Committed to continue economic reforms: PM

Source: The Hitavada      Date: 11 Jan 2017 08:42:04

Our Correspondent and Agencies GANDHINAGAR,

Jan 10,

Promises to make the nation corruption-free and easiest place to do business


STRONGLY committing to continuing economic reforms, Prime Minister Narendra Modi on Tuesday promised to bring a paradigm shift in polity and economy by providing corruption-free regime and easing processes to make India the easiest place to do business.
Addressing the biannual Vibrant Gujarat Global Summit, dubbed ‘Davos of the East’, that had Fortune 500 CEOs and global leaders in attendance, Modi said creating an enabling environment for business and attracting investments is his top priority. “We have placed the highest emphasis on Ease of Doing Business,” he said. “My Government is strongly committed to continue the reform of the Indian economy.”

Over the last two-and-a-half years, the Government has worked relentlessly to realise India’s potential and to set right the economy, he said, adding the results have been encouraging in substantial improvement in key macro-economic indicators like GDP growth, inflation, fiscal deficit, current account deficit as well as foreign investments.

“India has become the fastest growing major economy in the world. Despite the global slowdown, we have registered excellent growth. Today, India is a bright spot in the global economy. We are seen as the engine of global growth,” he said.
“We are monitoring implementation of hundreds of action points across various sectors, aimed at improving the regulatory framework. This is part of our promise of Good Governance,” he said.

“Every day, we are further rationalising our policies and procedures, to make it simple for businesses to establish and grow,” he said. “We have liberalised our FDI regime in many sectors and in various ways. India is today among the most open economies.”
Modi also said that ‘Make in India’ initiative has become the “biggest brand” that the country has ever had.
“The total FDI in the last two-and-a-half years have touched USD 130 billion.

“The FDI equity inflow in the last two financial years was 66 per cent higher as compared to previous two financial years. In fact, the total FDI inflows received during the last year have been the highest ever,” he said.

“India today stands for the three Ds-democracy, demography and demand. It is our intent to ensure that every poor has a house of his own by 2022. We want to produce energy that is cleaner, build roads and railways that are faster and greener and are keen to promote tourism in a big way which needs tourism infrastructure”, he added.

The Prime Minister invited investment for production of 175 gigawats of renewable energy in India.
Earlier, captains of industry and representatives from the 12 countries partnering the mega-event spoke.

Reliance Industries Chairman Mukesh Ambani noted that his group had, till date, made a cumulative investment of over Rs.2.37 lakh crore in Gujarat, which was the biggest by any Indian company in a single State. “In the last four years Reliance has invested Rs.1.25 lakh crore in the state in sectors like refining, petrochemicals, retail and Jio. Besides, it invested an additional Rs.10,000 crore, more than its commitment. Also, Reliance Foundation has committed Rs 150 crore to the Pandit Deendayal Petroleum University (PDPU),he said adding that more than 90% of Gujarat will be covered by Jio by Diwali this year, as against 35% of the people connected in 2014-15.”

Adani Group chief Gautam Adani said the group plans to invest over Rs.49,000 crore in the state over the next five years in various sectors, and create 25,000 new jobs. The investments include Rs. 16,700 crore to expand facilities at Mundra, Dahej, Hazira and Tuna and Rs.23,000 crore for development and generation of solar and wind energy by 2021. Adani Wilmar will invest Rs.1200 crore for doubling edible oil refining capacity at Mundra from the existing 3,000 tons per day besides new investment of Rs. 2,000 crore in desalination of water and for setting up a Rs.5,500 crore cement plant at Mundra with a capacity of 10 million tonne per annum.

Toshihiro Suzuki, CEO, Suzuki Motor Corporation, said their Gujarat plant was set to start car production next month. Its production capacity would be ramped up to 7.50 lakh per annum in the future. “We want to set up an automobile cluster in Gujarat”, he added.

The heads of governments from over 20 countries including the Presidents of Kenya and Rwanda, Prime Ministers from Portugal and Serbia and Deputy Prime Ministers of Russia and Poland along with senior foreign ministers from other countries were present at the Summit. Representatives from global majors such as Boeing, Cisco, RasGas, Suzuki Motors Corporation, Kawasaki Heavy Industries, Toyo, Hitachi, Dell and Fedex and Indian industry captains, including Mukesh Ambani, Anil Ambani, Kumar Mangalam Birla, Shashi Ruia, Anand Mahindra, Sunil Bharti Mittal, Gautam Adani, SBI chairperson Arundhati Bhattacharya and Flipkart Co-founder Sachin were among those present.