Speed Post News Network
New Delhi : PM Narendra Modi on November 28, 2017, appealed the entrepreneurs from across the globe to become a partner in India’s growth story. “Come, Make in India, Invest in India – for India, and for the world,” PM urged the entrepreneurs from abroad while inaugurating the 8th Global Entrepreneurship Summit (GES) organized in partnership with the Government of the United States of America at Hyderabad. PM Modi assured the entrepreneurs of whole-hearted support.
” Our government has taken several steps to improve the business environment. The jump in India’s ranking in the World Bank’s Ease of Doing Business Report, from 142 to 100, in three years, is a result of this. We have improved on indicators like dealing with construction permits, getting credit, protecting minority investors, paying taxes, enforcing contracts and resolving insolvency. The process is not yet complete. This is an area where we are not satisfied with 100th rank. We would strive towards 50th rank. We have launched the MUDRA scheme to provide easy finance of upto one million rupees to entrepreneurs. Since its launch in 2015, over 90 million loans worth 4.28 trillion rupees have been sanctioned. Of these, more than 70 million loans have been sanctioned to women entrepreneurs,” PM Modi said.
The PM said his government has launched a programme to provide high-speed broad-band internet to all rural areas by March 2019. ” Under our clean energy programme, in just 3 years, we have doubled the renewables capacity from 30,000 Megawatts to about 60,000 Megawatts. Solar energy generation has increased over 80 % in the last year. We are working on developing a national gas grid. A comprehensive national energy policy is also in the pipeline. Our infrastructure and connectivity programmes like Sagarmala and Bharatmala offer entrepreneurs many business opportunities for investment,” Modi said.
The Government understands that an environment of transparent policies and a rule of law providing a level-playing field are necessary for entrepreneurship to flourish, the PM said adding a historic overhaul of the taxation system has been recently undertaken bringing in the Goods and Services Tax across the country.
Tough measures have been adopted to tackle the parallel economy, check tax evasion and control black money, Modi said. ” Our efforts have been recognized by Moody’s recent upgrade of India’s government bond ratings. This upgrade comes after a gap of almost 14 years. India has improved its rank from 54 in 2014 to 35 in 2016 on the World Bank’s Logistics Performance Index. This signifies the relative ease and efficiency with which products can be moved into and from a country,” he said, according to a PIB release.
The number of smartphone users in India is projected to grow to over 500 million by 2018. This offers immense potential for the growth of any venture, in terms of outreach and job creation, he said. ” Our Start-Up India programme is a comprehensive action plan to foster entrepreneurship and promote innovation. It aims to minimize the regulatory burden and provide support to startups. Over 1200 redundant laws have been scrapped, 87 rules for FDI have been eased in 21 sectors, and several government processes have been taken online,” he said, according to the PIB release.
Ivanka Trump, US President Donald Trump’s daughter and advisor to the White House, said Indian economy can grow by over USD 150 billion in the next three years if it was able to close the labour force gender gap by half. She showered lavish praise on PM Narendra Modi. India, she said, is one of the fastest growing economies in the world and has a true friend in the White House. I want to applaud Prime Minister Narendra Modi for his firm belief that ‘the progress of humanity is incomplete without the empowerment of women, she said.