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Every day we are making it easier to do business in India: PM Modi

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.

·         In the last three years, India has moved up 42 places in the index of Ease of Doing Business of World Bank;

·         We have moved up 21 places on the Global Innovation Index of WIPO in two years.

·         We have also moved up 32 places in last two years in the Global Competitive-

·         ness Index of the World Economic Forum - the highest for any country;

·         We moved 19 places on the Logistics Performance Index of 2016 of World Bank ;

·         We are among the top 10 FDI destinations listed by UNCTAD But we will not stop.

We want to do more and do better.

 "India's 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 commercially exploited.

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”.

In a very impressive way, Modi observed how the two countries can align themselves for growth:

 India has size and scale. Israel has sharpness and edge.

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.

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.”

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”.

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