Home » Salient Points of PM Narendra Modi’s speech at the Business Meeting in Germany on 30 May, 2017
- It is a great pleasure to meet you all. It is an added pleasure to talk to you in the presence of an enlightened leader like Chancellor Merkel.
- Germany is among India’s most important partners both bilaterally and in the global context. I am very happy to see participation of German companies in India’s growth story.
- Germany ranks 7th among foreign investor countries in India. Major sectors attracting FDI inflows from Germany are engineering, chemicals and services. About 600 Indo-German joint ventures are presently operating in India.
- With a view to help the German companies, we have put in place a Fast Track Mechanism. A number of issues have already been resolved through this mechanism. We are doing it sincerely because we value German participation a lot.
- Due to these strengths, as said by UNIDO, India is already the 6th largest manufacturing nation in the world. To make it better, we are working hard on various enablers
- Through our ‘Make in India’ initiative, we are committed to transform India as a major player in the global value chain. Prime motive is creation of jobs and narrowing the gap between affluent and lower sections of society. Make in India has already created a strong impact.
- Germany is contributing in a big way in the success of Make in India. Particularly, India’s participation as Partner country in the Hannover Fair has given a big boost to Indo-German partnership.
- We have moved up 32 places in last two years in the Global Competitiveness Index of the World Economic Forum- this is highest for any country
- India also moved up 19 places on the Logistics Performance Index of 2016 of World Bank
- We have also moved up 16 places on the Global Innovation Index of WIPO in 2016
- We are 3rd among the top 10 FDI destinations listed by UNCTAD
- GST is among the most Historic reforms India has ever done- and it is going to be implemented from the next month;
- In the last two years, we have moved towards a low tax regime both on personal as well as corporate side
- We have lowered the corporate tax from 30% to 25 % particularly for new investments and smaller ventures
- Now, India has one of the most liberal FDI Policy regimes in the world. More than 90% of the foreign investment flows are under automatic route. Last week we formally decided to abolish the Foreign Investment Promotion Board which was made in 1990s to examine the FDI proposals.
- The idea is to expand the engagement of overseas investors in the Indian economy. Due to this approach, Our FDI Outlook has been ranked highly positive by various International Agencies.
- When I spoke in April 2015, our process of reform had just started. Now, I can safely say that we have completed a sizeable part of it. However, we are committed to do more and more; in a faster and better manner.
- I strongly believe that we should create institutional networks to understand and advocate such reforms.
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