GES 2017: PM Modi highlights measures taken to ease investment in India

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Prime Minister Modi on Tuesday hailed the vital contribution of women who have made India proud in various fields.

Narendra Modi

Addressing the inaugural session of at the Global Entrepreneurship Summit he said that "the theme, 'women first, prosperity for all' makes this edition of GSE stand out. In Indian mythology, women is an incarnation of Shakti- the Goddess of power, we believe women empowerment is vital to our development.

GES will showcase women who have dared to be different. Three of India's oldest High Courts headed by women. India's Mars Mission had immense contribution of women scientists. Not just in ISRO, even Kalpana Chawla and Sunita Williams contributed massively to US space projects. More than 60 percent of workers in agricultural and allied sector are women, he said.

Prime Minister Narendra Modi also listed measures taken by the government to make doing business in India easier. Here are the highlights

  • India has improved the ease of doing business index in three years gives credit to schemes launched by his government, the prime minister said.
  • My government has eased FDI in two crucial sectors.
  • Smartphone users in India projected to grow to 580 million by 2018, offering opportunities for job creation.
  • We have launched 'AIMtoInnovate' with over 900 Atal Tinkering Labs to promote a culture of innovation among children.
  • Aadhaar covers 1.15 billion people; 40 million digital transactions happening daily.
  • Startup India is a comprehensive action plan to provide support to startups. More than 70 million loans have been transferred to Women Entrepreneurs. 
  • BHIM app processing 280,000 transactions daily.
  • Each of you young Indian entrepreneurs have the ability to create a New India 2022, he said.
  • Numerous incubation centres have been created in various universities to nurture innovative startup ventures to become scalable and sustainable.
  • Through Jan Dhan Yojana and direct transfer scheme the government has brought informal sector into the banking system.
  • A historic overhaul of the taxation system has been recently undertaken, bringing in the GST across the country.
  • Our Swachh Bharat Mission to improve sanitation and cleanliness, and the rural and urban housing missions underline our commitment towards dignity of life.
  • Our infrastructure and connectivity programmes like Sagarmala and Bharatmala offer entrepreneurs many business opportunities for investment.
  • Our recent World Food India initiative helped us engage with entrepreneurs in the food processing industry and agricultural waste sectors.
  • Tough measures have been adopted to tackle the parallel economy, check tax evasion and control black money.
  • Our efforts have been recognized by Moody's recent upgrade of India's government bond ratings. This upgrade comes after a gap of almost 14 years.
  • India has improved its rank from 54 in 2014 to 35 in 2016 on the World Bank's Logistics Performance Index. This signifies the relative ease and efficiency with which products can be moved into and from a country.
  • An investment-friendly environment needs to be stable from the macro-economic perspective. We have succeeded in containing the fiscal and current account deficits, and curbing inflation. Our foreign exchange reserves have crossed 400 billion dollars, and we continue to attract large foreign capital flow.
Further he calles on Youth to be part of News India. "To my young entrepreneur friends from India, I would like to say: 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," he said.

"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 whole-hearted support, he added.

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