No Time To Wait For Incremental Growth, Says Modi

Prime Minister Narendra Modi has invited the global business community to take part in India's growing manufacturing story.

Projecting his government's achievements that helped attract the largest ever FDI into the country in the period upto December 2015, at a time when FDI inflows were slack in most countries, Modi said these achievements were the result of a string of measures that the government announced.

These steps included a friendlier tax regime that was transparent, stable and predictable, Modi said, adding the country's key strength is its large young and aspiring population and the country needs to make a big leap in its progress as it has no time to wait for incremental growth.

India has seen a 48 per cent rise in FDI inflows since his government came into power, and it jumped 12 ranks in ease of doing business as per World Bank estimates. Investment effectiveness ranking improved from 15 to 9.

"The perception on India as an investment destination has changed, and this has forced us to correct policies and improve efficiency," Modi said in Mumbai on Saturday. India has no time for wait for incremental development, he said.

The government, he said, wants to channelise this positive climate into manufacturing, which will be a major source of employment, especially for the youth.

"As much as 60 per cent of Indians are of age below 35, and this is the biggest strength for the country," he said, addressing business delegates and corporate leaders at the inauguration of the Make In India Week. Several industrialists, including Ratan Tata, Kumar Mangalam Birla, Adi Godrej and YC Deveshwar were present.

Highlighting the economic growth in India, the Prime Minister said India contributed 2.5 per cent to the global growth in 2015.

The fast tracking of arbitration procedures to make doing business easy in India, and separate commercial division at the High Courts, along with the new IPR policy, and the impending bankruptcy law in Parliament are measures that will enable the smooth functioning of enterprises.

4D Advantage
This is the century for Asia and international agencies like IMF, World Bank and OECD have predicted highest growth for Asia he said. "I am appealing to the world, that to make this your century, come and make in India," he added. India, as a country, is known for its 3Ds - democracy, demography and demand. "We have added a fourth D - deregulation. Now India has become four dimensional," he said.

Allaying the fears of critics that unemployment was still rampant in the country, Modi said that the Indian job market is getting strengthened. The Startup India initiative will transform Indian youth from being job seekers to job creators.

Earlier, addressing the event, Prime Minister of Sweden Kjell Stefan Lofven said his country is keen on partnering Indian companies in the field of energy, environment, health and defence. Maharashtra Chief Minister Devendra Fadnavis said the week long event venue of the Make in India centre in Mumbai would be converted to an International Business Finance Centre.

Maharashtra has eased business permissions by 60 per cent and a new building plan approval process in Mumbai has come down from 360 days to 60 days. Three major MoUs were signed already for investment in Maharashtra (with Sterlite, Raymond and Coca Cola) and many more are likely.