouritism to level playing field, from informal economy to formal economy," the prime minister said.
Digital technology is playing a key role in this shift, the prime minister emphasised.
"We are on the threshold of becoming the world's most digitised economy," Modi said.
"Most of you wanted this change in India. I'm proud to say that this is happening before you. Over the last two and a half years, we have worked relentlessly to realise India's potential and to set right the economy.
" The results have been encouraging. There has been substantial improvement in key microeconomic indicators like GDP growth, inflation, fiscal deficit, current account deficit as well as foreign investments." E-governance, he said, is "easy and effective governance".
Modi said his government had a mandate to clean up the system. "Our government was elected first and foremost on the promise to provide clean governance and end the prevailing regime of corruption and nepotism," he said.
"India has become the fastest-growing major economy in the world. Despite the global slowdown, we have registered excellent growth. Today, India is a bright spot in the global economy."
Among the government's historic initiatives, he listed the upcoming goods and services tax (GST), insolvency and bankruptcy rules, the National Company Law Tribunal, the new arbitration framework and the updated intellectual property regime. "Creating an investment climate is top priority," Modi said.MUCH MORE COMPETITIVE
The country is much more competitive than it used to be, close to global best practices, he said. "India is today among the most open of economies. This has been recognised by both domestic and foreign investors," the prime minister said. "My government is strongly committed to continue the reform of the Indian economy."
He said India was the leading recipient of capital investment in the Asia-Pacific region and was among the top 10 globally in foreign direct investment inflows.
Crucially, it has also become the leader in return on investment. "In 2015, India has risen to first position in the Baseline Profitability Index," he said. The prime minister said India offers unprecedented opportunities for investors.
"Most of you can work with us in a number of areas," he said. These included hardware to software; soft skills to scientific temper; defence systems to cyber security; and medicine to tourism.
"India alone offers the opportunities that could rival those of an entire continent," he said. "It offers today, the possibilities of a full century. And we want to do all this in a cleaner, greener and sustainable way. We are committed to protect the environment and uphold our responsibility towards Nature. Ultimately, this is what India has stood for since ages."MANUFACTURING INITIATIVE A BIG SUCCESS
He said the government's manufacturing initiative was a tremendous success. 'Make in India', which aims to make the country a hub for manufacturing, design and investment, is the country's biggest global brand ever. India today is the sixth-largest manufacturing country, up from ninth, Modi said.
India's potential is even higher, he pointed out. For instance, food processing is expected to increase fivefold in the next 10 years.
Also, low vehicle penetration makes India one of the world's most attractive markets for auto makers.
"We are committed to an India with better job opportunities, better income, better quality of life and better standards," he said. "Our development needs are huge, our development agenda is ambitious."
The government wants to ensure all people have homes and that all Indians have jobs. He cited the three Ds that were India's advantages - "democracy, demography and demand".
His government had demonstrated that it was possible to deliver quick results in a democratic setup. This also meant that a culture of healthy competition had developed among states, which were being rated on good governance.DEMOGRAPHIC ADVANTAGE
India's demographic advantage meant it had a vast pool of about 800 million people below 35.
"The disciplined, dedicated and talented youth of India offer a globally unmatched workforce," he said. They are not merely looking for jobs but are willing to take risks by being entrepreneurial, he added.
While the country's rising middle class offers a huge domestic market, its geography offers easy access to some of the world's biggest markets in Africa, the Middle East and Europe, the prime minister said.
Among other advantages, he cited India's three-crop agricultural season, the world's secondlargest number of scientists and engineers and its arts and culture, all of which meant good quality of life at relatively low cost.
He also paid tribute to his fellow Gujaratis, saying the state represents the business spirit of India, recalling the modest beginnings of Vibrant Gujarat in 2003, when he was the CM.Full Text of PM's address at the Inauguration Ceremony of Vibrant Gujarat Global Summit 2017
I welcome you all to the Vibrant Gujarat Summit. I also wish you a very happy, prosperous and successful new year. I fondly recall the modest launch of this event in 2003. Since then it has been a very successful journey.
I express my gratitude to the partner countries and organisations – a list which includes Japan, Canada, USA, UK, Netherlands, Australia, Denmark, France, Poland, Sweden, Singapore and UAE. I particularly thank the initial partner countries of the Vibrant Gujarat event: Japan and Canada.
Many other prestigious global organisations and networks are also partners of this event. I thank you all for this partnership. Your presence is a source of motivation for business leaders as well as young entrepreneurs gathered here. Without your support, this event could not have seen eight biennial chapters; each better and bigger than the earlier one.
The last three events have been particularly big. The presence of political and business leaders from more than 100 countries, and a large number of organisations from around the world make this a truly global event.
I would urge the participants to reach out to each other and to derive the greatest benefit from this summit. You should also visit the trade show and the exhibition where hundreds of companies have showcased their products and processes.
Gujarat, the land of Mahatma Gandhi and Sardar Patel, also represents the business spirit of India. Through the ages, it has led in commerce and enterprise. Centuries ago, its people went across the seven seas in search of opportunities. Even today, this state boasts of being the origin of the highest number of our people living and working abroad. And wherever they have gone, they have created a mini-Gujarat. We proudly say: ज्यां ज्यां बसे एक गुजराती, त्यां त्यां सदाकाल गुजरात. In other words, Wherever a Gujarati resides; there, forever, resides Gujarat.
Gujarat is currently in the midst of the Kite Festival. May the kites inspire us all to fly high!
As I have often said India’s strength lies in the three Ds: Democracy, Demography and Demand.
Our biggest strength is the depth of our Democracy. Some people say that democracy cannot deliver effective and fast track governance. But we have seen in the last two and a half years that it is possible to deliver quick results in a democratic set up as well.
Over the last two and a half years, we have also evolved a culture of healthy competition among states. States are being rated on parameters of Good Governance. The World Bank is helping us in this process.
Coming to Demography, ours is a nation of vibrant youth. The disciplined, dedicated, and talented youth of India offers a globally unmatched work-force. We are the second largest English speaking country. Our youth are not merely looking for jobs. They have begun taking risks and often prefer to become Entrepreneurs.
On the Demand front, our rising middle class offers a huge domestic market.
The seas that surround the Indian peninsula, connect us to some of the world’s biggest markets, including Africa, the Middle East and Europe.
Nature has been kind to us. Our three crop seasons enable us to grow food, vegetables and fruits in abundance.
The diversity in our flora and fauna is unparalleled. The richness of our culture and its living symbols is unique. Our Institutions and scholars are recognised the world over. India is now an emerging R&D hub. We produce the world’s second largest number of scientists and engineers.
Our entertainment industry is making waves worldwide. All this helps ensure a good quality of life, at relatively low cost.
Our Government was elected first and foremost on the promise to provide clean Governance and end the prevailing regime of corruption and nepotism. It is our vision and mission to bring a paradigm shift in the ways of our polity and economy. We have taken a series of decisions and steps in this direction. To give you some examples, we are bringing a shift:
· From relation based Governance to system based Governance;
· From discretionary administration to policy based administration;
· From random interference to technological intervention;
· From favouritism to level playing field;
· From Informal economy to formal economy.
In doing this, digital technology has played a key role. I have often said that e-governance is easy and effective Governance. I have also emphasized the need for policy driven Governance. Online processes help bring speed and openness in decision making. Towards this end, we are working to adopt and absorb newer technologies, to bring about transparency, and to end discretion. Believe me, we are on the threshold of becoming the world’s most digitised economy. Most of you wanted this change in India. I am proud to say that it is happening before you.
Over the last two and a half years, we have worked relentlessly to realise India’s potential, and to set right the economy. The results have been encouraging. There has been substantial improvement in key macro-economic indicators like GDP growth, inflation, fiscal deficit, current account deficit as well as foreign investments.
India has become the fastest growing major economy in the world. Despite the global slowdown, we have registered excellent growth.Today, India is a bright spot in the global economy. We are seen as the engine of global growth.
World Bank, IMF and other institutions have projected even better growth in the coming days. In 2014-15, India contributed 12.5 per cent of global growth. Its contribution to global growth is sixty eight per cent higher, than its share of the world economy.
Creating an enabling environment for business, and attracting investments, is my top priority. We have to do this in order to create opportunities for our youth. With that spirit, we are moving towards implementation of some historic initiatives. This includes the Goods and Services Tax.
The Insolvency and Bankruptcy Code, the National Company Law Tribunal, a new arbitration framework and a new IPR regime are all in place. New commercial courts have also been set up. These are just a few examples of the direction in which we are going. My government is strongly committed to continue the reform of the Indian economy.
We have placed the highest emphasis on Ease of Doing Business. We have taken decisive steps to ease licensing processes, and rationalize provisions and procedures relating to clearances, returns, and inspections. We are monitoring implementation of hundreds of action points across various sectors, aimed at improving the regulatory framework. This is part of our promise of Good Governance.
The outcomes of our efforts are visible in India’s global rankings on various indicators. A number of global reports and assessments over the last two years have shown that India has improved its policies, practices and hence its economic profile.
India’s rank has improved considerably, in the World Bank’s Doing Business Report.
India is ranked third in the list of top prospective host economies for 2016-18 in the World Investment Report 2016 released by UNCTAD.
Our rank also improved by thirty two positions in World Economic Forum’s ‘Global Competitiveness Report 2015-16 and 2016-17’;
We have moved up sixteen ranks in the ‘Global Innovation Index 2016’ brought out by WIPO and other institutions;
We have moved up nineteen positions in the World Bank’s ‘Logistics Performance Index of 2016.’
You can see that we are moving closer to global best practices. Day by day we are getting more and more integrated with the world. Our confidence has been boosted by the positive impact of our policies and practices. This also gives us the motivation to further simplify our processes to become the easiest place to do business.
Every day, we are further rationalising our policies and procedures, to make it simple for businesses to establish and grow.
We have liberalised our FDI regime in many sectors and in various ways. India is today among the most open economies.
This change in environment has been recognized by both domestic and foreign investors. An encouraging Start-up eco-system is now taking shape in the country. This unleashing of the youth power is heartening.
The total FDI inflows in the last two and a half years have touched US Dollars one hundred and thirty billion. The FDI equity inflow in the last two financial years was sixty per cent higher as compared to previous two financial years. In fact, the total FDI inflows received during the last year have been the highest ever.
The number of countries from where FDI is coming in, and the sectors in which they are being routed have also diversified in the last two years. India is now the leading recipient of capital investment in the Asia-Pacific. It also continues to be among the top ten countries globally in terms of FDI inflows.
But the story does not end here. India has left every other country behind in terms of providing return on investment. In 2015, India has risen to first position in the Baseline Profitability Index.
Make in India has become the biggest brand that India has ever had. It is directed towards making India a global hub for manufacturing, design and innovation.
मैं साथियो ये अनुभव करता हूं, मैं दुनिया में जहां-जहां गया; मैं अगर पांच बार “Make in India” बोलता था वहां तो Host country लीडर 50 बार “Make in India” बोलते थे। एक प्रकार से “Make in India” ये दुनिया की नजरों में भारत को एक Investment का destination बना चुका है। भारत में राज्यों के initiative, केंद्र सरकार का सहयोग, ये संयुक्त प्रयास “Make in India” के लिए बहुत सारे द्वार खोल चुका है।
इस Opportunity का लाभ हिन्दुस्तान के राज्यों के बीच में Competition पैदा हो, Healthy Competition हो और वो भी Good Governance and Eco-System के आधार पर हो। Competition पहले भी हुआ करती थी, 15 साल पहले एक राज्य दूसरे से ज्यादा चीजें दे देता था, दूसरे तीसरे से ज्यादा देता था; देने की स्पर्धा होती थी, आखिर अगर कोई नहीं आता था लेकिन जहां-जहां Good Governance को बल दिया गया, जहां-जहां Proper Eco-System पैदा किया गया, जहां-जहां Regulations को ठीक किया गया, जहां-जहां Business Environment को Friendly बनाया गया, वहां पर अधिक मात्रा में दुनिया के बाहर के लोग भी आने लगे और इसलिए “Make in India” या दुनिया में कहीं पर भी समझाना पड़े ऐसी स्थिति नहीं है। और मैं गुजरात सरकार को अभिनंदन करता हूं, उन्होंने अपनी Progressive नीतियों के आधार पर Good Governance को बल देते हुए Foreign Direct Investment को Attract करने में बहुत ही अग्रिमता सिद्ध की है। गुजरात सरकार की पूरी टीम को इसके लिए मैं बहुत-बहुत बधाई देता हूं।
‘Make in India’ has celebrated its second anniversary recently.
I am delighted to share that we have become the sixth largest manufacturing country in the world, up from ninth largest previously. Our Gross Value Added in manufacturing has recorded a growth of nine per cent in 2015-16. This is much higher than the five to six per cent growth in the previous three years.
All this is helping us expand the job market and raise the purchasing power of our people. But the real potential is even higher.
To give you a few examples: India’s Food Processing Industry is expected to increase almost five fold in the next ten years. Similarly, India's low vehicle penetration makes it one of the world's most attractive auto markets.
At the Government level, we have to ensure that our growth process is inclusive and embraces both rural and urban communities.
एक भारत ऐसा देश है हम गांव और शहर के बीच संतुलित विकास के पक्ष में हैं। हमारी नीतियों का लाभ गावं और शहर, दोनों को समान रूप से मिलना चाहिए और इसलिए हमारी योजना की priority में भी गांव को भी उतना ही महात्मय मिले, हर विकास की यात्रा का अन्तिम Benefit गांव गरीब किसान तक पहुंचे, ये हमारा priority का रहने के कारण सारी नीतियों के केंद्र में उन बातों को हमने बल दिया है।
We are committed to an India with:
· Better job opportunities;
· Better income;
· Better purchasing power;
· Better quality of life;
· And better living standards.
Our Development needs are huge. Our development agenda is ambitious. For instance:
· We want to provide a roof over every head;
हर गरीब को घर होना चाहिए और अपना घर होना चाहिए और 2022 तक होना चाहिए, ये सपना ले करके हम चल रहे हैं।
· We want to provide jobs to every hand;
800 millions 35 से कम age group के Indians जो एक प्रकार से युवा भारत है। 800 million youth जिनकी उम्र 35 thirty five से कम है, इन हाथ में हुनर हो, काम का अवसर हो, तो नया हिन्दुस्तान हमारी आंखों के सामने बना करके खड़ा कर देंगे, ये विश्वास हिन्दुस्तान के नौजवानों के प्रति मेरा है, हम सबका है और हम सबका जिम्मा भी है कि उस अवसर को हम दें। और हम अवसर दे सकते हैं, संभावनाएं भरपूर पड़ी हैं।
· We want to produce energy that is cleaner;
· We want to build roads and railways faster;
· We want mineral exploration to become greener;
· We want to build urban amenities that are sturdier
· We want to see our quality of life getting better and better
We are taking a leap towards next generation infrastructure: in both core and social sectors; in both rural and urban areas. This includes Freight Corridors, Industrial Corridors, High Speed and Metro Rail projects, Logistics Parks, Smart Cities, Coastal Zones, regional airports, water, sanitation and energy initiatives. Our per capita electricity consumption must rise. Even as we do so, we are committed to promoting renewable energy.
We are keen to promote tourism in a big way and this needs tourism infrastructure.
जब मैं renewable energy की बात करता हूं Hundred Seventy Five Giga Watt, एक जमाना था हम Megawatt की चर्चा करते भी डरते थे, आज देश Giga Watt के सपने देख रहा है। ये बहुत बड़ा, बहुत बड़ा बदलाव है। Hundred Seventy Five Giga Watt renewable energy, Energy-mix जिसमें Solar हो, Wind हो, Nuclear हो और दुनिया जो Global Warming से परेशान है, उस विश्व को बचाने का सपना हमने भी देखा है। और हम भी Hundred Seventy Five Giga Watt के Contribution से विश्व को Global Warming से बचाने के उस संकल्प को पूरा करने में हिन्दुस्तान अपनी नंबर एक की भूमिका अदा करने के लिए कृतसंकल्प हो करके आगे बढ़ रहा है, तो मैं पूरे विश्व को निमंत्रण देता हूं आइए, Hundred Seventy Five Giga Watt renewable energy के क्षेत्र में Investment के लिए Sky is the limit और हमारी Policies are very progressive. और मुझे विश्वास है कि मानवता का भी ये काम है जीवन की तरफ देखने का एक दृष्टिकोण बदलने का ये अवसर है। हमने दो शताब्दी Exploitation of Nature के अंदर खपा दी हैं। अब हमारा दायित्व है कि आने वाली शताब्दियों को Exploitation of Nature के हमारे सोच में से बाहर ला करके हमारी Nature को Strengthen करने की Basic चीजों को ले करके चलना इसका अवसर है। और उस बात को ले करके हम चलेंगे तो हम अवश्य ही विश्व में एक बड़े परिवर्तन की संभावनाओं में बहुत बड़ी अहम भूमिका अदा कर सकते हैं।
The targets for construction of roads and laying of railways have been increased manifold. India is going to emerge as one of the world’s largest construction markets as it adds millions of homes. All this offers unprecedented opportunities for the investor community. Most of you can work with us in a number of areas which include:
· From hardware to software;
· From soft skills to scientific temper
· From defence systems to cyber security
· From medicine to tourism;
I daresay, that India alone offers the opportunities that could rival those of an entire continent. It offers today, the possibilities of a full century. And we want to do all this in a cleaner, greener and sustainable way. We are committed to protect the environment and uphold our responsibility towards Nature. Ultimately, this is what India has stood for since ages.
Welcome to India:
· The land of tradition and tranquillity;
· The land of empathy and excitement;
· The land of experiment and enterprise.
· The land of openings and opportunities;
Once again, I welcome you and invite you to be part of -
· India of Today;
· and India of Tomorrow.
I assure you that I will be available to hold your hands whenever required.