India has been the fastest-growing large economy in the world and is set to close the fiscal year with a well over 7% growth in the gross domestic product, PM Narendra Modi said at the launch of Make in India Week in Mumbai. Stressing on the government's commitment to cut red tape and smooth bottlenecks for business, he said, “India is blessed with three Ds: Democracy , Demography and Demand. To this we have added another D deregulation.“
Make in India Week, which will run till February 18 at the Bandra-Kurla Complex, aims to showcase the country as an international manufacturing destination. CM Devendra Fadnavis said his government had signed MoUs with three companies on the first day of the event. The Make in India Week is said to be the biggest business expo hosted by the country , with 68 countries expected to participate. The launch was attended by the Prime Ministers of Sweden and Finland and the Deputy PM of Poland and a host of industrialists including Oracle's global CEO Safra Catz.
Referring to his Make in India initiative which began last year as “the biggest brand India had ever created“, Prime Minister Narendra Modi said his government wanted to make India into a global manufacturing hub. “When we started Make in India, the manufacturing growth was 1.7%. In the current quarter, it is expected to be 12.6%,“ Modi said. He also said investment proposals in the last eight months had shot up by 27%.
Modi said the country had jumped 12 places in World Bank rankings in “ease of doing business“ and 16 places in the World Economic Forum's global competiveness index. 2016 will witness the highest ever coal production in India. 2015 saw the highest ever electricity generation and the largest production of motor vehicles in India, Modi added.
On new schemes in the pipeline, Modi said the formation of a Company Law Tribunal was in its final stages and that dedicated commercial courts were also being set up along with commercial divisions in high courts. He also said the government was putting together a new IPR policy and patent regime and was hoping to pass the bankruptcy law tabled in Parliament. Modi advised industry to seize opportunities. “My friendly advice to industrialists.Don't wait. Don't relax. There are immense opportunities in India,“ he said.
Meanwhile, CM Devendra Fadnavis said his government had signed MoUs with three companies on the first day of the event. He said it also planned to set up an International Financial Services Centre at BKC. He said the government had announced key policies in the retail, electronics, tourism and IT sector and dramatically eased the path for business.“We have reduced permissions for industry by 60% and the hospitality industry by 70%. Building plan approvals now take 60 days instead of 365,“ he said.
Make in India Week, which will run till February 18 at the Bandra-Kurla Complex, aims to showcase the country as an international manufacturing destination. CM Devendra Fadnavis said his government had signed MoUs with three companies on the first day of the event. The Make in India Week is said to be the biggest business expo hosted by the country , with 68 countries expected to participate. The launch was attended by the Prime Ministers of Sweden and Finland and the Deputy PM of Poland and a host of industrialists including Oracle's global CEO Safra Catz.
Referring to his Make in India initiative which began last year as “the biggest brand India had ever created“, Prime Minister Narendra Modi said his government wanted to make India into a global manufacturing hub. “When we started Make in India, the manufacturing growth was 1.7%. In the current quarter, it is expected to be 12.6%,“ Modi said. He also said investment proposals in the last eight months had shot up by 27%.
Modi said the country had jumped 12 places in World Bank rankings in “ease of doing business“ and 16 places in the World Economic Forum's global competiveness index. 2016 will witness the highest ever coal production in India. 2015 saw the highest ever electricity generation and the largest production of motor vehicles in India, Modi added.
On new schemes in the pipeline, Modi said the formation of a Company Law Tribunal was in its final stages and that dedicated commercial courts were also being set up along with commercial divisions in high courts. He also said the government was putting together a new IPR policy and patent regime and was hoping to pass the bankruptcy law tabled in Parliament. Modi advised industry to seize opportunities. “My friendly advice to industrialists.Don't wait. Don't relax. There are immense opportunities in India,“ he said.
Meanwhile, CM Devendra Fadnavis said his government had signed MoUs with three companies on the first day of the event. He said it also planned to set up an International Financial Services Centre at BKC. He said the government had announced key policies in the retail, electronics, tourism and IT sector and dramatically eased the path for business.“We have reduced permissions for industry by 60% and the hospitality industry by 70%. Building plan approvals now take 60 days instead of 365,“ he said.
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