Modi promotes India's manufacturing in a big way in China
Updated: May 16, 2015 01:43:12pm
Shanghai, May 16 (KNN) Pushing in for ‘Make in India’ campaign in China while addressing at India-China Business Forum, Indian Prime Minister Narendra Modi said he wants to promote manufacturing in a big way particularly to create jobs for the Indian youth who form 65 per cent of the country’s population.
“We want to Make things in India. For this purpose, we have launched a campaign called “Make in India,” Modi said.
Modi said, “It is also the effort of my Government to encourage innovation, R&D and entrepreneurship in the country. In this year’s budget, we have set up some innovative institutional mechanisms for that purpose.“
Modi said that, “In financial services too, we are moving towards a more inclusive and faster delivery of financial products including bank loans and insurance.”
For this purpose we opened 140 million bank accounts; increased FDI in insurance up to 49 per cent and have set up MUDRA Bank to fund the micro-businesses, he added.
He pointed that many Chinese companies have the possibility of investing in India to take advantage of India’s potentials. “The potential lies in Manufacturing, processing as well as in infrastructure,’ he said.
Modi said that the India’s economic environment has changed and the regulatory regime has become much more transparent, responsive and stable.
He said that a lot of efforts have been made and are still underway to improve the ‘Ease of Doing Business’.
He further stated that, “We do believe that FDI is important and it will not come in the country without a globally competitive business environment. Therefore, we have rationalized a number of issues which were bothering the investors.”
In particular, he said, the taxation system is becoming more transparent, stable and predictable as a lot of regressive taxation regimes have been abolished.
India has fast tracked approvals in industry and infrastructure which includes environmental clearances, extending the industrial licences, de-licensing of defence items, and simplification of cross-border trade. Within a very short time, we introduced GST Bill in parliament, he said.
Similarly, for infrastructure development, we have taken some far reaching steps.
This industrial partnership of China and India can bring about greater investment, employment and satisfaction of our people, Modi said while concluding his address. (KNN Bureau)
“We want to Make things in India. For this purpose, we have launched a campaign called “Make in India,” Modi said.
Modi said, “It is also the effort of my Government to encourage innovation, R&D and entrepreneurship in the country. In this year’s budget, we have set up some innovative institutional mechanisms for that purpose.“
Modi said that, “In financial services too, we are moving towards a more inclusive and faster delivery of financial products including bank loans and insurance.”
For this purpose we opened 140 million bank accounts; increased FDI in insurance up to 49 per cent and have set up MUDRA Bank to fund the micro-businesses, he added.
He pointed that many Chinese companies have the possibility of investing in India to take advantage of India’s potentials. “The potential lies in Manufacturing, processing as well as in infrastructure,’ he said.
Modi said that the India’s economic environment has changed and the regulatory regime has become much more transparent, responsive and stable.
He said that a lot of efforts have been made and are still underway to improve the ‘Ease of Doing Business’.
He further stated that, “We do believe that FDI is important and it will not come in the country without a globally competitive business environment. Therefore, we have rationalized a number of issues which were bothering the investors.”
In particular, he said, the taxation system is becoming more transparent, stable and predictable as a lot of regressive taxation regimes have been abolished.
India has fast tracked approvals in industry and infrastructure which includes environmental clearances, extending the industrial licences, de-licensing of defence items, and simplification of cross-border trade. Within a very short time, we introduced GST Bill in parliament, he said.
Similarly, for infrastructure development, we have taken some far reaching steps.
This industrial partnership of China and India can bring about greater investment, employment and satisfaction of our people, Modi said while concluding his address. (KNN Bureau)
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