Kickstarting the ‘Make in India Week’ at MMRDA ground in Mumbai, PM Narendra Modi on Saturday spoke about how this was the best time to invest in India as the government carries out reforms, including setting up a company law tribunal and effective IPR regime.
Detailing the initiatives of the government to boost manufacturing, he said steps have been taken to simplify processes and rationalise provisions regarding licences, security and environment clearances.
Here are the top 10 takeaways from the Prime Minister’s speech:
1. We are working to make India a global manufacturing hub, and have launched ‘Make in India’ to create employment opportunities in India.
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2. India is blessed with 3 ‘Ds’, Democracy, Demography and demand, to this we have added another D “Deregulation”
3. We are committed to make India an easy place to do business, want share of manufacturing in GDP to go up to 25%. In 2015, India contributed 12.5% to GDP.
4. We are also swiftly working towards making our tax regime transparent, stable and predictable.
5. Want investors to make India their workplace and home, says PM Modi.
6. Want to give our industry some friendly advice, “Do not wait, Do not relax” there are immense opportunity in India
7. Make In India is a drive to fulfill the unmet demand of common man.
8. We have already enacted a law for fast-tracking of arbitration proceedings. We are establishing dedicated commercial courts and commercial divisions in high courts. The formation of the Company Law Tribunal is at the final stage.
9. We are looking to make changes in a greener, cleaner way. The government will focus on renewable energy.
10. FDI inflows in India have gone up by 48% since the day BJP government came to office. At a time when global FDI has fallen substantially, FDI inflow in December 2015 was the highest ever in this country.