Global Entrepreneurship Summit, 2017 gains
historic significance for the facts that it is being held in South Asia for the
first time, the theme of the Summit is ‘Women First, Prosperity for All’ and
above all, US President Donald Trump's daughter and his advisor Ivanka
Trump’s participation in the summit, herself a business woman and now leading
the US Contingent to the Summit.
Prime Minister Modi inaugurated the Summit
with his own characteristic excellent speech which was exhaustive with details
women achievers and also, with the initiatives of the government to take the
nation on the path of development and growth like demonetization and GST. Never
does the PM fail when the occasion demands to touch upon the ancient Indian
Wisdom and its contribution to very vital aspects of living like Yoga, Ayurveda
and he recalls the contributions of Aryabhatta with his zero and of Kautilya in
his Arthashastra wherein, as Modi points out, many nuances of modern day
economic policy, taxation system, and public finance policies are outlined.
Some extracts from his highly inspiring
and informative speech:
We are happy to host the 2017 Global
Entrepreneurship Summit in partnership with the Government of the United
States of America…
The theme “Women First, Prosperity for
All” makes this edition of GES stand out. In Indian mythology, woman is an
incarnation of Shakti - the Goddess of power. We believe women empowerment is
vital to our development.
Our history has references to women of
remarkable talent and determination. Gargi, an ancient philosopher, around
the seventh century BC, challenged a male sage to a philosophical
discourse - something unheard of in those times. Our warrior queens like Rani
Ahilyabai Holkar and Rani Lakshmibai fought bravely to defend their kingdoms.
Our freedom struggle too is replete with such inspirational instances.
Indian women continue to lead in different
walks of life. Our space programmes, including the Mars Orbiter Mission, have
had immense contribution from our women scientists. Kalpana Chawla and Sunita
Williams, both of Indian origin, have been part of US space missions.
Three out of four oldest High Courts in
India are now headed by women judges. Our sportswomen have done the country
proud. This very city of Hyderabad is home to Saina Nehwal, PV Sindhu, and
Sania Mirza, who have brought laurels to India.
In India, we have provided for not less
than one third of women representation in rural and urban local bodies,
ensuring women’s participation in grass-root level decision-making.
More than sixty percent of workers in our
agriculture and allied sectors are women. Our milk co-operatives in
Gujarat and the Shri Mahila Griha Udyog Lijjat Papad, are examples
of highly successful and globally acclaimed women-led co-operative
Here at the GES, more than 50 percent of
the delegates are women. Over the next two days, you will meet many women who
have dared to be different, in their own walks of life. They now inspire a
new generation of women entrepreneurs. I hope the deliberations in the summit
would focus on how women entrepreneurship can be further supported.
India has been an incubator for
innovations and entrepreneurship over the ages. The ancient Indian treatise,
Charaka Samhita, introduced the world to Ayurveda. Yoga is another ancient
Indian innovation. The entire world now comes together, to celebrate Yoga Day
on 21st June every year. Many entrepreneurs are involved in
promoting Yoga, spirituality, and traditional Ayurvedic products.
What are the core qualities that distinguish an entrepreneur?
An entrepreneur uses knowledge and skills
to fulfil a motive. Entrepreneurs see opportunity in adversity. They try to
meet felt needs by making processes more convenient and comfortable for the end
user. They are patient and determined. Swami Vivekananda had said Each work has
to pass through three stages – ridicule, opposition, and then acceptance. Those
who think ahead of their time are sure to be
misunderstood. Most entrepreneurs would be familiar with this.
The power to think differently and ahead
of the times for the betterment of mankind is what sets entrepreneurs apart. I
see that power in India's young generation today. I see 800 million potential
entrepreneurs who can work towards making the world a better place.
Our Start-Up India programme is a
comprehensive action plan to foster entrepreneurship and promote innovation. It
aims to minimize the regulatory burden and provide support to startups.
Over 1200 redundant laws have been scrapped, 87 rules for FDI have been eased
in 21 sectors, and several government processes have been taken online.
Our government has taken several steps to
improve the business environment. The jump in India’s ranking in the World
Bank’s Ease of Doing Business Report, from 142 to 100, in three years, is
a result of this.
We have improved on indicators like dealing with construction permits, getting
credit, protecting minority investors, paying taxes, enforcing contracts and
The process is not yet complete. This is
an area where we are not satisfied with 100th rank. We would
strive towards 50thrank.
We have launched the MUDRA scheme to
provide easy finance of upto one million rupees to entrepreneurs. Since its
launch in 2015, over 90 million loans worth 4.28 trillion rupees have been
sanctioned. Of these, more than 70 million loans have been sanctioned to
Prime Minister lists out a comprehensive
chain of initiatives the government has taken to better the living standards of
people both in villages and in urban cities: Encouraging innovativeness in
school children thru “ Atal Innovation Mission”, creating the world’s largest
biometric based digital database Aadhaar, bringing un-banked sections of
society into the formal financial system thru Jan Dhan Yojana, with majority of
accounts being of women, leading the nation steadily towards a less cash
economy thru Unified Payment Interface App called BHIM, providing electricity
to villages thru Saubhagya scheme, increasing renewable capacity thru clean
energy programme, taking the basic
sanitation and cleanliness to all both rural and urbanites thru Swachh Bharat
Mission, offering business opportunities by developing infrastructure and
connectivity under ambitious programmes like Sagarmala and Bharatmala.
To continue with the text of PM’s
My government understands that an
environment of transparent policies and a rule of law providing a level-playing
field are necessary for entrepreneurship to flourish.
A historic overhaul of the taxation
system has been recently undertaken, bringing in the Goods and Services Tax
across the country. Our Insolvency and Bankruptcy Code introduced in 2016 is a
step towards ensuring timely resolution for stressed ventures. We have recently
improved this further, preventing wilful defaulters from bidding for stressed
Tough measures have been adopted to tackle
the parallel economy, check tax evasion and control black money.
Our efforts have been recognized by
Moody’s recent upgrade of India’s government bond ratings. This upgrade comes
after a gap of almost 14 years.
India has improved its rank from 54 in
2014 to 35 in 2016 on the World Bank’s Logistics Performance Index. This
signifies the relative ease and efficiency with which products can be moved
into and from a country.
An investment-friendly environment needs
to be stable from the macro-economic perspective. We have succeeded in
containing the fiscal and current account deficits, and curbing inflation. Our
foreign exchange reserves have crossed 400 billion dollars, and we continue to
attract large foreign capital flows.
To my young entrepreneur friends from
India, I would like to say: each of you has something valuable to
contribute towards creating a New India by 2022. You are vehicles of
change and instruments of India’s transformation.
To my entrepreneur friends from across the
globe, I would like to say: Come, Make in India, Invest in India - for
India, and for the world. I invite each one of you to become a partner in
India’s growth story. And once again assure you of our whole-hearted support.
I am informed that President Trump has
declared November 2017 as National Entrepreneurship Month. America has also
observed National Entrepreneurs’ Day on November 21st. This summit
will certainly resonate with those themes. Let me conclude by wishing you
fruitful, engaging and rewarding deliberations at this summit.