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UK-India Week 2018 : 'Modi taking prudent decisions, not bothered about elections,' says Goyal

By Chennabasaveshwar

| Updated: Thursday, June 21, 2018, 21:08 [IST]

Union Minister Piyush Goyal asserted that PM Narendra Modi was not bothered about elections while taking a prudent decision for India. He was addressing delegates in 'Global Investment Forum' held as a part of UK-India Week 2018 in Buckinghamshire.

The second day of Leadership Conclave was held as a part of 5th Annual UK-India Week. The conclave has been hailed as a landmark event for growing and developing the UK and India's strategic relationship.

In the morning session, panel discussions were held under two themes: 'Building Modern Economies - Smart Cities, Smarter People' and The Future of Mobility & Launch of 'Move India'.

In the afternoon session, delegates assessed some of the flagship programmes and policies of the PM Narendra Modi government and discussed how they were impacting the business climate and outlook on investing in India. Also, they shared sector analysis, identified challenges and explores investment opportunities.

Sessions within the Global Investors Forum:

Shri Piyush Goyal, Minister for Finance Railways & Coal, will be in conversation with Sanjay Nayar, over an interactive video conference
FDI into India
Private capital opportunities in India
Creating local capital pools for long-term infrastructure requirements - moving long-term savings into investments

India Inc's UK-India Week 2018, being held in London and Buckinghamshire from 18-22 June, is a series of high impact events produced to take the UK-India bilateral relationship to new heights.

Stay tuned for live updates:

Newest First Oldest First

3:06 PM, 26 Sep

POst 4

3:05 PM, 26 Sep

Post 3

3:00 PM, 26 Sep

Post 2

2:57 PM, 26 Sep

Post 1

12:18 PM, 26 Sep

Post 1

8:53 PM, 21 Jun

Piyush Goyal signs-off by saying, "You finally have a govt which is an alternative to the Congress and a strong leader at the helm in Delhi; I believe BJP will get more than 300 seats in the 2019 election on the back of our achievements."

8:32 PM, 21 Jun

Piyush Goyal on achieving double-digit growth rate: India with its demographic dividend and aspirational middle class, we have a huge market demand; getting double-digit growth is not impossible at all Logistics costs becoming competitive in India will be crucial to achieving higher growth rates Infrastructure push will help economy prepare for double-digit growth. Manufacturing is the next big ticket coming back into the Indian economy Indian manufacturing will leapfrog into more modern structures. India offers a huge marketplace to become world leaders in electric vehicles. We have brought in structures that are transparent and honest.

8:23 PM, 21 Jun

About the problems in the Indian banking sector, Piyush Goyal says, "We don’t shove banking stress under the carpet; it’s important that the Indian banking sector gets the support it needs. We are working to ensure the Indian banking system is strong and viable."

8:16 PM, 21 Jun

Sanjay Nayar says, "Everybody knows BJP hasn't given freebies and subsidies..." Piyush Goyal says, "We are determined to maintain fiscal discipline. I am not ruling out cutting taxes as long as overall tax collection does not fall. PM Modi believes we needn’t bother about elections if a decision is good for India. Indians must trust PM Modi to do what’s in the nation’s best interest."

8:11 PM, 21 Jun

Sanjay Nayar asks PG about govt vs private investment in India. Goyal replies, "We are changing the whole mindset of the nation. In the past, we had short-term gain without looking at long-term pain. BJP is changing the model prior to 2014. We have primed the country for the future."

8:09 PM, 21 Jun

"The biggest achievement of this govt is making India future ready. that is what happened in China is happening in India," says Goyal.

8:06 PM, 21 Jun

Piyush Goyal: The formalisation of the economy has occurred as a result of GST. Building a clean India is also part of the agenda and impacts health costs. Today we have a country which is engaging with the world as an honest economy. Our policy framework is ensuring that the money that comes into our country is clean money.

8:04 PM, 21 Jun

"Another attraction is India becoming an honest economy; you don’t have to worry about corruption in high places. Stable, predictive, simplified policy framework will help change the India narrative. In India, there is a holistic effort at a scale which is unprecedented," says Goyal.

Hon @PiyushGoyal Indian Minister of Railways & Coal joins the India Global Investors Forum via live video @ UK-India Conclave #UKIndiaWeek2018 pic.twitter.com/EK6OHqwCgC
— India Inc. (@IndiaIncorp) June 21, 2018

8:02 PM, 21 Jun

Piyush Goyal:In almost every respect, India today is becoming more and more attractive to global investors. Another attraction is India becoming an honest economy; you don’t have to worry about corruption in high places"

8:00 PM, 21 Jun

"We have a fairly stable currency after a very long time and we have been able to grow Forex reserves in India," says Piyush Goyal.

7:58 PM, 21 Jun

Piyush Goyal says,"We have an economy where current account deficit is under control."

7:52 PM, 21 Jun

Union Minister Piyush Goyal joins the discussion.

7:35 PM, 21 Jun

Vikas Seth, Credit Suisse banker, says, "FDI has been running 40 million dollars per year for four years. Investors have focussed on technology and the investment sector. There is a smattering that has gone to industrials and telecom."

7:27 PM, 21 Jun

"PM Modi wants young Indians to be job makers, not seekers. Make in India touches defence, aerospace, medicine. Ease of Doing Business report showed that India jumped 30 places in one year," says Shruti Singh.

7:25 PM, 21 Jun

Shruti Singh, Deputy Secretary (DIPP), says, "By 2025, the average age of an Indian will be 29; this is the new India. India's economy to grow at 7.4 per cent. We are the third largest trading economy. In 2025, the average Indian will be 25 years."

7:21 PM, 21 Jun

'We had teething troubles, but GST implementation has been among the fastest in the world. Today employment is moving from informal to formal sector in India as we speak.'

7:20 PM, 21 Jun

‘The Indian #FDI regime is one of the highest liberalised policy in the world.'

‘The Indian #FDI regime is one of the highest liberalised policy in the world. Modi Govt. is inviting investors while many are talking of protectionism.’ @CIIPresident takes the stage @WGC_World @KKR_Co @investindia Global Investors Forum @ UKIndia Conclave #UKIndiaWeek2018 pic.twitter.com/LRSUdp4SvR
— India Inc. (@IndiaIncorp) June 21, 2018

7:17 PM, 21 Jun

"Ease of Doing Business has helped in the laggard to do business. State governments are doing beyond what is required," says Rakesh Mittal.

7:14 PM, 21 Jun

Rakesh Bharti Mittal says, "The Indian FDI regime is one of the highest liberalised policy in the world. The government of India is inviting investors while many are talking of protectionism."

7:12 PM, 21 Jun

Rakesh Bharti Mittal states, 'Make in India' and 'Skill India' should be part of the growth story.

7:06 PM, 21 Jun

Manoj Ladwa says, "We are at a critical juncture not only in India but also in the global economy. Continuity really matters at this time. The investors I speak to are backing continuity. We need stability now."

7:05 PM, 21 Jun

"At the government level, they have done a good job with not dolling out welfare schemes," says Sanjay Nayar during interaction with the audience.

6:59 PM, 21 Jun

"As long as inflation expectations are in people's minds, people will spend it on real estate and jewellery. Inflation expectations are high; borrowing in rupees is not bad," Nayar adds.

6:58 PM, 21 Jun

"The Indian government has done a good job with not giving subsidies. They need to work on bank privatisation," says Nayar.

6:58 PM, 21 Jun

Sanjay Nayar, CEO of KKR, the moderator of the session, says, "How do you get top-line growth? India has a top-line GDP issue if we are thinking about uplifting people from the poverty line."

2:57 PM, 21 Jun

Dr Mohan Kaul of Indian Professionals Forum announces the launch of the Indian professionals global summit along with India Inc. and FICCI

3:01 PM, 21 Jun

Ambassador Dinesh Patnaik,says, " With the Access India Programme, the first cohort of 25 UK companies are ready to explore India"

‘TechXchange launched at UK-India Conclave will help #startups to scale up within the bilateral corridor’ HE @DineshKPatnaik speaks at Day 2 of UKIndia Leadership Conclave #UKIndiaWeek2018 pic.twitter.com/GHSu7ewFXE
— India Inc. (@IndiaIncorp) June 21, 2018

3:05 PM, 21 Jun

Manoj Ladwa says, "That India that is also concerned about UK exports shows UK-India friendship and sums up the theme of the conclave - Global Britain meets Global India."

3:05 PM, 21 Jun

"We have made a very strong statement during the conclave that Indians are job makers and not job takers," says Ladwa.

3:34 PM, 21 Jun

The Young Leaders forum UK-India Conclave today discussing the challenges for Millenials, the role of Commonwealth countries

The Young Leaders forum @UK India Conclave today discussing the challenges 4 Millenials, the role of @commonwealthsec in youth empowerment & how young leaders from the diaspora can help build stronger bilateral bridges & promote better cultural understanding #UKIndiaWee2018 pic.twitter.com/tmjFsnFKWJ
— India Inc. (@IndiaIncorp) June 21, 2018

3:38 PM, 21 Jun

The Indian diaspora needs to be active and speak in one tone, political leaders amongst us need to grasp this’ HE Ambassador Dinesh K Patnaik speaks to young entrepreneurs, professionals and public sector leaders under 35 .

The Indian diaspora needs to be active & speak in one tone, political leaders amongst us need to grasp this’ HE @DineshKPatnaik speaks to young entrepreneurs, professionals & public sector leaders under 35 @Infosys Young Leaders Forum @ UKIndia Conclave #UKIndiaWee2018 pic.twitter.com/YcX6cVBBcM
— India Inc. (@IndiaIncorp) June 21, 2018

3:40 PM, 21 Jun

Session on 'Building Modern Economies - Smart Cities, Smarter People' begins.This business opportunity focused session will discuss how the UK and India can work more closely together to build smarter, safer cities, and skilling their populations for the modern world. Areas for discussion will include opportunities to collaborate on smarter transportation, skills transfer, and education for the future.

3:46 PM, 21 Jun

David Whittleton, COO of Arup Group, takes to the stage to open the session.

3:48 PM, 21 Jun

Anand Shah, Head of Strategic Initiatives of Ola, is one of the panellists. Shah says, "For the first time we can rethink our relationship with our vehicles."

3:52 PM, 21 Jun

Shah says, "India is a country with the least penetration of personally owned vehicles. In India, shared mobility as a concept has always existed; huge opportunity for UK to collaborate in this field."

3:59 PM, 21 Jun

Upendra Dharmadhikary, (Tech Mahindra), says, " We need to explore how India and UK can be a shining example in solving farm to fork mobility issues."

4:04 PM, 21 Jun

Mohammed Anis of Infosys,says, "Electricity is getting cheaper day by day and storage also getting cheaper. There is no other country in the world like India that can throw complexity into the mix of mobility issues."

4:12 PM, 21 Jun

‘Collaboration between UK and India is a big part of addressing connected, low carbon transport network needs’says David Hudson of Tata Motors.

4:20 PM, 21 Jun

Mohammed Anis, says' Unsupervised machine learning is one way of removing data bias online."

‘There is no other country in the world like India that can throw complexity into the mix of mobility issues’ Anis Mohamed @Infosys speaks on sustainability & challenges in transport sector @ficci_india @Olacabs Smart Cities Smart Trnsport session #UKIndiaWee2018 pic.twitter.com/S8rEIHlCBh
— India Inc. (@IndiaIncorp) June 21, 2018

4:31 PM, 21 Jun

David Hudson says,"C ompanies looking to exploit opportunities in the automotive industry need to look ahead to the future growth area."

4:41 PM, 21 Jun

Second session begins: The Future of Mobility & Launch of ‘Move India’

4:50 PM, 21 Jun

JCB’s Philip Bouverat,says," In India, we make 40,000 diggers a year and also export to neighbouring countries in the region."

4:50 PM, 21 Jun

JCB’s Philip Bouverat,says," In India, we make 40,000 diggers a year and also export to neighbouring countries in the region. To be in India you have to love India and understand India and to love India is to be successful in India"

Philip Bouverat Director @JCBmachines: To be in India you have to love India and understand India and to love India is to be successful in India@ficci_india & @Olacabs Smart Cities Smart Transport @ UK India Conclave 2018 #UKIndiaWeek2018 pic.twitter.com/1JzzMwm4Bc
— India Inc. (@IndiaIncorp) June 21, 2018

4:55 PM, 21 Jun

Bouverat, says,"Opportunities in India are enormous and I would like to see UK play an important part in the country; let’s get on with it."

4:56 PM, 21 Jun

Vimal Jain (IL&FS), says,"India is urbanising very, very rapidly. Question is what we can do about urban infrastructure?"

5:07 PM, 21 Jun

"Changes are not driven by tech; technology follows people," says Manuel Sala, COO, Wellness Telecom.

5:19 PM, 21 Jun

Philip Bouverat, says,'We have been talking to the Indian govt about a scope study on Varanasi station as a case study."

5:54 PM, 21 Jun

Panel discussions of morning session concluded. Afternoon session to begin after the lunch break.

5:56 PM, 21 Jun

Global Investors Forum will be held in the afternoon. Delegates will do a deep dive assessment into some of the flagship programmes and policies of the Modi government, and discuss how they are impacting the business climate and outlook for investing in India. Delegates will share sector analysis, identify challenges, and explore investment opportunities.

6:54 PM, 21 Jun

Manoj Ladwa opens the 'Global Investors Forum' session. Union Minister Piyush Goyal will participate via video conference

6:58 PM, 21 Jun

Sanjay Nayar, CEO of KKR, the moderator of the session, says, "How do you get top-line growth? India has a top-line GDP issue if we are thinking about uplifting people from the poverty line."

6:58 PM, 21 Jun

"The Indian government has done a good job with not giving subsidies. They need to work on bank privatisation," says Nayar.

6:59 PM, 21 Jun

"As long as inflation expectations are in people's minds, people will spend it on real estate and jewellery. Inflation expectations are high; borrowing in rupees is not bad," Nayar adds.

7:05 PM, 21 Jun

"At the government level, they have done a good job with not dolling out welfare schemes," says Sanjay Nayar during interaction with the audience.

7:06 PM, 21 Jun