UP teeming with talent people, comprises largest workforce : Prez

Speed Post News Network

New Delhi : The President of India Ram Nath Kovind addressed the concluding session of the UP Investors Summit 2018 on February 22, 2018, at Lucknow. Speaking on the occasion, the President said that Uttar Pradesh is a state teeming with talented young people. It comprises one of the largest workforces as well as consumer markets not only in India but anywhere in the world. It is home to some of India’s finest institutions of higher education, such as IIT Kanpur, IIM Lucknow, Banaras Hindu University, Allahabad University and so many others, the President said adding this talent pool and this energy give Uttar Pradesh the base to become an economic powerhouse. They make it an irresistible destination for investors.

The President said that the recent period has been one of enormous economic changes for India – of soaring aspirations and achievements. The introduction of the Goods and Services Tax has been a milestone. It has broken down barriers between states. It has provided a boost to the creation of a common market and a more formal economy, President Kovind said, according to a PIB release.

Filing of taxes under GST has been made progressively smoother, he said. The switch from cash to digital payments has been notable and has created new opportunities. The simplification of procedures for tax payers, business-persons and investors has led to India making significant advances in Ease of Doing Business. The opening of more and more sectors to greater private and global investment has also drawn appreciation. As a result,  there has been a sharp rise in FDI in the past three years – from US$ 36 billion in 2013-14 to US$ 60 billion in 2016-17, the President said.

The President said that our reform process seeks to make such economic changes meaningful to all segments of our society – and to all regions of our country. Programmes such as MUDRA, Start-up India and Stand-up India are promoting grassroots enterprise and small businesses – and helping integrate these with the larger economy, he said. In parallel, the union government has transferred a larger share of tax revenues as well as economic and policy responsibilities to the states. Increasingly, the economic future of India is being written by states and state governments, such as that of Uttar Pradesh, President Kovind added.

The President said that the Uttar Pradesh government has shown determination in providing a facilitative environment for business and for investors. The ‘Nivesh Mitra’ single-window-portal has made it easier to start an enterprise in the state. The state government has begun implementing the ‘Business Reform Action Plan 2017’ as per the union government’s suggestions. A new policy has been rolled out to enhance industrial investment and employment. All these changes have boosted the confidence of investors, he said.

Pointing to the ‘Ek Janpad –Ek Utpad’ scheme of the Uttar Pradesh government, the President said that we should learn from countries such as Italy and France to enhance earnings and increase employment through branding and marketing of traditional handicrafts.