Indian Prime Minister Narendra Modi has yet again managed to charm global investors, 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 at the launch of 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 would 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. Addressing the leaders of different countries, he 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.”
The PM also stressed the theme of “minimum government and maximum governance,” saying that to the advantages of the largest democracy, demography and demand, the government has added deregulation, which industries should cash on. “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.” 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 stated. 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.”
“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.”
Make in India Week, which will run till February 18 at the Bandra-Kurla Complex, aims to showcase the country as an international manufacturing destination. Maharashtra CM Devendra Fadnavis said his government had signed MoUs with three companies on the first day of the event. It is said to be the biggest business expo hosted by the country, with 68 countries expected to participate. The launch was attended by the Prime Ministers of Sweden and Finland and the Deputy Prime Minister of Poland and a host of industrialists including Oracle's global CEO Safra Catz.
Referring to his Make in India initiative which began last year as “the biggest brand India had ever created,” Modi said his government wanted to make India into a global manufacturing hub.
“When we started Make in India, the manufacturing growth was 1.7%. In the current quarter, it is expected to be 12.6%,“ Modi said. He also said investment proposals in the last eight months had shot up by 27%.
Modi said the country had jumped 12 places in the World Bank rankings in the “ease of doing business” and 16 places in the World Economic Forum's global competitiveness index. Year 2016 will witness the highest ever coal production in the country. And 2015 saw the highest ever electricity generation and the largest production of motor vehicles in India, Modi added.
On new schemes in the pipeline, Modi said the formation of a Company Law Tribunal was in its final stages and that dedicated commercial courts were also being set up along with commercial divisions in high courts.
