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We can’t change the past, but what we can change in future, is in our hands : PM Modi @ Global Business Summit

The Prime Minister addressed the Global Business Summit at the Taj Palace Hotel in New Delhi, earlier today. He addressed the gathering of distinguished guests from India and Abroad, Industry leaders and the Business correspondents.

He complimented the Organizers for Using

  • Social: as the first word of theme for business summit.
  • Sustainability: he said also happy to note that the People present here are discussing how to make the development sustainable which is second word of this summit.
  • Scalability: And when you talk about Scalability the 3rd word, it gives me hope and confidence that you are indeed discussing solutions for India.

He reminded the august gathering of who would know better than them, about the challenges the country was facing in the second half of 2013 and the early 2014.

Runaway Inflation was breaking the back of every household. Increasing Current account deficit and higher fiscal deficit were threatening the macro-economic stability of the country. All these parameters were indicating a gloomy future.

The country was facing total policy paralysis. This was preventing economy from reaching the level which it was worthy of. The global fraternity was worried about the health of this member of the fragile five club. There was a perception of surrender to the existing Circumstances.

It was in this background that our Government came to serve the people and today the change is clearly visible. Yahaan par zyaddatar Times of India kay editor hain isliye der lagegi.

After 2014:

  • Hesitations have been replaced by Hope
  • Obstacles have been replaced by Optimism
  • Issues have been sorted out by Initiatives

Since 2014, India has made significant improvements in almost all international rankings and indices.

This not only shows how India is changing, but also represents how the world’s perception about India is changing. Am aware that there are some, who cannot appreciate this rapid improvement. They suggest that the ranking improves only on paper. But nothing changes on ground. But, I think, this is far from the truth. Rankings are mostly lagging indicators. Things change on the ground first but reflect in time lag after a time lag. He cites the example of Ease of Doing Business rankings to illustrate the above phenomena. He says that the Indian rankings have improved from 142 to an historic high of 77 in four years. But the change in ranking had been preceded by an improvement in situation on the ground. Now, construction permits for starting a business come faster and so do Electricity connections and other approvals.

Even for small traders compliance is getting easier.

Now a Business with Turnover of up to 40 lakhs doesn’t have to register for GST.

Now, a business with a turnover of up to Rs. 60 lakh does not have to pay any income tax

Now, a business of turnover of up to 1.5 Crore is eligible for the composition scheme for a nominal income tax rates.

In the same way India’s ranking in the World Travel and Tourism, the competitive Invest Index, Improved from 65 in 2013 to 40 in 2017. The number of foreign tourist arrivals o India has gone up by approximately 45 %. The number of approved hotels has gone up by 50 %. The Foreign exchange earning in tourism also has increased by 50 % from 2013 to 2017. Similarly the Indian ranking in Global innovative index has gone up from 76 in 2014 to 57 in 2018.

This surge in innovation is clearly visible and the improvement in culture is also visible. The Number of patents and trademarks filed greatly increased.

We have been witnessing various forms of competition:

  • A competition between Ministries
  • A competition between States
  • A competition on Development
  • A competition on achieving target

Competition is on whether India will get 100% sanitation first or 100% electricity to homes first; whether all habitations are connected by the roads first or all homes get the domestic gas connections first. There is also a competition on which state will attract maximum investment, which state will get maximum houses built for the poor and which of the 100 aspirational districts progresses the fastest.

He also mentioned that there was a competition of different kind even before 2014 although in a different aspect, i.e., in level of corruption:

  • A competition between Ministries
  • A competition between Individuals
  • A competition on Corruption
  • A competition on delays
  • On who can do maximum corruption
  • Who can do fastest corruption
  • Who can be the most innovative in corruption

There was competition in corruption between Coal vs Spectrum and CWG Vs Defence on more money. We also know in this competition on who were the main players in this aspect. He said he would leave it to the gathering to decide which forms of competition they would prefer.

For decades a narrative was set that certain things are just impossible in India, which the present Government has changed after 2014. He reiterated that the progress that our nation achieved since 2014 has given him immense confidence that nothing is impossible to achieve for the 130 Crore Indians. He gave out a slogan: “Namumkin Ab Mumkin Hai”, meaning: “Impossible is Now Possible”.

It was said that making a Clean India was impossible which people are proving that it is possible. Corruption free India is another appropriate example. It was said that it was impossible process of giving the People the due. Impossibility of Poor in leveraging the power of technology has been made possible by growing use of digital technology by rural population in financial transactions and other important means. The impossibility to remove discrimination and arbitrarism in policy making was also made possible by the participation of people of India.

While coming to the Banking and Insolvency code, Rs.3,00,000 Crores have been collected from the defaulters.

He said that we are moving towards New India to fulfill the aspirations of 130 Crore people. He underlined that the immediate need is addressing challenges of future and overcoming the past.

After 70 years of Independence, there is a clear development with respect to cleanliness and building of toilets across the country. There are 100 smart cities and also 100 aspirational districts being developed across the country. India now, is one of the major countries in production of electricity and we are now electricity sufficient country, which happened with accelerated pace after 2014. We are not only planning to send man to mars but also looking for roofs to live under, a home for everyone. We are not only the fastest growing economy but also fastest in eradication of poverty.

We have removed the concept of ABC by:

Instead of

  • A : Avoiding Issues : Overcome with Dealing with the Issues
  • B : Burying              : Dig it over with proper communication to the people
  • C : Confusing : By putting in place a system to demonstrate that solutions are possible

He added that the Government has reached out to 12 Crore small marginal farmers by providing Rs.6000 each and giving support;

Have brought in Pension scheme for those working in unorganized sectors;

Will ensure social infrastructure for all those who are left over;

Will create physical and digital infrastructure for the generation next.

India missed the Bus, when it came to the first three Industrial revolutions, but as far as the Fourth Industrial Revolution is concerned, this is a bus we haven’t simply boarded, but we will also drive it.

He said “We can’t change the past but what we can change in future is in our hands.”

Now Innovation and Technology will form Bedrock of Develoment. This is converging and reaping rich dividends.

Coming to Patents, from 4000 in 2013-14, we have moved to 13000 by 2016-17 and the Trademarks have increased by 4 fold from 68,000 in 2013-14 to 2.5 Lakhs in 2016-17.

The heartening part is that the 44% of startups have come from Tier 2 & Tier 3 Cities which has been given a big push by Atal Tinkering Labs. The students have become innovators of future. Now the youth in villages are leveraging Wi-Fi and technology while writing exams. This is bridging the gaps between the Haves and the have nots.

The participation and the partnership of people is now Jan Bagedhari which has helped us a lot in recent developments, without which the task is impossible. We are giving adequate opportunities to citizens to prosper and grow.

The Goals set for future:

We look forward to India being a 10 Trillion Dollar Economy and the 3rd largest Economy in the World. This we will be able to make it possible with Countless startups, renewable sources of energy, cut down on dependence on imports and being the world leader in Green Electric Vehicles and energy storage devices. With these goals in mind, let us re-dedicate ourselves to create a New India of our dreams.

Picture : File Photo

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