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
    Reply
    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 ?
      Reply
      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
        Reply
        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.
          Reply
          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.
            Reply
            1. M
              MyTake
              Feb 13, 2016 at 10:12 pm
              [“India is a land of immense opportunities. Fifty of our cities are ready to set up Metro Rail Systems. We have to build fifty million houses. The requirement of road, rail and waterways is enormous. There is no time for incremental changes. We want a quantum jump,” he added]. Keep the hospitals ready - many are likely to have heart attacks, first because of the vastness of things happening and second because nothing is coming to their pockets. Even secularism mantra failing to impress upon!
              Reply
              1. U
                US NRI
                Feb 13, 2016 at 4:00 pm
                I'm sorry Mr modi you have talked more than actual work done. Your govt came to power with reforms promise but haven't done a single major reform. This is a failure. But at the same time
                Reply
                1. d
                  desi_gypsy
                  Feb 14, 2016 at 2:43 am
                  What the PM is saying about Make In India is excellent. But the quality of services and delivery of Indian workforce and its atude to work needs to undergo a sea change
                  Reply
                  1. A
                    arc
                    Feb 13, 2016 at 5:38 pm
                    MODI conveniently did not mention that industrial growth has been down for two consecutive months. Stock market is in pits. Price index is up. Food production is below target. Now is the time to call in the scavengers.
                    Reply
                    1. A
                      Ashutosh
                      Feb 13, 2016 at 3:41 pm
                      Inviting new ventures and Investment for more development is a good step - but what about removal of bottlenecks and problems of the EXISTING ? Hon. PM please also look after the existing ones too.
                      Reply
                      1. A
                        Ashutosh
                        Feb 13, 2016 at 3:44 pm
                        Why multi nationals in India get protection by anti dumping duties, and small scale industries which generate local employment are barred from getting cheap raw material from abroad - whereas there is no protection to these small industries as their finished products do not attract the anti dumping duty ? How is make in India possible then ?
                        Reply
                        1. B
                          Bijan Mohanty
                          Feb 14, 2016 at 6:56 pm
                          I need not down load Narendra Modi app because the govt. and PMO broadcast a bunch of lies only. I depend on more credible source of genuine news.
                          Reply
                          1. B
                            Bijan Mohanty
                            Feb 13, 2016 at 6:45 pm
                            Do not talk about Congress, talk about Modi Govt. First year spent on foreign tours. This year on election speeches. No performance. Only big talks.
                            Reply
                            1. B
                              Bijan Mohanty
                              Feb 13, 2016 at 4:05 pm
                              Modi is right, India is the fastest growing economy in the world in pen and paper with data manufactured by his innvotative statistical and economic team. Manufacturing at all time low, Rupee value at painfully low level, trade gap is alarming, IIP figures are dismal, Banks are filled with swelling NPA accounts and Modi is very happy that India is progressing fast . Stock markets are cheering our dynamic PM by falling into 2 year low since he came to power.
                              Reply
                              1. G
                                GNS
                                Feb 14, 2016 at 5:26 am
                                For more than a week I , as an Australian citizen with OIC card,was trying to open a NRO non repatriable DEMAT account so that I can dematerialise my 35 year old Indian shares but the bureaucracy would not allow it. If I want to transfer them to my cousin, nobody has a transfer form 7 B duly stamped. Why do they still want a transfer deed to be stamped. Why should transfer deeds have expiry date ? I can understand their validity lapses after certain period of execution. There is no change on the ground in India. Don't invest in India unless India adopts Singapore or Australian style company rules. I signed 40 pages of Forms, obviously without reading, to open a foreign share broking account with HDFC. How many foreigners will agree like me ? India allows foreigners to open share broking account and this was announced as a ritual 5 years ago.How many actually opened ? To open a similar account in Singapore as a foreigner, I signed 2 pages dia is still drowning in papers. We must invest when Indians breath normally without too much paper work and bureaucracy. NAMO is a master of slogans. He thinks his main job is to fill all cultural, educational places with Sangh Parivar. Here NAMO is an outstanding success. NAMO must know why company formation is a breeze in Singapore or Australia while it is still a torture in India. Why can't the Indian company law software say instantly whether a name is acceptable or otherwise instantly as it happens in the countries I cited ?
                                Reply
                                1. M
                                  madan gupta
                                  Feb 13, 2016 at 10:58 pm
                                  DO NOT INVEST IN INDIA. BEWARE YOU WILL HAVE TO HIRE 50% FOOLISH, DEAF AND DUMB SON-IN-LAWS AS PER RESERVATION POLICY AND CONSEQUENTLY GIVE THEM PROMOTION OUT OF THE WAY. OTHERWISE THEY WILL INVOLVE YOU IN FALSE CASES OF DISCRIMINATION. A LEARNED JUDGE WISELY REMARKED THAT THE RESERVATION HAS RUINED THE COUNTRY, HE WAS IN TROUBLE. DO NOT INVITE TROUBLE FOR YOURSELF BY PAYING TO 50% FOOLISH WHO GOT A BIG ZERO IN SCHOOL.
                                  Reply
                                  1. M
                                    madan gupta
                                    Feb 14, 2016 at 1:43 am
                                    भारत में पैसा लगाने वाले सावधान. ५० % नोकरी निकामे और अनपढ़ को देनी पड़ेगी. यहाँ आरक्षण है. फिर उन को तरक्की भी देनी पड़ेगी. अगर नहीं दो गे तो भेदभाव का आरोप लगा के जेल भिजवा दें गें. इस लिए भारत के विद्वान बाहर जा रहे हैं. यहाँ सरकारी निकरी में पंजीरी खा रहे हैं.
                                    Reply
                                    1. M
                                      manjit
                                      Feb 13, 2016 at 4:54 pm
                                      We do not need outside companies in india.we need to set minimum standard of quality and sevice from indian companies for everybody.we need a curruption free india.we need law and order for every one and everywhere without exceptions.we need police and all govt. Employees honest at there heart.who treat all humans equally without prejiduce.Achi batein to mein bhi bahut kar sakta hoon ki aisa hona chahie .You have the power to make it happen.make a system with all kind of check and balance which do not allow curruption to happen. IN SIMPLE IF YOU WANT TO BE AMERICA START FROM THEIR LAW AND ORDER FIRST. I AM TOO TIRED OF INDIA ,S LAW AND ORDER SYSTEM.WHERE AAM ADMI WILL BE GET THE MAXIMUM PUNISHMENT AND RICH ,FAMOUS PEOPLE DO NOT GET PUNISHED OR IF THEY DO THEY GET THE LEAST AFTER SO LONG THAT IT IS NOT EVEN JUSTICE. 70% OF CASES IN COURT can be solved in few days if they listen but the court do not have time. Half of those cases should not be in the court they should be solved by local police or local offices where they hapen .
                                      Reply
                                      1. D
                                        DILIP
                                        Feb 13, 2016 at 8:19 pm
                                        And you are the fastet growing prick in the world, when you were born your electrician baap got the shock of his life, from an ugly ignorant ch00tiya.
                                        Reply
                                        1. D
                                          DILIP
                                          Feb 13, 2016 at 8:21 pm
                                          MAKE IN INDIA narrative will be the game changer in transforming India's manufacturing landscape, with mive flow of FDI.
                                          Reply
                                          1. N
                                            Narsimha Reddy
                                            Feb 13, 2016 at 9:03 pm
                                            Living in third world joker have you guts debate 20 months MODI rule Vs 60 years of looters shame on you literate hope you got some money from ITALIAN MAFIA
                                            Reply
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