Vibrant Gujarat Summit: PM Modi woos investors, promises to make India easiest place to do business

Modi said a single window clearance for projects is being set up at both central and state level.

By: Express News Service | Gandhinagar | Updated: January 12, 2015 1:50 pm
Narendra Modi, Vibrant Gujarat Summit, gujarat, modi, PM modi, vibrant gujarat Prime Minister Narendra Modi addresses the Vibrant Gujarat Summit. (Source: Vibrant Gujarat Summit 2015)

Stating that his government would pursue “predictable and transparent” policies and ensure stable taxes, Prime Minister Narendra Modi on Sunday promised that India would be the “easiest” place to do business.

Addressing political and business leaders including US Secretary of State John Kerry, UN Secretary General Ban Ki-moon and World Bank head Jim Yong Kim, at the Seventh Vibrant Gujarat Global Investors Summit, Modi said: “Since day one, my government is actively working to revive the economy. My government is committed to creating a policy environment that is predictable, transparent and fair… We are clear that our tax regime should be stable.”

Seeking to address key concerns of foreign investors, he said: “(Ease of doing business in India) is a prime concern for you and for us. I assure you that we are working very seriously on these issues. We want to make them not only easier than earlier, not only easier than the rest, but we want to make them the easiest.”

Emphasising the advantages of doing business in India, he said: “India has three things to its credit — democracy, demography and demand. This is what you are looking for. And I am sure you will not find all of them together at any other destination.’’ He also spoke of low-cost manufacturing and high-quality manpower.

“We are planning to take a quantum leap,” he said, in his 40-minute speech in English. “India is changing fast, growing fast, moving faster than expected, learning even faster,” he said.

Listing his government’s achievements, he spoke of the Jan Dhan scheme, and his Make in India campaign to promote manufacturing. “We are not only making commitments and announcements. We are also backing them up with concrete action,” he said.

“People say Modi does everything with hype, but it is this hype that pressures the government,” he said, addressing the local audience in Hindi.

Appealing to world leaders to join hands for “progress, prosperity and peace’’, Modi said, “aao saath chalein” (Come walk with us). He assured that the government would “hold your hands whenever needed…If you walk one step, we will walk two steps for you.”

Seeking to boost manufacturing to promote growth and encourage job creation, Modi said a single window clearance for projects was being set up at both central and state level. “To upgrade manufacturing infrastructure, we are setting up world-class investment and industrial regions along with dedicated freight and industrial corridors,” he said, adding that India is on the “path of transformation”.

Spelling out his vision, he said institutions and systems of delivery have to be strengthened. “You may be aware that our economic growth had slowed down during the last few years. Now, my government is putting all efforts to ensure faster and yet inclusive growth. The initial results are very encouraging.”

The first two quarters of the current financial year beginning April 2014 have seen growth rate which is one per cent higher than the previous year, Modi said, adding that IMF has predicted that India would be the second fastest growing economy in the coming years.

According to the Organisation for Economic Co-operation and Development (OECD), India would be the only country among world’s top economies which would increase its pace of growth this year, he said.

Modi aims to lift stagnant capital investment that has held back India’s growth to 5.3 percent. That is expected to accelerate this year to 6.4 per cent, said the World Bank’s Jim Yong Kim, who called India a “bright spot” in a mediocre global economic landscape.

Modi has made headway on making it easier for outsiders to invest more in real estate, insurance and defence, but a rigid labour market and poor infrastructure remain huge deterrents. India slipped to 142nd out of 189 in the World Bank’s latest Doing Business Index. Modi wants India in the top 50.

Meanwhile, Modi also expressed “solidarity with the people of France as they mourn their loss and come to terms with the brutal terrorist attack. Let us pledge to work together to make sure that it will not succeed against the values that we stand by.”

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  1. A
    Jan 11, 2015 at 10:22 am
    Unless Modiji reviews the very high rates of INDIRECT TAXES on manufacturing and trading activities -there cannot be any successful make in India program. G total of all Indirect Taxes like Central Excise / Service Tax / Central s Tax / VAT / Octroi / LBT / Entry tax / Entertainment tax / etc etc etc - all inclusive these taxes total up to about 40% of the total value of any product. Even the manufacturer / trader never gets such a high margin of profit and Governments want to collect taxes. Reduce INDIRECT TAXES on manufacturing and trading and economy will boom by itself. As for revenue loss - expand the DIRECT TAX network - even the poorest of poor should be an Income Taxpayer, so that he pays KNOWINGLY to the Government. Presently Government pick pockets the poor by resorting to high indirect taxes. How much of the total tax collection is spent for the actual development activity ? Reduce ries and perks of Government officers and bureaucrats. Why do we need a 360 room Presidential palace for a single President when crores of countrymen live on streets ? Why do we need 500 servants for the Presidential palace to look after a just one person ? How much tax money is spent just for babus and staff of various ministries ? CUT expenses and REDUCE taxes - Things will automatically set right.
    1. V
      Jan 11, 2015 at 10:34 am
      Is there any ray of hope for TRIPURA ?Lakhs of Educated Youths (and their families) of TRIPURA (2nd highest populous state in NORTHEAST) have been languishing in complete frustration for over a decade now (recent news on TRIPURA can be referred for details) due to lack of -- Progressive policies, Meaningful development, Best of the industries and quality professional employment opportunities, Best of the cl healthcare, Proactiveness in being nationally and globally compeive.Does anyone know why capital AGARTALA is not yet even an inch near to a tier-2 city like PUNE ?Does anyone know what TRIPURA have achieved (in terms of giving its educated youth much needed professional career opportunities at par with other progressive states) till date by focusing only on natural resource (rubber, bamboo, plastic) based industry, which in progressive states (e.g. Karnataka, Maharashtra) is considered as intermediary industry, while IT and High Tech industry are the prime economy drivers !!Does anyone know why poor and lesser educated people are still not able to live a life with self dignity - at par with those in other progressive states (e.g. An Healthcare firm or IT MNC firm not only employs Doctors, Engineers, Managers and other graduates - alongwith them there are many other supporting and maintanance staffs who get due trainigs, well paid and can make their own career as well !!).Does any one know HOW LONG (and WHY) people of TRIPURA (Youths especially) have to languish in backwardness when rest of the progressive states are vying for attention from top IT MNCs and High Tech firms to set up their base ??If tier 2 cities like PUNE, GURGAON can achieve same through right mix of people, policies, push and willingness to embrace technology and compeion - why can't AGARTALA ??Hope much needed ECONOMIC VIBRANCY (like Bangalore, Mumbai, Gurgaon, Pune, Chennai, Hyderabad) is created in AGARTALA (to emerge as new SMART CYBER CITY of India!) with best of the policies and setting up of World Cl Infrastructures.Really hope leadership in CENTER, TRIPURA Govt and Other Concerned DIGNITARIES takes a FUTURISTIC and PROGRESSIVE approach and goes BIG to put TRIPURA into national & international scheme of things and strives hard in making AGARTALA into an world cl city signifying uprising India's growing prowess!We really need to move forward by developing TRIPURA with world cl infrastructures and bring it at par with best of the other Indian states in the shortest possible time!Yes - we do have logistical issues in terms of connectivity,tough terrains - which slowly but surely being overcomed with multiple links opening up through Bangladesh,Myanmar!Appreciating TRIPURA Govt and Center on the development works so far,would request to set higher goals and aim to make TRIPURA the new face of emerging India!Some of the very important issues plauging TRIPURA badly:1DUSTRY - Not a single High Tech corporate, Big MNCs - especially economy driving Service Sector (from IT, High Tech - source of higher disposable income - source of thriving economy) have a presence in TRIPURA - Need of the hour (with major connectivity projects on and due for completion in next 1-2 years) is to have many of these companies (e.g. IBM,Accenture,TCS, Infosys, Wipro,HCL,Cognizant, Tech Mahindra) set up Delivery & Consultancy centers (by facilitating them with setting up of necessary IT zones / parks - in the line of ITPL Bangalore, Electronics City Bangalore, HITEC Hyderabad, Rajiv hi Infotech Park Hinjawadi Pune, DLF IT Park Chennai - with due URGENCY) - Which is a must to open up window of professional opportunities (and m employment) for bright (More than 6 lakhs UNEMPLO !!) youths of the state. TRIPURA is also home to mive talent pool with combination of huge number of working professionals (working in other Metros and abroad currently), local educated youths, youths (and working professionals) from neighboring NORTHEAST states and legal working professionals from Bangladesh and Neighboring countries! At the same time geographical proximity of AGARTALA to important BANGLADESH cities (and subsequently to other SE Asian countries) gives ample business opportunities for IT Majors to expand their client base across industrial domains (e.g. Digital Bangladesh project being envisaged by Bangladesh Govt).2.LIFESTYLE - Not a single world cl 5 star hotel (Taj, Leela, Oberoi, ITC), World cl shopping mall (Phoenix Market city Mumbai, LuLu International Shopping Mall Kochi, Mantri Square mall Bangalore), multiplexes (PVR, Big Cinemas, INOX) , World cl Retail chains (Walmart, IKEA, Pantaloons,Shoppers Stop, Croma, Reliance Retail etc) exists in TRIPURA - Need of the hour is to have many and which is a must for a better and modern lifestyle for both people of State as well as thousands of (domestic and international) tourists arriving in the state.3.EDUCATION - Not a single higher education insute of national importance (IIM, IIT, IISc, AIIMS, Symbiosis management insutes, Xavier management insutes etc ...) exists in TRIPURA - Need of the hour is to have many (given the fact that a huge number of students from TRIPURA migrates to other states for pursuing Engineering, Medical and Management from best of the insutes) which is a must to bring youths at par to the ones in other part of India !! This will also help best of the brains from other parts of INDIA to know NORTHEAST (TRIPURA in particular) better!4.HEALTHCARE - Not a single HOSPITAL of national importance (in terms of professionalism , proven quality and trusted b) exists in TRIPURA which is a must for those helpless people of state who has to run around and rush to Chennai and other cities for treatment even during those critical hours of life! - Need of the hour is to go PROACTIVE and INVITE best of the bs available (e.g AIIMS, FORTIS, APPOLO, MANIPAL Hospitals) to set up their HOSPITAL CHAINS at AGARTALA, at the same time highlighting enormous business opportunities they can derive from Medical Tourism Market comprising of Tourists coming from other Northeast states, Bangladesh, Myanmar, Nepal, Bhutan and other Neighboring countries.5.RAIL - Really hope TRIPURA gets connected to Trans-Asian Railway (TAR) Network with individual lines to MYANMAR and BANGLADESH - in the earliest possible time. Given the huge prospect of being a important Rail hub (catering to domestic and international traffic) connecting NORTHEAST to SE Asia and further to Europe, Hope AGARTALA rail station gets transformed into a world cl Rail station (with best of the technologies, equipments, infrastructure and amenities) in the line of Chhatrapati Shivaji Terminus (Maharashtra) and Chennai Central station (Tamil Nadu). Also, need of the hour is to have a seamless Rail connectivity between all the NE capitals (Mumbai-Chennai like network need to be put in place for people to move across NORTHEAST easily without any hles/security issues). Does anyone know when first High Speed Train will arrive in TRIPURA ?6.CITY TRANSPORT - Not the best of the Road Infrastructure and City Transport System is in place in AGARTALA! Need of the hour is to have world cl technology (e.g. GPRS enabled systems) and equipments embedded in ROADS (e.g. Digital Sign boards, CCTV cameras, Automatic Traffic Signal Control System etc.) and PUBLIC TRANSPORT VEHICLES (e.g. High Tech VOLVO AC and Non-AC Buses, Double-decker Buses) ; and install a organized process (e.g. Daily, Monthly and Yearly Pes, Dress code for Bus operators) in place - with something like Ahmedabad Bus Rapid Transit system, Bangalore Metropolitan Transport Corporation, Delhi Integrated Multi-Modal Transit System! Does anyone know when AGARTALA METRO will be flagged off ?7.AIRPORT - Really hope AAI comes up with an world cl international terminal (in the line of Delhi, Hyderabad, Bangalore , Mumbai Airports) in AGARTALA with modern technology, infrastructure, equipments and best of the amenities! With growing economic linkage between INDIA and other ASEAN countries (latest being PM's visit to an and Thailand) as part of INDIA's ACT-EAST POLICY,it hardly leaves any room for imagination - the role AGARTALA going to play in near future being the hub of international trade. And SMOOTH and AROMATIC flow of INTERNATIONAL and DOMESTIC travelers (includes businessman, tourists, patients, students) will hold key to fully realize potential of ACT-EAST policy envisioned by INDIA's leadership.8.WATER Ways - TRIPURA Rivers are connected to Rivers in Bangladesh. Need of the hour is to transform TRIPURA rivers into national waterways, set up World Cl Inland ports (in the line of Kaladan Multi-modal Transit Transport Project) and connect them to Bangladesh River and Sea ports, which would ease TRIPURA's landlockedness to a significant extent and improve Supply Chain and Logistical delivery of goods and services!9.HIGHWAY - Hope AGARTALA gets incorporated to have seamless access to SE Asia connectivity points (India-Myanmar-Thailand trilateral highway and Kaladan Multi-modal Transit). Also Need of the hour is to have Multi-lane express highway (in the line of Mumbai-Pune expressway, Delhi-Gurgaon Expressway) connectivity among all NE capitals. Can there be a Express Highway (via DHAKA) connecting AGARTALA and KOLKATA ?10.BUSINESS MEET - Not a single Global Investor Meet organised yet in AGARTALA (whereas in Karnataka, Gujarat and even Chattisgarh these are almost frequent affairs - Recent one being PUNJAB getting thousands of crores of investment out of a Investor Summit !!). Need of the hour is organize such event which would surely put TRIPURA in global map and radar of world cl corporates!11.SPORTS - Not a single International stadium exists in AGARTALA to hold national and international level football and cricket tournaments (ODI, T20, Test matches, IPL, ISL, Challengers League etc) !!! Need of the hour is to set up an World Cl International stadium with latest technology, infrastructure, equipments and best of the amenities (to the level of Eden Gardens Stadium, M Chinnaswamy Stadium, M. A. Chidambaram Stadium) to facilitate football and cricket crazy fans of TRIPURA (2nd Populous NE state!!), fans from neighboring NE states and neighboring countries of Bangladesh & Myanmar, budding cricketers and footballers from NORTHEAST to watch their favorite STARS in action !! This would also be a huge boost to Tourism, Relationship build up with neighboring countries, Opening up of many other avenues in industry starved NORTHEAST TRIPURA! For an instance, even though INDIA will be hosting 2017 U-17 FIFA world cup, there seems to be no chance of having few matches pla in TRIPURA - though that would be the nicest thing to bring WORLD much closer to NORTHEAST TRIPURA !! Does anyone know when first international cricket match will be pla in AGARTALA ?12.ECONOMIC ZONE - Really hope AGARTALA gets incorporated in the proposed BCIM (Bangladesh, China, India, Myanmar) corridor project and BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) project. Having close geographical proximity with important cities like DHAKA and CHITTAGONG will surely help TRIPURA leverage it's strategic location of being India's Gateway to SOUTHEAST ASIA! Also there is a urgent need to build economic and industrial corridors connecting all NE capitals to leverage economic potential between Northeast India and Southeast Asia. Does anyone know when a Special Economic Zone (SEZ) will come up in AGARTALA?13.TOURISM - There seems to be no concerted approach in Bing and Marketing TRIPURA TOURISM with a wider internet reach through Social Media network, Top travel and hospitality web sites (in the line of Maharashta Tourism, Tamilnadu Tourism, Uttar Pradesh Tourism, Kerala Tourism, Goa Tourism) even though there is a huge scope for TRIPURA in both National and International Tourism Market. Also hilly terrains can be transformed into a major hub for Adventure Tourism (in the line of Ladakh) in addition to existing eco, cultural and religious Tourism.14.TECHNOLOGY - There seems to be no approach in promoting and using modern technologies e.g. Internet Of Things (Combination of Physical things, Sensors, Internet, Cloud, Big Data and Real time Analytics) - which allows to overcome day to day challenges and enhance quality of public life (e.g. Wireless sensors on Bridges and Buildings for precaution against earthquake and natural disaster; Smart farms to improve Agriculture productivity; Effective Monitoring of Healthcare for patients; Managing Rivers, lakes and flood situations; Managing Traffic Congestion; Managing Air Polution; Managing Forest Degradation; Maintaining Roads and Highways; Monitoring Goods Transportation; Monitoring vehicle speed and preventing Road Accidents).15.SMART CITY - Hope AGARTALA gets incorporated in the SMART CITY project envisaged by NDA Govt.16.ENTREPRENEURSHIP - Does anyone know why there is no notable start up (like RedBus, Snapdeal, Flipkart) yet from TRIPURA ?Also urgent need of the hour is to complete all the existing infrastructure projects as soon as possible and identification and sanctioning of all other infrastructure projects fulfilling above infrastructure gaps without any further delay!!Anything less than 'WORLD CL' would only defeat the very purpose behind infrastructure development of TRIPURA under ACT-EAST Policy!!IMPOSSIBLE - just means I AM POSSIBLE! If India need to catch up with developed part of the world,the most strategically placed Northeast (especially TRIPURA) need to be made into a developed region in the shortest possible time!I strongly believe TRIPURA govt (in close co-ordination with Center, other concerned dignitaries & all corporate vissionaries) can certainly achieve this sooner rather than late, which would definitely give its people a better employment opportunities, a better healthcare, a better access to quality education, a quality lifestyle, and last but not the least a confident and connected TRIPURA leading India's charge towards contributing to a more stable and stronger global economy!!
      1. J
        Just Hindu
        Jan 12, 2015 at 9:09 am
        Dear Visionary, Your detailed analysis of situation in Tripura very very appreciated. With new NITI ayaog in place, hope, you would give a direct feedback to the governament . Lack of development in so many fronts in Tripura, also indicates immense possibilities on all this fronts. I am positive , MODI governament will start moving the leafs here.
        1. S
          SK Roy
          Jan 12, 2015 at 4:20 am
          Congratulations Ashutosh for hitting the nail right on spot. Taxation policy in India, inherited from the mentally and intellectually bankrupt Maun Mohan Singh government needs a thorough overhaul and I could not but fully concur with what you have proposed.
          1. K
            Jan 13, 2015 at 1:29 am
            I don't have hope, we will bring the black money back or it can be 100% success, that can prevent corruption. Instead to prevent corruption, cashless transaction would work better atleast 90%. Sweden and middle east countries are successfully in this. Shopping with street vendors are too in cashless transactions.Aadhaar card and Bank account for poor would serve this purpose. This would help, will have to watch how and when it works.
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