Fluctuations in global economy biggest concern; need to find ways for its stability and recovery: PM Narendra Modi at Vibrant Gujarat Summit 2015
PM Narendra Modi inaugurated the three-day Vibrant Gujarat Summit in Mahatma Mandir, Gandhinagar today in the presence of large conglomerates and leaders from India and abroad, a few of whom announced huge investment and job creation plans.
After beginning his speech by expressing his solidarity with the people of France where a satirical paper Charlie Hebdo was attacked by Islamist gunmen, he went on to impress global investors by promising to make India an easiest destination to do business with a stable tax regime.
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“Ease of doing business in India is a prime concern for you and for us. I assure you that we are working very seriously on these issues. We want to make them not only easier than earlier; not only easier than the rest; but we want to make them the easiest,” he said.
Speaking about his government, PM Modi said that his government is working towards implementation of single window clearance system and is committed to creating a policy environment that is predictable, transparent and fair. “In short span of 7 months we have been able to change the atmosphere of despair and uncertainty; we are working to revive the economy.”
— Vibrant Gujarat 2015 (@vibrantgujarat) January 11, 2015
In his speech he called summit as not just a meeting of ideas, but also of aspirations and expressed concern over fluctuation in global economy. He also said that various countries are coming forward to work with India and India also wants to work with global leadership on issues ranging from poverty to ecology.
“We are backing our commitments with concrete action. I announced financial inclusion & in 4 months we have opened 100 million accounts. I announced modern railways, & immediately we opened up 100% FDI in railway investment to lead this surge”, said PM Modi.
IMF has said India will be 2nd fastest economy in coming years, added PM Modi. You will find us standing with you in your journey. If you will take one step, we will walk two steps with you. Realise that India is changing fast, says PM Modi while concluding his speech.
Watch the live speech here:
Earlier in the day, Mukesh Ambani, chairman of Reliance Industries, had announced an investment of Rs 100,000 crore in the next 12-18 months, which will be used in expanding petrochemical production capacity as well as in launch of the much-awaited 4G broadband services while contributing to Make in India and Digital India initiatives.
Speaking at the event, he said that India can become the world’s fastest growing economy and requested every investor to follow their steps by investing in Gujarat and benefiting themselves. He also appreciated the efforts made by Narendra Modi, who as he said planted the seed for Vibrant Gujarat, in his speech.
“Make in India, Digital India programmes have energised India,” added Mukesh Ambani.
Aditya Birla Group chairman Kumar Mangalam Birla also speaking at the event said that Gujarat is the most preferred destination for them and promised to invest Rs 20,000 crore in expansion of cement and other plants in Gujarat.
Mastercard CEO Ajaypal Singh Banga said American investors want to be in India and he is here to bridge the gap between what can be done and what they are capable of doing. Japanese auto giant Suzuki Corp’s chairman Osamu Suzuki said Gujarat is superior in terms of infrastructure and administration, adding that he sees “India becoming consolidated into one economic identity under the able leadership of Prime Minister Narendra Modi.” World Bank President Jim Yong Kim, who was also present at the event, said tax and subsidy reforms are essential for inclusive growth in India. “Committed to catalysing a vibrant India as well as vibrant Gujarat. Have to ensure sustainable, inclusive economic growth. There is much reason for optimism,” said Jim Yong Kim.
“India’s economic growth will be 6.4% this year and faster in the next,” added Jim Yong Kim while informing that Indian government and World Bank will partner on various issues. He also appreciated the introduction of GST ordinance, “A recent move for much optimism is the introduction of ordinance for Good and Services Tax. This will create one common market.”
Among foreign companies, Australian mining giant Rio Tinto’s CEO Sam Walsh said the group would add 30,000 jobs in diamond cutting industry in Gujarat, adding that Australia is looking forward to the state as a promising business destination. Andrew Robb, Minister for Trade and Investment in Australia, said that the size of the middle class will increase substantially in 15 years while adding that India is on the cusp of a transformation. “Australia, India PMs have signalled a commitment to bilateral trade,” said Andrew Robb. Chris Alexander, Minister for Immigration, Canada said, “Canada has roots in India, Canada has been partnering with Vibrant Gujarat right from the beginning.”
“We are looking at doubling Japan’s FDI in India in a few years,” said Yosuke Takag, Minister of Economy, Japan at the event. John Kerry, US Secretary of State, began his speech by expressing his gratitude, said, ‘Delighted to be back in India.” He then appreciated Mr Modi for making the word ‘Gujarat’ synonym with possibilities. He also added that he is “highly inspired by Prime Minister Narendra Modi’s slogan of ‘Sabka Saath, Sabka Vikas’.
UN Secretary General Ban Ki Moon began his speech with expressing the need to shape the development agenda for 2015. “Vibrant Gujarat is not just about development and investment,” he said adding that PM Modi has exhibited forward looking leadership. He also lauded Indian government’s efforts in using more renewable energy. Vibrant Gujarat Summit (VGS) is a global business summit, being held since 2003 in Gujarat, when Narendra Modi was Chief Minister of the state. The summit has always seen huge investment commitments running into billions of dollars being announced by business leaders from India and abroad.