Gandhinagar: The seventh Vibrant Gujarat Global Investors summit kicked off here in the presence of Prime Minister Narendra Modi on Sunday with large corporates from India and abroad announcing investments, and numerous global luminaries terming India as a global investment destination whose time has come.
While Australian mining giant Rio Tinto promised 30,000 jobs in diamond cutting and polishing in Gujarat, Reliance Industries chief Mukesh Ambani announced an investment of Rs one lakh crores over the next 12 to 18 months with Kumar Mangalam Birla of Aditya Birla group chiming in with investment plans for Rs 20,000 crores in the state.
Prime Minister Narendra Modi in his address said that his government was committed to providing a policy environment that is business friendly, predictable, transparent and fair. ‘‘We are on the path of transformation and are making efforts to change the work culture, strengthen our institutions and delivery systems.
He pointed out that on the economic front — in the first two quarters — the growth rate registered is one per cent higher than that in the previous year. ‘‘The International Monetary Fund (IMF) has said that India will be the second fastest growing economy in the coming years,” he added.
The prime Minister pointed out that that according to the latest forecast of the Organisation for Economic Cooperation and Development (OECD), India would be the only country among the world’s top economies, which would increase its pace of growth this year. ”HSBC’s latest report has identified India as the world’s largest growing exporter, which is set to move from being the 14th to the 5th largest exporter in the world by 2030,”he added.
Enumerating the steps being taken by his government, Modi said that policy driven governance is being backed by concrete action. ‘‘A hundred million bank accounts in four months, Liberalised FDI policy in the construction sector to enable building of world class cities with amenities to match, Railways open to 100 per cent FDI, 49 per cent Defence sector FDI, amendment of legal provisions for enhanced land availability. There is enhanced focus on building infrastructure through public and private investments through a fast track PP mechanism,” he added.
The prime minister pointed to the Sagarmala project being undertaken to ensure port led development. ‘‘Existing ports are being modernized and new world class ports will be developed along the coast along with inland and coastal waterways as major transport routes. Similarly low cost airports are being planned to improve regional connectivity. We are working round the clock to make India a global manufacturing hub,” he added.
Global head honchos and representatives of governments across the world who shared the dais at the global business summit also made important suggestions.
World Bank President Jim Yong Kim said it was imperative that India followed a path of rapid growth and tax and subsidy reforms were essential for inclusive growth. ‘‘Measures such as the Constitution Amendment Bill for Goods and Service Tax (GST) would help doing business in India easier,” he added.
Kim appreciated the move to eliminate diesel subsidy and said that it would help improve the country’s fiscal position, reducing the cost of borrowing and public investments. ‘‘The poorest of the poor constitute 40 per cent of the population, 500 million people, who would be the third largest country in the world by themselves and therefore there is urgent need for fiscal reforms to fuel development,” he added.
John Kerry, US secretary of state, stressed on the need for enhanced Indo-US economic ties to tap the opportunities between the two countries. ‘‘Your poll slogan ‘Sab ka sath, sab ka vikas’ — participation for all, development for all — is good for all of us to adopt, he added, addressing the Indian prime minister.
Kerry pointed out that bilateral trade between India and the US had grown fivefold since 2000. ‘‘Bilateral FDI now stands at nearly $30 billion and we share India’s goal of a further fivefold increase,” he added.
