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.