Need to provide a huge push to manufacturing which has stagnated: Modi
Updated: Oct 06, 2015 02:08:33pm
Bengaluru, Oct 6 (KNN) There were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors, Prime Minister Narendra Modi said today adding that very decisive steps have been taken to remove a number of long pending concerns of investors.
While addressing the Indo German Summit, Modi said there is tremendous potential in India-Germany economic collaboration. “We are particularly keen to develop the sectors where Germany is strong. We are working hard to create conducive conditions for the same.”
The Business Forum was organized by NASSCOM and Frauenhofer Institute here today.
One of the biggest challenges in India today is to productively employ our youth. “For meeting this challenge, we need to provide a huge push to manufacturing which has stagnated at around 16 per cent of the GDP for several decades in India. This percentage must reach around 25 in the short and medium term. With this in view, we have launched the “Make in India” initiative,” he said.
To make it a success, apart from vigorous implementation of measures for ease of doing business, approvals and clearances for industry and infrastructure have been fastracked.
Transparent auction and allocation of spectrum and of key natural resources like coal, iron ore and other minerals in the last 15 months have created a level playing field for investors, he added.
PM said that since the domestic financial resources are not sufficient to meet the needs, FDI regime has been liberalized allowing 100 per cent FDI in railways and enhancing the FDI limit to 49 per cent in Defence and Insurance with the view to enhance the flow of foreign investments.
Modi mentioned that India has also come up with the mechanism of Tax Free Infrastructure Bonds for projects in rail, road and irrigation sectors.
“There were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors. We have taken very decisive steps to remove a number of long pending concerns of investors,” he said.
Calling for and active involvement of Germany, he said, “Our commitment and aggressiveness to achieve the goal in a faster and effective manner offers immense opportunities to German Companies.”
These opportunities range from building 50 million houses to setting up 100 smart cities; modernization of our railway network and stations to setting up of new railway corridors; generation of 175 GW of renewable energy to construction of transmission and distribution networks, National Highways, bridges, and Metro rails. Such a huge potential for creation and production will not be available in any one country. More importantly, no one place on the earth can offer the potential for consumption on such a massive scale.
We are trying to power this potential through our campaigns like Digital India and Skill India. To tap the energy fully, we have launched the Start-up India Campaign, he added.
Concluding his speech, Modi said, “Therefore, it makes strong business sense to be in India. It makes even better business sense to Make in India.” (KNN Bureau)
While addressing the Indo German Summit, Modi said there is tremendous potential in India-Germany economic collaboration. “We are particularly keen to develop the sectors where Germany is strong. We are working hard to create conducive conditions for the same.”
The Business Forum was organized by NASSCOM and Frauenhofer Institute here today.
One of the biggest challenges in India today is to productively employ our youth. “For meeting this challenge, we need to provide a huge push to manufacturing which has stagnated at around 16 per cent of the GDP for several decades in India. This percentage must reach around 25 in the short and medium term. With this in view, we have launched the “Make in India” initiative,” he said.
To make it a success, apart from vigorous implementation of measures for ease of doing business, approvals and clearances for industry and infrastructure have been fastracked.
Transparent auction and allocation of spectrum and of key natural resources like coal, iron ore and other minerals in the last 15 months have created a level playing field for investors, he added.
PM said that since the domestic financial resources are not sufficient to meet the needs, FDI regime has been liberalized allowing 100 per cent FDI in railways and enhancing the FDI limit to 49 per cent in Defence and Insurance with the view to enhance the flow of foreign investments.
Modi mentioned that India has also come up with the mechanism of Tax Free Infrastructure Bonds for projects in rail, road and irrigation sectors.
“There were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors. We have taken very decisive steps to remove a number of long pending concerns of investors,” he said.
Calling for and active involvement of Germany, he said, “Our commitment and aggressiveness to achieve the goal in a faster and effective manner offers immense opportunities to German Companies.”
These opportunities range from building 50 million houses to setting up 100 smart cities; modernization of our railway network and stations to setting up of new railway corridors; generation of 175 GW of renewable energy to construction of transmission and distribution networks, National Highways, bridges, and Metro rails. Such a huge potential for creation and production will not be available in any one country. More importantly, no one place on the earth can offer the potential for consumption on such a massive scale.
We are trying to power this potential through our campaigns like Digital India and Skill India. To tap the energy fully, we have launched the Start-up India Campaign, he added.
Concluding his speech, Modi said, “Therefore, it makes strong business sense to be in India. It makes even better business sense to Make in India.” (KNN Bureau)
Loading...
