It’s the best time to do business in India right now: PM

Prajakta Joshi
Friday, 18 January 2019

“At 7.3 per cent, the average GDP growth, over the entire term of our Government has been the highest of any Indian Government since 1991. At the same time,the rate of inflation at 4.6 per cent is the lowest for any Indian Government since 1991, when India began its process of liberalisation.”

GANDHINAGAR: “This is the best time to be here. We have set up dedicated ways to help investors on one to one basis,” said Prime Minister of India Narendra Modi as he addressed around 30,000 delegates from the business communities from around the world on Friday afternoon.

He was speaking at the inauguration of Vibrant Gujarat 2019, the 9th Global Summit that has been organised in Gandhinagar, Gujarat from January 18 to 20. This is a biennial summit, that has been taking place in Gujarat since 2003.

Talking about the progress that his government has made in the past four years, the Prime Minister said that he has tried to reduce government and enhance governance. He mentioned, “At 7.3 per cent, the average GDP growth, over the entire term of our Government has been the highest of any Indian Government since 1991. At the same time,the rate of inflation at 4.6 per cent is the lowest for any Indian Government since 1991, when India began its process of liberalisation.”

Emphasising that doing business in India right now is easier and cheaper, Modi stated that that the India has jumped 65 places in the Global Ranking of World Bank’s Doing Business Report. “From 142 in 2014 we are now ranked at 77. But we are still not satisfied. I have asked my team to work harder so that India is in the top 50 next year. Also, we are among the top 10 FDI Destinations listed by UNCTAD (United Nations Conference on Trade and Development),” he added. 

Stating that the government has worked hard to promote manufacturing to promote jobs through ‘Make in India’, he also added that the initiatives like Digital India and Skill India have supported the former. “To convert India into a global manufacturing hub, we have also focussed on bringing our industrial infrastructure, policies and practices to best global standards,” Modi asserted.

Also, in all praise for his homeland, the Prime Minister also said that Gujarat represents the best of business spirit that exists in India.

Earlier, while speaking at the summit amongst other industrialists and world leaders, Mukesh Ambani, Chairman, Reliance Industries requested the Prime Minister to lead a fight against Data Colonisation. “India’s data must be owned and controlled by Indians only, not the global corporates. We should launch a movement to bring back the control in our hands,” Ambani stated.

He also announced that Reliance and Jio will soon be launching a new commerce platform for the retailers, a mega mission which will first be launched in Gujarat, and then across the country.

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