The Vice President of India, Shri M. Venkaiah Naidu has stated that reforms and steps taken by the Government of India to improve Ease of Doing Business will continue, since the mood of the people is in favour of growth and development, in line with the Prime Minister Shri Narendra Modi’s mantra of “Reform, Perform and Transform“.
He said that Indian economy has been writing a fascinating growth story over the last decade. Even when the world went into a slowdown, India endured. The VP said that this has been due to the robustness of India’s institutions, the resilience of its policy frameworks, the reforms initiated by the government and the responsiveness of industry bodies. The Vice President was addressing the inaugural session of the 25th edition of the CII Partnership Summit, in Mumbai.
The VP noted that India has achieved the dual distinction of being a stable democracy and one of the fastest growing economies in the world.
The Vice President said that thanks to various reforms undertaken by the Government, India has become a favourite investment destination, with a ranking of 11 in the Global FDI confidence Index 2018. This is the right time for foreign investors to tap into the huge potential offered by India in various sectors from real estate to healthcare, said Shri Naidu. The Vice President spoke also said that the Indian consumer market has huge untapped potential.
The Vice President said that a series of economic and administrative reforms undertaken by the Government have not only added more tax payers but also enabled the government to bring down tax rates, also improving the way business is done. These are also aimed at making the economy inclusive, he said. GST is the most transformational reform initiated by the Government; it has converted India into an integrated market, it has become popular and captured the imagination of the people.
He added that initiatives such as Make in India, Skill India, Digital India, Smart Cities, Housing for All scheme and Start-up India are opening up new opportunities.
The Vice President expressed satisfaction that states in the country are competing among themselves in a healthy manner to attract investments. Simplifying rules, decentralization and removing discretionary powers will play a key role in quickening pace of development.
Shri Naidu said that agriculture is the basic culture of the country. He said that we need to focus and strengthen our agricultural sector, by bringing in long-term structural changes. Agriculture needs to be made profitable, sustainable and resilient. We must focus on home-grown food security for all, more investment, crop diversification and value addition, said the Vice President.
The Vice President said that we should strive to promote innovation and invest more time and money in R&D, which should address the everyday problems faced by the common man.
The Vice President implored industry bodies like the CII to promote business ethics, values, transparency and accountability. Bodies like CII should also try weed out black sheep who bring a bad name to the business community, he said.
Shri Naidu told the audience that India is at the cusp of a demographic dividend. The need of the hour is to impart our youth with skills and provide them with opportunities so that we can reap this demographic dividend. He said that the private sector also needs to play a role in this. He also urged them to be equal opportunity employers and to not practice discrimination against women in any form or at any level.
Minister of Economy, UAE, Sultan Bin Saeed Al Mansoori in his address spoke of the vibrant and growing relationship between India and UAE. He recalled that the visit of Prime Minister Shri Narendra Modi to UAE witnessed the signing of many significant MoUs, especially in the field of energy. He observed that in 2017, India exported the largest number of visitors to the UAE. He said that the role of trade in industrial relations is significant, and that India and UAE share a rich trade history.
Minister of Trade, South Korea, Mr. Kim Hyun Chong lauded GST, stating that it is the most outstanding policy reform undertaken by the Government of India. India and South Korea are highly positive about each other’s growth potential.
Director General, WIPO, Mr. Francis Gurry complimented India’s engagements at the international intellectual property system. He recalled that India has been the first country to ratify the Marrakesh Treaty, which seeks to facilitate access to published works for persons who are visually impaired. He said it is a remarkable development that two-thirds of IP applications are coming out of Asia.
Vice President, CII, Shri Vikram Kirloskar said that many key reforms initiated by the Government of India will contribute positively to the growth of the Indian economy. He said that social impact campaigns such as financial inclusion and financial technology are reaping fruit.
Welcoming the delegates, Union Minister for Commerce & Industry and Civil Aviation Shri Suresh Prabhu said that delegates from all parts of the world have come together to participate in the Summit. He noted that 86 countries are going to participate in the upcoming Global Aviation Summit on January 15 & 16, 2019 and the Vibrant Gujarat 2019 Summit is also going to witness global participation. This shows the importance of global partnerships, said the Minister. He said it should be our cooperative endeavour to make world the economy grow, for which partnerships and mutually rewarding relationships are a must.
