Dear friends,
Prime Minister Narendra Modi met 22 top Chinese CEOs
in Shanghai today, where he pitched his "Make in India" agenda to them.
21 business agreements worth 22 billion dollars were signed between
Indian and Chinese companies. He also addressed the business leaders
after the meeting.
Here is the full text of Prime Minister Modi's speech:
Friends!
I am really happy to be here with you. Before coming to this forum, I
had very detailed discussion with the CEOs of major Chinese companies. I
am sure our interactions today will lead to benefits to the people and
businesses of the two countries.
Alongwith me a number of officials and prominent Indian CEOs are also present here.
As
you know, China and India are two great and old civilisations of the
world. They have provided many lights of knowledge on the entire human
society. Today, we together, represent more than one third of the Global
population.
India and China have a common History of Five Thousand Years and a
common Boundary of over Three Thousand and four hundred kilometers.
Two thousand years ago, at the invitation of the Chinese Emperor Ming,
two Indian monks came to China. They brought many Sanskrit scriptures on
two white horses. They translated many Buddhist classics and scriptures
into Chinese language.
It is believed that they introduced Buddhism in China. The king built a
temple in honour of this event. The temple is popularly known as White
Horse Temple. The temple then increased in importance as Buddhism grew
within China, and spread to Korea, Japan and Vietnam.
The serenity of Buddhism in Asian countries is the seed of their
success. I strongly believe that this century belongs to Asia. And
Buddhism will be a further unifying and catalysing force among the Asian
countries.
Your famous scholars like Fa Hien and Hiuen Tsang have taught many
secrets of Chinese wisdom to Indians. In addition, they discovered many
secrets within India itself. Hiuen Tsang had visited my own home town in
Gujarat. From his works, we know today that there was a Buddhist
Monastery there. When Hiuen Tsang returned to China he brought with him
Sanskrit scriptures and books of wisdom. The traditional systems of
medicine of the two countries based on natural elements also have a lot
in common.
In recent times too, this stream of knowledge is flowing across our
borders. Prof. Ji Xianlin of Peking University was a great Sanskrit
scholar. He spent most part of his life in translating Valmiki's Ramayan
into Chinese. Indian government has honoured him by bestowing a
prestigious Award in 2008.
More recently, Prof. Jin Ding Han has translated Tulasi Ramayan into
Chinese. Translations of Bhagwad Gita and Mahabharat are also popular
with the Chinese people. I thank these Chinese scholars for introducing
Indian culture to the Chinese people.
Friends! India has always been a knowledge society. Whereas, you have
been an innovating society. Ancient China was highly advanced in Science
and Technology. Like Indians, Chinese too sailed to Americas and
distant corners of the world in their ships. They had the Mariners'
Compass and Gun Powder.
But I must add that during this time, Indian astronomy and mathematics
were quite popular in China. Indian astronomers were appointed on the
official boards set up to prepare calendars.
The Indian concept of Zero and that of nine planets have been helpful in
discoveries in China. So, our ideas had a role to play in your
innovations.
Thus, we have a lot in common and we can do a lot together. As we helped
each other growing spiritually, we have to help each other growing
economically. There are instances of such economic exchanges in the
past. It is believed that China gave silk and Paper to India. We both
have potentials of growth and problems of poverty which we can tackle
together. I am personally committed to take the co-operative process
forward.
That is why even as Chief Minister of Gujarat, I visited China. As Prime
Minister too I am convinced and committed for exchange and co-operation
for socio-economic development of the two countries.
I have lot of hope from the relationship which I and President Xi are
trying to build. During his visit to India in September 2014, Chinese
investments worth 20 billion US Dollars (Rs.
12 lakh-crore) were committed. We signed 12 agreements covering
industrial parks, railways, credit and leasing, with cumulative amount
of investments of 13 billion US Dollars.
We are very keen to develop the sectors where China is strong. We need
your involvement. The scope and potential, the breadth and length of
infrastructure and related developments is very huge in India. Just to
give you some examples:
- We have planned to build 50 million houses by 2022. In addition, we
are going to develop smart cities and mega industrial corridors;
- For this purpose, we have refined our FDI Policy in construction. We
are also coming up with a regulatory framework for this sector;
- We have targeted 175 Giga Watts of renewable energy in next few years.
In addition to generation, the issues of transmission and distribution
of electricity are equally important for us;
- We are modernizing our Railway systems including signals, engines and
railway stations. We are planning metro rail in fifty cities and high
speed trains in various corridors;
- Similar is the case with Highways which we want to build in faster way;
- We are putting up new ports and modernizing the old ones through an ambitious plan called Sagarmala;
- Similar focus is on upgrading the existing Airports and putting up
regional airports to enhance connectivity to places of economic and
tourist importance;
- In financial services too, we are moving towards a more inclusive and
faster delivery of financial products including bank loans and
insurance;
- For this purpose we opened 140 million bank accounts; increased FDI in
insurance upto 49% and have set up MUDRA Bank to fund the
micro-businesses;
- Recently, I have launched innovative schemes for insurance and pension to enhance social security of our citizens.
In March this year, I had a discussion with Jack Ma of Alibaba in Delhi
about possible co-operation for strengthening this micro-credit sector
of India.
As you have successfully done, we also want to promote manufacturing in a
big way particularly to create jobs for our youth who form 65% of our
population.
Hence, we want to Make things in India. For this purpose, we have
launched a campaign called "Make in India". It is also the effort of my
Government to encourage innovation, R&D and entrepreneurship in the
country. In this year's budget, we have set up some innovative
institutional mechanisms for that purpose.
We have to learn from you about the development of labor-intensive
industries, creating conditions for sustainable foreign direct
investment, skill development, infrastructure creation and export-led
development model.
All this is a historic opportunity for the Chinese companies. You would
already be knowing the direction of my Government and the steps we are
taking. We have committed ourselves for creating and improving the
business environment. I can assure you that once you decide to be in
India, we are confident to make you more and more comfortable.
Many Chinese companies have the possibility of investing in India to
take advantage of India's potentials. The potential lies in
Manufacturing, processing as well as in infrastructure.
I am here to assure you that India's economic environment has changed.
Our regulatory regime is much more transparent, responsive and stable.
We are taking a long-term and futuristic view on the issues. Lot of
efforts have been made and are still underway to improve the 'Ease of
Doing Business'. We do believe that FDI is important and it will not
come in the country without a globally competitive business environment.
Therefore, we have rationalized a number of issues which were bothering
the investors.
In particular,
- We are making the taxation system transparent, stable and predictable.
- We have removed lot of regressive taxation regimes. In our very first
Budget, we said we will not resort to retrospective taxation.
- We are reducing the complicated procedures, making them available at one platform, preferably online;
- Simplifying the forms and formats has been taken up on war footing.
- Definite mechanisms for hand holding have been set up in the form of
hub and spoke model. Invest India is the nodal agency for this purpose.
- In this year's budget, we allowed Tax pass through for AIFs,
rationalization of capital gains of REITs, modification in PE norms and
deferring the implementation of GAAR for two years.
- We have fast tracked approvals in industry and infrastructure. This
includes environmental clearances, extending the industrial licences,
delicencing of defence items, and simplification of cross-border trade.
- Within a very short time, we introduced GST Bill in parliament.
Similarly, for infrastructure development, we have taken some far reaching steps.
- First of all we have made an all-time high allocation for Roads and railways sectors.
- In addition, we are setting up India Infrastructure Investment Fund.
- We have also allowed Tax free Bonds in the Infrastructure sector including roads and railways.
We know that a lot more has to be done. But we are committed to take
this process forward. We are constantly working to improve the business
environment further.
However, our initial measures have helped in building up an enhanced
investor confidence. The sentiments for private investment and inflow of
foreign investment are positive. FDI inflows have gone up by 39% during
April-2014 and February-2015 against the same period in previous year;
Our growth rate is above 7%. Most of the international financial
institutions including the World Bank, IMF, OECD and others are
predicting even faster growth and even better in the coming years.
MOODY's have recently upgraded the rating of India as positive on
account of our concrete steps in various economic fields.
Friends! Indo-Chinese partnership should and will flourish. I expect
very good outcome from this coming together. We have complemented each
other in the past. We can complement in the present and future too. As
two major economies in Asia, the harmonious partnership between India
and China is essential for economic development and political stability
of the continent. You are the 'factory of the world'. Whereas, we are
the 'Back office of the world'. You give thrust on production of
hardware, while India focuses on software and services.
Similarly, Indian component manufacturers have been masters in
high-quality precision and the Chinese players have mastered the art of
mass production. The component design expertise of Indian engineers and
low cost mass production by China can cater to the global markets in a
better way. This industrial partnership of China and India can bring
about greater investment, employment and satisfaction of our people.
Friends! Let us work together in mutual interest and for progress and prosperity of our great countries.
I would conclude by saying that now India is ready for business. You
must be sensing the winds of change in India. I only advise to you to
come and feel the same.
I assure you of my personal attention for your success.
Thank you very much.
***********************************************************************************
(17-05-2015)
Comments
Post a Comment