Make in India Week: Seize the opportunity, don’t wait, says PM to India Inc, global investors

Modi promised huge growth in the manufacturing sector which, he said, should contribute 25 per cent to the GDP. This is not the time for incremental changes but quantum jumps, he said.

Written by Shubhangi Khapre | Mumbai | Updated: February 14, 2016 4:19 am
narendra modi, modi, modi speech, make in india, make in india modi, modi make in india, india news, modi news, make in india week, mumbai news PM Narendra Modi during his speech at the ‘Make in India’ event. (Source: Twitter/@MEAIndia)

Prime Minister Narendra Modi wooed global investors Saturday by highlighting India’s growth story and promising policy reforms to make business easier, including a transparent tax regime.

“Come, make India your workplace. This is the best time ever to be in India and it’s even better to Make in India,” Modi told an audience of business and political delegates from 68 countries, including prime ministers and representatives from 1,000 international companies, as he launched the Make In India Week 2016 in Mumbai.

“We have carried out a number of corrections on the taxation front. We have said that we will not resort to retrospective taxation. And I repeat this commitment. We are also swiftly working towards making our tax regime transparent, stable and predictable with an all-round emphasis on ease of doing business,” he said.

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To captains of industries, the Prime Minister said: “My friendly advice to you is: don’t wait, don’t relax. Seize the opportunity and invest. If you take one step, my government will take two steps.”

“We have already enacted a law for fast-tracking of arbitration proceedings. We are establishing dedicated commercial courts and commercial division in High Courts. The transformation of the company tribunal is in the final stages.” He said\ an intellectual property rights policy is in its final stages.

Stressing the theme of “minimum government and maximum governance”, Modi said that to the advantages of largest democracy, demography and demand, the government has added deregulation, which industries should cash on.

India, he said, has emerged the most favoured global destination. “Investment growth has shown 27 per cent increase through new proposals.” He said foreign direct investment grew by 48 per cent in 2015, the highest ever, at a time when it was falling across the world due to recession.

With a GDP growth of 7 per cent, India is emerging as the fastest growing economy with investments in sectors ranging from infrastructure to textile and agro-industries to manufacturing, he said. The government has set up a new Investment Infrastructure Forum.

Modi promised huge growth in the manufacturing sector which, he said, should contribute 25 per cent to the GDP. This is not the time for incremental changes but quantum jumps, he said.

He also highlighted the Start Up India, Stand Up India initiative, promising to reduce patent fees by 80 per cent to promote young and promising entrepreneurship.

“Our government’s concept of Stand Up India, Start Up India will serve the younger generation’s aspirations and unleash greater employment and economic growth,” he said.

To the global players, he said, “ This century belongs to Asia. I would like to invite all those who are here and those not here to participate and make it your century.”

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  1. V
    vr
    Feb 13, 2016 at 6:20 pm
    This fellow functions like an event organizer, 100% jumlabaazi guaranteed, but no results on ground, that's the reality
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    1. H
      Haren
      Feb 13, 2016 at 10:48 pm
      I have yet to read any comments from kulkarni, bijan, manjit, prem, vr and Imran on Rahul hi JNU visit. Where are you negative guys ?
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      1. K
        Kumar
        Feb 13, 2016 at 3:21 pm
        PM Modi makes, India and all indians feel proud. I know quite a few Indians in Toronto, Canada, who are in investing in Make in India Projects. I am sure it would be a big success as it would help sharing technology and generate employment
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        1. M
          MyTake
          Feb 13, 2016 at 10:06 pm
          Empowering people with meeting aspirations, expectation, performance, delivery are the areas where investment can be made to keep the crooks and mafia out of business. A doog Governance of 2 years can win the heats and minds of people for next 50 years. Even if the good guy loses in the short term because those who vote are illiterate and don't know at times what they are doing the message will still be there for generations to come.
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          1. M
            MyTake
            Feb 13, 2016 at 10:09 pm
            [India has also set up the National Investment and Infrastructure Fund and has come up with the mechanism of tax-free infrastructure bonds for projects in rail, road and irrigation sectors. How about crowd funding some of these projects where people will be the share holders? Instead of buying Gold they can buy share in these projects.
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