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‘Startup India’ lauded by FICCI

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New Delhi: The Federation of Indian Chambers of Commerce and Industry(FICCI) and other business associations on Saturday lauded the ‘Startup initiative’ and said that it was a landmark moment in Indian history.

“It is indeed a landmark moment and a major shift as we are looking at an unshackled regime where the government would merely be a facilitator of the entrepreneurship in the country that would provide employment for our large young population,” stated Harshvardhan Neotia, president of FICCI.

He expressed his confidence that with ‘Start-up India’, the ecosystem has been envisioned and incentive put in place for large numbers of young entrepreneurs in the country to come forward with innovative start-ups.

FICCI sent a 100-member delegation of young innovators and startups to participate in ‘Start-up India’ initiative launched by Prime Minister Narendra Modi.

India Electronics and Semiconductors Association (IESA) president MN Vidyashankar said: “We are elated by the fact that India has the third-largest number of startups globally. IESA applauds the government to be a facilitator to build the start-up nation. With the government’s support, a start-up can be built in a day which will definitely motivate many young entrepreneurs.”

He highlighted Modi’s announcement of legal support for filing patents at free of cost and 80 percent reduction in patent fee would boost the confidence of entrepreneurs.

“The action plan of a corpus of Rs10,000 crore made through a Fund of Funds is a major and important decision taken by the government which would enable an entrepreneur to start up from the non-urban areas of India as well,” said Vidyashankar in a statement.

WudStay founder Prafulla Mathur, Girnar Soft founder Anurag Jain, AsaanJobs co-founder Dinesh Goel and Kaaryah founder and CEO Nidhi Agarwal among others also gave a thumbs up for the ‘Start-up India’ programme.

National Skills Development Corporation (NSDC) CEO Jayant Krishna said: “This is just the beginning, we will see start-ups driving the social-economic growth. Start-up India offers immense opportunity to the youth where the government is also assuring them the ease of doing business.”(IANS)

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Now India is One of The Most Open Countries for FDI: Narendra Modi

Modi had conceptualised the summit as Gujarat Chief Minister in 2003 to position the state as an ideal investment destination after the 2002 riots.

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Prime Minister Narendra Modi on Friday said that his government had made doing business in India easier, cheaper, faster and smarter with his term accounting for almost 45 per cent of the Foreign Direct Investment (FDI) that the country received in the last 18 years.

Speaking at the inaugural function of the Vibrant Gujarat Global Summit 2019 here, he said India was now one of the most open countries for FDI with over 90 per cent approvals put on the automatic route.

“In the last four years, we have received FDI worth $263 billion. This is 45 per cent of the FDI received in last 18 years,” Modi told the gathering.

He said India was among the top 10 FDI destinations.

FDI
PM Speaks on FDI www.news.civilserviceindia.com

Modi, who is on a three-day visit to his home state to throw open his pet biennial Vibrant Gujarat Global Summit, said the India of today was a land of “immense opportunities” being the only place that offered democracy, demography and demand.

“Fifty cities in India are ready to build metro rail systems. We have to build 50 million houses. The requirement of road, rail and waterways is enormous. We want world class technologies to achieve our goal in a faster and cleaner way. India is thus, a land of immense opportunities.” he said.

The Prime Minister said the challenge for India, as in most emerging economies, was to grow horizontally as well as vertically to ensure that the benefits of development spread to regions and communities that have lagged behind while also meeting enhanced expectations in terms of quality of life, quality of services and quality of infrastructure.

“We are well aware that our achievements, here in India, will directly impact one sixth of humanity.”

Modi said his government had removed the barriers which were preventing India from achieving its full potential and now it was ready for business like never before.

The government has made doing business easier. cheaper, faster and smarter, he said.

“In the last four years, we have jumped 65 places in the global ranking of World Bank’s Doing Business Report. From 142 in 2014 to 77 now, but we are still not satisfied. I have asked my team to work harder so that India is in the top 50 next year.

“We have also made doing business cheaper. The historic implementation of Goods and Services Tax and other measures of simplification and consolidation of taxes have reduced transaction costs and made processes efficient.

“We have also made doing business faster through digital processes, online transactions and single point inter-faces,” he said.

According to LocalCircles, each person who voted in the survey is registered with the portal with their detailed information and in many cases they shared their residential address.
Doing business in India now easier, cheaper, faster, smarter: Modi

He said his government had made doing business smarter by insisting on IT based transactions and digital payments including direct transfer of government benefits.

Modi added that he understood that being a young nation, India needs to create job opportunities and better infrastructure, which are both linked with investments.

“Therefore, in recent years, there has been unprecedented focus on manufacturing and infrastructure,” he said.

Listing the achievements of his government, he said for the first time, India had become a net exporter of electricity, had installed transmission lines at an unprecedented pace and had doubled the speed of road construction with rural road connectivity now at 90 per cent.

Also Read: PM Narendra Modi to Unveil National Film Museum in Mumbai

“At 7.3 per cent, the average GDP growth, over the entire term of our government, has been the highest of any Indian government since 1991. At the same time,the rate of inflation at 4.6 per cent is the lowest for any Indian government since 1991, when India began its process of liberalisation,” he said.

Modi had conceptualised the summit as Gujarat Chief Minister in 2003 to position the state as an ideal investment destination after the 2002 riots. (IANS)