Text of PMs address at the Ease of Doing Business event 4th November, 2017

Text of PMs address at the Ease of Doing Business event 4th November, 2017 Miss Kristalina Georgieva, CEO, World Bank; My Colleagues in the Council of Ministers; Senior Officials, Business Leaders; Ladies and Gentlemen! ?? ???? ??? ?? ?????? ???? ?? | ???? ???? ??? ?? ?? ????? ????? ??? ?? ????, ??????????? ?? ???? ?? ??? ???? ?? ??? ??????? ???? ??| ?? ???? ?? ??? ???? ???? ??? ?? ?? 550??? ?????? ???? ????? ?? ???? ???? ???? ?? ???? ????? ???? ??| ??? ???????? ?? ?????? ???? ???? ??? ?? ?? ?? ?? ?????????? ???? ??? | I am very happy to be here today. I sense a well-deserved mood of celebration here. The World Bank has recognized the stupendous work done by us towards improving Ease of Doing Business. We are now among the top hundred countries in the Doing Business rankings. In a short time of three years we have improved forty-two ranks. I thank Ms. Kristalina Georgieva for being with us on this joyous occasion. It shows World Banks commitment to encourage nations to undertake reforms which benefit society and economy. Her presence today will motivate our team to do even better in the coming days and months. Over the last three years, I have been constantly telling the domestic and foreign investor community that we in India are making sincere efforts to improve ease of doing business. And Friends! India has Walked the Talk. This year, Indias jump in ranking is the highest. India has been identified as one of the top reformers. Congratulations to all who have worked for this. You have done the nation proud. This improvement is important: Because it is an indicator of Good Governance in the Country; Because it is a measure of the quality of our public policies; Because it is a benchmark of transparency of processes; Because, ease of doing business, also leads to ease of life; And, ultimately, it reflects the way people live, work and transact in a society. Friends! But all this is for the benefit of concerned stakeholders. For me, the World Bank report shows that quantum change is possible through commitment and hard work. Continued efforts can help us improve even further. ?? ???? ?? ?? ????? ??? ???? ??? ?? ?? ??? ??? ?? ???? | ????? ???? ????? ?? ??? ??? ?? ????? ?? ??? ?? | ???? ??? , ???? ??? ?? ?? ???? ??? , ???? ???? ??? ??? ????? ???? ?? ????? ?? ????????? ?????? ???? ?? ??? ?? ?????? ???? ???? ??? ?? ??? ??? ???? ?????? ?? ??? ???? ??????? ?????? ???| I say this because, India has reached a position from where, now it is easier to improve further. Our efforts have gathered momentum. In management terms, we have achieved critical mass for a swift takeoff. For example, this report has not taken into account the implementation of the Goods and Services Tax or GST. As you all know, GST is the biggest tax reform in the Indian economy. And it impacts many aspects of doing business. With GST, we are moving towards a modern tax regime, which is transparent, stable and predictable. ?? ????? ?? ?????? ?? ????? ???? ?? ?? ??? ???? ??????? , ???? ?? ??????? ??? ?? ???? ??? ??? ?? ?? ???? ?? ?????? ?? ??? ?? ?? ??????????? ?? ???? ????? ???| ??? ??? ???? ?????? ???? ?? ?????? ???? ?? ????? ?? ???? ?? ?? ??? ???? ???? ?? ???? ????, ?? ????? ?? ???? ???? ?? ???? ????| ??? .. ??? ???? ?? ??? ???, ?? ?? ?? ?? ...?? ???? ?? ??? ????? ???? ????? ?? ???? ?? ??? ?? ?? ??? ????? ???? ??? ?????? ?? ????? ?????? ??????? ?????????? ???? ??? ?? ?? ?????? ??? ?? ?????? ??? ???? ?? ??? ???? ?? ??| ??? ?? ??????? ????? ?? ??? ?? ??? ??| ?? ???? ???????, ???????, ????????? ?? ????? ??????, ?????? ??????? ?? ??? ????? ?? ??? ?? ?????? ?????? ?? ?????? ???? ????? ????? ????? ?? ???? ?????? ????| ??? ????? ?? ??? ???????? ??? ??? ????? ???? ???? ?? ?? ???? ??????? ?? ????????? ?? ?????????? ?? ???????? ????? ?? ???? ?? ?? ???? ??? ???? ?? ??? ?? ?? verbatim ??????? ??? ???? ??? ?????? ???? ?? ????? ????????? ?? ????? , ?????? ??????? ?? ???? ?? ???????? ??? ???? ?? ???? ?? ?? ?? ?????? ??? ?? ??? ?? ?? ????? ???? ???? ??????? ???? ??? ?? ???? ??????? ?? ???? ?? ???? ??? ????? ??? ?? ???? ??? ?? ????? ???? ??????? ??????????? ?? ????? ?? ??????????? ?? ??? ?? ?? ????? ??? ?? ???? ???? ???? ?????? ?? positively ??????? ???? ?? ??? ??| ?? ?? ?? ?? ????? ?? ?????? ??????? ?? ?????? ??? ??? ??? ????? ?????? ???? ???? ????? ?? ???? ??????? ?? ?? ???? ?? ??????? ??? ?? ?? ???? ?? ?????? ???????? ?? ?? ???? ???? ??? ?? ?? ?????? ????? ????? ?? ???? ???????| ???? ?????? ?? ??? ?? ??? ??? ????? ?????? ??????? ???? ?? ?? ???????? ?? ??????? ???? ???? ?? , ????? ?? ?????? ???????? ?? ???? ?????? ???? ?? ?? ????? ?? ?? ????? ??? ??? ?? ????? ???? ?? ??? stakeholders ?? ????? ??? ??? ??? ?? ?? ????? ?? ????? ?????? ??? ?? ?? ?????? ???? ??? ?? ?? ????? ?????? ???? ???? ?? ?? ???? ??????? ?? ??? ???? ??? ?????????? ?? foolproof ???? ????? ?? ???? ?? ?? ?????? ?? ??????? ?? ??? ??? ??| ?????? ???? ?? ?? ??????? ??? ?? 2017 ?? ?? ?? ????????? ????? ??? ??? ???? GST ???? ??? ????? 2017 ?? ???? ??? ?? | ????? ?? ????? ?? ???? ??? ?? ?? 2018 ??? ????? ???? ?? ????? ?? initiative ??? ?? count ???? ???? ???| There are many other reforms which have already happened, but need gestation and stabilization time, before they are taken into account by the World Bank. There are a few other reforms where our team and the World Bank team need to find common ground. All this, combined with our conviction to do even better, gives me the confidence that India will occupy a place of pride in the World Bank report next year and in the years thereafter. I compliment the World Bank for engaging with countries to improve ease of doing business across the world. I also compliment them for the theme of this years report - Reforming to create jobs. There can be no denying that business is a major force in our lives. It is an engine for growth, employment generation, wealth creation and delivery of goods and services that make our lives comfortable. We are a young country and job creation is an opportunity as well as a challenge. Therefore, to leverage the energy of our youth, we are positioning India as a Start-up Nation and a global manufacturing hub. For this purpose, we have launched various initiatives, such as Make in India and Start-up India. Through these initiatives, combined with the new eco-system of a formal economy and a unified tax regime, we are trying to create a NEW INDIA. An India where opportunities are created and harnessed to the advantage of the needy. We are particularly keen to develop India into a knowledge based, skill supported and technology driven society. A good beginning has been made through the Digital India and Skill India initiatives. Friends! India is swiftly changing for the better. I wish to list some more global recognitions which indicate this: o We have moved up thirty two places in the last two years in the Global Competitiveness Index of the World Economic Forum. This is highest for any country; o We have also moved up twenty one places on the Global Innovation Index of WIPO in two years. o We have moved nineteen places on the Logistics Performance Index of 2016 of World Bank; o We are among the top FDI destinations listed by UNCTAD. ??? ????? ?? ???? ?? ?????? 142 ?? 100 ???? ?? ??? ??? ???? ???? ?????? ??? ???? ???? ?????? ????? ?? ??? ??? ?? ???? ?????? ???? ??? ?? ?? ???? ???? ?? ?? ?? ???? ?? ??????? ?? ???? ??? ??? ???? ??? ???????????? ???, ????????? ???, ???????? ????? ???? ?????? ????? ???? ???? ??? ?? ?? ???? ?? ????? ?????? ???? ?? ???? ????? ?? ??????? ???? ??????? ??? ???| ??? ?? ?????? ???? ?????? ???? ???? | ???? ??? ????, ?? ?? ?? ??? ?? ?? ?? ???? ?? ??? ???| ???? ?? ?? ????? ?? ??? ?? ?? ?????? ???? ?? Ease of Doing Business ?? ????????? ??? 2004 ??? ???? ?? ??? ??? ?????????? ??? ??| ???? ??? 2014 ?? ??? ??? ????? ????? ??? ?? ?? ?? ??? ?? ??? ??? ??? ??? ???????????? ??? ????? ?????? ???? ?? ???????? ?? ???? ???? ?? ???? ???? ?????? ???? ?? ????? ???? ??? ???? ???? ???? ??| ??? ?? ???? ??? ?? ?? ?????? ???? ?? ?? ?????? ?? ???? ????? ?? ???? ????? ????? ???? ???? ?? ??? ?? ?? ???? ?????? ?? ?? ?? ????? ???? ?????? ????? ?? ??? ??? ??? ????? ?? ?????? ????| Our mantra is reform, perform and transform. We want to do better and better. I am happy to note that for the first time, the World Bank is helping us in this exercise at the sub-National level too. In a federal democracy like India, it is often not easy to take on board every stakeholder while undertaking reforms. However, over the last three years, there has been a sea change in the response of Governments, both at Central and State level. State Governments are finding innovative ways to create a business friendly environment. While often competing with each other in implementing business reforms, they are also helping each other in implementing them. This is an exciting universe in which competitiveness and cooperation co-exist. Friends, The agenda for boosting growth and employment, required many structural changes, many tough decisions and many new regulations. Besides this, the mind-set of the bureaucracy required change to enable them to work fearlessly and honestly. Over the last three years, the Union Government has done a lot on these fronts. We have resolved a number of regulatory and policy issues facing businesses and companies. Alongwith manufacturing, we are also pushing for faster progress in infrastructure sectors. Therefore, we are continuously working to improve our investment climate. In the last three and a half years we have undertaken bold Foreign Direct Investment reforms in twenty one sectors, covering eighty seven areas of policy. ??? ?? ??? ?? ????? ???? ?? ??? ????..??? ???? ..????????? ..?? ??? ?? ???? , ??????? ????? ?? ????? ?? ??? ?? ????????? ?? ????? ?? ???? ?? ???? ???? ?? ?? ?????? ???? ???? ??? ?? ???? ?? ?? ??? | These reforms have touched significant sectors like Defence, Railways, Construction Development, Insurance, Pension, Civil Aviation and Pharmaceuticals. More than ninety percent of the FDI approvals have been put on the automatic route. ?? ???? ??? ??? ??| We are now among the most open economies for FDI. This has resulted in increased FDI inflow, which year after year is making new records. The FDI inflows of 55.6 billion US dollars for the year ending March, 2016 were an all-time high. The following year, India registered an FDI inflow of 60.08 billion US dollars, thereby scaling an even higher peak. As a result, the total FDI received in the country has gone up by 67% in a short span of three years. During the current financial year till August, total FDI of 30.38 billion US dollars has been received, which represents an increase of 30% as compared to the corresponding period last year. In August, 2017, India received a total FDI of 9.64 billion US dollars, which is the highest ever FDI received in any month. Friends! Over the last three years, we have systemically and critically evaluated business regulations. We have tried to understand the pain points of businesses with regard to interface with government. We engaged with businesses on a regular basis, understood their concerns and sought to modify regulation to address their concerns. I have often emphasized that technology must be used to transform governance. Use of technology should minimize physical interface and assist time bound decision-making. I am glad to see that a number of Government Departments and State Governments are deploying technology to improve governance and deliver services. Alongwith the tools of technology we also need a complete change of mind-set while dealing with business. Total re-engineering is required both at the level of Mind and Machine. The past mindset of excessive control has to be replaced by the concept of minimum government, maximum governance. This is our goal and my Government is determined to achieve this objective. With this objective, an extensive exercise was undertaken to redesign laws and re-engineer government processes to make business environment simpler and more conducive. An attempt has been made to align the Indian regulatory environment to international best practices. Though, we were putting in efforts to improve Indias rank in the Doing Business Report, reforms undertaken by the Government are far more extensive. To give you one example; we have abolished more than 1200 archaic laws and Acts which were only complicating Governance. They have been deleted from the statute book. Similarly, thousands of important reforms have been carried out by the states as well. These additional efforts are not part of the World Banks requirement. All Ministries of the Central Government, Public Sector Undertakings, State Governments as well as regulators should identify international best practices, consult their stakeholders and align their regulations and processes with international best practices. I have no doubt that people working in these agencies are second to none in the world in respect of their capability and commitment to public service. Friends, ?? ??????? ?? ??? Ease of doing Business ???? ??? ????? ??? ????? ??? ?? ?? Ease of doing Business ?? ??? ?? Ease of Living Life ?? ?? ??????? ??? ?? ??????? ?????? ?? ???? ?? ?? ??? ??? ?? ??????, ??? ?? ????? ???? ?? ?????? ?? ???? ??? ??? ??? ??? ????? ?? ??? ??? ?? ?? ??????? ?? ??? ?? ?????????? ???? ???? ???, ????? ?? ??????? ?? ??????, ??? ?? ???????? ?? ?????? ?? ????? ??? ???? ???? ?? ??????? ??? ???? ????? ????? ??? ?? ??????? ????? ??? ?????? ??? ????? ?? ??? ?? ?? ?????? ?? ?????? ??? ???? ???? ????????? ?? ?? ???? ?? ??? Reform ?? ?????? ?????? ??? ??? ?????? ??? ??? ??? ????? ???? ?? ????????? ??? ???? ????? ??? ??? ???? ????? ?????? ?? ??? ?? ?????? ?????? ???? ???? ????? PF ??????????? ?? PF ?? ???? ??????? ?? ??? ???? ???? ??????? ?? ????? ????? ????? ??? ?? ?? ??? ?????? ?? ??? ??? ???? ?????? ???? ?? ????? ?? ??? ??? ???? ?? ????? ??????? ??? ???? ???? ???????? ??????? ?? ?????? ?? ???? ??? ??? ??? ?????? ??? ???? ??? ??????????? ????? ???? ???? ??? ??? ????? ??????? ???? ???? ??? ??? ????? ????????? ????? ???? ??? ??? ?? ???????? ???? ?????? ??? ????? ??, ?? ?? ????? ?? ???? ??? ???? ??? ?? Ease of Living Life ???? ?? ?? ???? ??? I must make a special mention of the fact that while Ease of Doing Business is important for all businesses, it is critical for small businesses including small manufacturers. This sector provides the bulk of employment in the country and to make them more competitive, we have to reduce the cost of doing business. The work on Ease of Doing Business must address the issues of these small businesses and manufacturers. Once again, let me congratulate the team working on various aspects of ease of doing business for their commitment and dedication. I am sure that together we will write a new chapter in Indias history and transform India so that the dreams and aspirations of our people take wing. I would like to thank the World Bank again for their guidance in our efforts to improve ease of Doing Business. I am told that the experience of bringing about decisive changes in a large country like India without affecting the growth process may become an example for many other nations. There is always scope to learn from others. If required, we will be happy to share our experience with other countries. Thank You! Thank You Very Much !!

Text of PMs address at the Ease of Doing Business event 4th November, 2017

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