Amid the impasse in Parliament over demonetisation, Prime Minister Narendra Modi on Wednesday asserted that India was currently witnessing an economic transformation and moving towards a digital and cashless economy. He also asserted that weeding out black money and corruption is “very high” on his agenda that is driven towards employment generation and self-employment opportunities. Modi was addressing via videoconferencing the “Economic Times Asian Business leaders Conclave 2016” in Kuala lumpur along with his Malaysian counterpart Najib Razak.
“Presently, cleaning the system from black money and corruption is very high on my agenda,” Modi said, adding the economic process in India is being geared towards activities which are vital for generating employment or self-employment opportunities.
The PM told the gathering that a number of steps have been taken to attract more FDI and also mentioned that the Goods and Services Tax (GST), which will overhaul the indirect tax system in India, is expected to be implemented in 2017. “We welcome those who are not in India so far... India is not only a good destination. It’s always a good decision to be in India. We have opened up new sectors for FDI and enhanced caps for existing sectors,” he said, adding the Government’s concerted efforts on major FDI policy reforms continue and conditions for investments have been simplified.
Total FDI inflows in the last two and a half years have touched $130 billion, Modi said. “The positive change in policy, regulatory and investment environment in India is recognised by both domestic and foreign investors,” he said.
Referring to “Make in India” which celebrated 2nd anniversary this year, Modi said the initiative is aimed at making the country a global hub of manufacturing, design and innovation. “India is currently buzzing with entrepreneurial activity like never before... We have now become the 6th largest manufacturing country in the world. Our efforts to ensure ease of doing business in India have been comprehensive and wide ranging, including legislative and structural,” Modi said.
He said the Government has also “rationalised greatly” the licensing regime and launched “single window interfaces” for registering a business, export-import clearances and labour compliance. “The outcomes of our efforts are visible from India’s global rankings on various indicators,” he said.
“We have adopted a comprehensive National Intellectual Property Rights policy to lay the future roadmap for intellectual property,” he said about an issue which has been a major concern among the foreign investors.
Modi said startups are the next big economic force in India and are “no less than a revolution”. “Building futuristic infrastructure is the biggest task at our hand. We are developing a pentagon of industrial corridors across India,” the Prime Minister said.
He said there is immense focus on removing the logistics constraints and roads, railways, ports are being upgraded across the country. “This is a time for integration...At the level of economy also, we are among the most open and integrated economies,” he said.
Underlining that the 21st century is that of Asia, the Prime Minister said despite unfavourable and uncertain global economic environment, the growth prospects of Asian region remain bright.
“Asia is where there are hands to work, homes to consume and heads have the humility to learn,” Modi said.