India wants to embrace the world – Its open, easy to work in, investment climate stable and rules will not change frequently – Modi
By TN Ashok Diplomatic Editor
Hannover (Germany), April 13: Prime Minister Narendra Modi today sought German Investments and Technologies to make India a manufacturing hub of the world even as he said he had no special bias for the hosts as India was ready to embrace the world in this endeavor.
Inaugurating the fair as a co-host and India pavilion at the Hannover Messe, world’s largest industry fair, Modi said “Today, I come to seek German partnership in my own mission to open up India’s seamless economic potential.” But to the industry assembled here, he said, “I have no special bias for our host. We want to embrace the world.
” India will do its part – as an anchor of economic stability; an engine for growth; and, as a force of peace and stability in the world. So, let me invite you to do business and make in India – for India and the world. Let me invite you to be our partner in making a new India. I also welcome you to enjoy our timeless traditions, the ceaseless celebration of diversity;and, the warm embrace of friendship”, Modi said..
Modi said he had seen a new level of interest in building partnerships of trade, INVESTMENT and innovation in India. It mirrors the surge of hope in our own people and industry; the new tide of expectation in our 800 million youth – for opportunities and progress. “ If we want to fulfil the dreams of our youth, we must turn our industry into a manufacturing hub for the world and an engine for employment at home. And, we must equip our youth with the skills to meet the needs of our nation, and the demands of the globalised world, he said.
Among the distinguished guests who heard Modi with rapt attention were: Chancellor Dr. Angela Merkel, Vice Chancellor, Mr. Sigmar Gabriel, Minister Dr. Johanna Wanka, Minister-President,Mr. Stephan Weil . Chairman of Deutsche Messe, Dr. Wolfram von Fritsch.
Whatever we choose to do, Modi pointed out from reaching the cutting edge of industry to meeting the most critical social need, we require INVESTMENT and technology, industry and enterprise. That is why for me, Make in India is not a brand. Nor is it simply a slogan on a smart lion!. It is a new national movement. And, it covers the whole spectrum of our government, society and business. To this informed audience, I hardly need to state the obvious: Our scale of transformation is vast; therefore, the opportunities we offer are huge.”
Saying it was a truly a great privilege for him to inaugurate the world’s largest industrial fair, he said it was also special honour to do so in the company of Chancellor Merkel, a great leader and friend of India.
“ First, I want to thank the city of Hannover and Hannover Messe. They have been most generous in allowing us to unleash our lions in this city. The lions are a symbol of a new India. They roar; but with a message of friendship and promise of partnership, from 1.25 billion people of India. This is also the message of 15 states, 20 CEOs and 350 companies from India participating in this Fair. “
Modi said Germany’s choice of India as a Partner Country reflected the new confidence in India. Our decision to be here in the first year of my Government reflects our priority: We want to accelerate economic growth and create jobs for our youth. We want to build world class industry and infrastructure. We want to transform our cities and villages; clean up our environment; and improve the quality of life.”
Modi said India’s presence as a partner country said something else also.” We will naturally pursue our goals on the strength of our own resources, skills and enterprise. But, we know that we will be more successful when we do this in partnership with the world. For people in India, Germany is a valued partner; and, an enduring symbol of technology and innovation, quality and productivity.”
India and Germany, he emphasised shared a close and warm relationship. It goes back centuries, in the intellectual journey of German scholars. It has grown in depth and diversity from our birth as modern Republics at the same time, through the passage of history, Indians and Germans have formed a relationship of mutual fascination and goodwill, Modi pointed out.
Modi said that It also included a vibrant economic partnership that extended beyond the last century. Today, you can easily think of companies like Siemens as Indian! Nearly a hundred years ago, India’s great poet and philosopher, Rabindranath Tagore said, that Germany has done more than any other country to open India to the Western World.
The Prime Minister said you are also familiar with our demography and our demand. The question that you ask is whether we can turn this potential into a reality; and, our vision into action. What you seek is not just an attractive destination; but, also the assurance that it is open; and, it is easy to reach and work in. You want the confidence that the environment is stable; the rules won’t change frequently; and there would be no surprises. So, we have moved with speed, resolve and boldness to fulfil our pledge.
India, Modi said , was creating a stable economic environment that inspired confidence at home and abroad. We are pursuing strong fiscal discipline to do that. We have taken sweeping steps to reform our policies and open up more to foreign direct INVESTMENTS in key areas like insurance, construction, defence and railways. Railways are the thread that bind India. It will now be a fast track to India’s transformation. And, what was a department of the government is now open o 100% Foreign Direct INVESTMENTS.
Modi said his government was removing unnecessary regulations and simplifying procedures. We are using digital technology to eliminate multiple approvals and endless wait. “We will guide you and walk with you in your projects. We have set up Invest India and country desks in it that will be networked to the states. We will nurture innovation and protect your intellectual property.”
“There were institutions in India that seemed beyond scrutiny. Well, they no longer are. We are reforming institutions in ways that has not happened in decades. We are building a tax regime that is predictable, stable and competitive. We will now address the remaining uncertainties. The Goods and Services Tax is a long needed revolution that is becoming a reality.”, he said
For India, Modi said , the highest priority was creating world class infrastructure. We have made a sharp increase in public INVESTMENTS. We have established a National Infrastructure and INVESTMENT Fund and a new institution for integrated development of this sector. We are launching attractive new financial instruments for long term funds. We seek to fuel our growth with the cleanest and most efficient use of energy.
Modi said India had set a target of 75 Giga Watts of new capacity for renewable and clean energy in the next seven years. Good Governance is essential not just for our citizens, but also for business. With transparency and speed, we have resumed long stalled projects and allocation of resources. This is adding new momentum to our economy”.
In an obvious reference to the land acquisition bull pending in parliament, Modi said, We are instituting a rational framework for acquisition of land without causing distress to farmers and other landowners. We are creating a predictable and transparent environment approval process that will protect our natural heritage. Success of any investment strategy depends on state capitals and districts, he said even as the journey first begins in Delhi..
We are working as Team India – a new partnership between the Centre and the States. We speak of cooperative federalism, but also of competitive federalism, where states would excel by competing with each other for investments and jobs. We are also giving them more resources, so that they can build the infrastructure that you need. I also see them as partners in our international engagement, the Prime Minister said.
While it was easier to change policies and write new laws, Modi said it was more difficult to change attitudes, culture and systems. Every CEO who has tried a turnaround knows that. Our task is huge; it won’t be completed overnight. When IMF, the World Bank, credit rating agencies and expert speak in one voice of optimism about India, we know that the wind is blowing in the right direction. And, it has made us the fastest growing economy in the world.”