Speaking at India-Israel Business Summit in New Delhi,
Prime Minister Narendra Modi made a fervent invitation to Israeli companies and
businesses drawing effective attention to all the crucial developments India
has made and been making and the meaningful message he emphasized was that ‘
Every day we are making it easier to do business in India.’
Modi even listed out the results the consistent
efforts of the government have obtained.
last three years, India has moved up 42 places in the index of Ease of Doing
Business of World Bank;
moved up 21 places on the Global Innovation Index of WIPO in two years.
also moved up 32 places in last two years in the Global Competitive-
Index of the World Economic Forum - the highest for any country;
19 places on the Logistics Performance Index of 2016 of World Bank ;
among the top 10 FDI destinations listed by UNCTAD But we will not stop.
We want to do more and do better.
development agenda is huge. It presents a vast economic opportunity for Israeli
companies. I invite more and more Israeli people, businesses and companies to
come and work in India," he said while promising all support to them.
The role of business and industry is crucial in the
transformation of our ties. It is your combined efforts that will add real
value to our interaction and produce concrete successes. Given the scale of the
Indian economy and the relevance of cutting-edge Israeli technologies for us,
even sky is not the limit for what we may achieve togethe, he said.
Pointing out the achievements and ambition of India,
Modi enumerated that FDI inflows are at an all-time high, with 40% rise; with
65% of population being below 35 years of age as well as being hungry for
technology-enabled growth, tremendous work is done to skill and employ the youth;
India has emerged as one of the largest manufacturing nations. “But we are not
done yet” he said. “We are positioning India as a global manufacturing hub
leveraging the energy of our youth.
The ‘Make in India’ initiative is designed to help achieve this. 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.”
Referring to the historic tax-reform, Modi said: “The
path breaking GST reform has been introduced successfully and smoothly.
It is by far the biggest business and economic reform India has ever done. With
introduction of GST and of Financial Technologies and digital transactions, we
have really moved towards a modern tax regime, which is also transparent,
stable and predictable.”
Several Israeli companies have joined hands with
Indian companies for Making in India and there are more business joint ventures
today than before. The trade with Israel has grown to more than 5 billion
dollars. “But this is still well below the real potential”, he added saying “We
must attain the full potential of our ties. This is not only a diplomatic
imperative but also an economic one.”
Mentioning ‘India-Israel Industrial R&D and
Technological Innovation Fund (i4F), he said: “This Fund, to be utilized over a
period of 5 years, is a welcome opportunity to combine the talent pool of the
two countries in pursuit of path-breaking technological solutions that can be
I strongly encourage enterprises in both countries to utilize this platform.
Equally exciting is the pickup in science and technology exchanges through
joint R&D projects such as in areas like "Data Analytics” and
"Cyber Space security”.
very impressive way, Modi observed how the two countries can align themselves
India has size and scale. Israel has sharpness
Describing the very
spirit behind all the steps taken by the government over three years at both
macro as well as micro-level to make a difference, he said: “ Our motto is: Reform, Perform and Transform.
And he concluded
thanking his Israeli counterpart, “Along with the Government and people, the
business community of India too is keen to join hands. I wish your companies
and ventures all success. I assure you of my support and that of my Government
wherever it is required. And I thank Prime Minister Netanyahu for his
continuous support in fast-tracking India-Israel trade and economic
collaboration. I am confident many successes lie ahead for our partnership”.
The results are two-fold. On the one hand, our procedures, processes and
systems are getting aligned with the best in the world. Secondly, we are able
to maintain the pace of faster growth.”