Digital transactions have increased by 34 per cent in one year in INDIA
Philippines.
Prime Minister Narendra Modi today addressed ASEAN Business &
Investment Summit in Manila.The Prime Minister Narendra Modi said At the
onset, I apologise for the delay. In business, like in politics, both
time and timing are very important. But sometimes despite our best
efforts we cannot help it. I am delighted to be here in Manila, on my
very first visit to the Philippines.
The Prime Minister Narendra Modi said There is a lot that India and the
Philippines share in common: We are both pluralistic societies and
vibrant democracies. Our economies are among the fastest growing
economies in the world.
We have large, young and aspiring populations that are innovative and enterprising.
The Philippines is a services power house just as India is. The Prime
Minister Narendra Modi said And, just as in India, here in Philippines
also, the government wants to see change, bring about inclusive growth,
Develop infrastructure, and fight corruption. No wonder so many of our
top IT companies have invested here. They are creating thousands of jobs
and promoting the Philippines services sector world-wide.
The Prime Minister Narendra Modi said This morning we witnessed a
brilliant performance of the dance drama 'Rama Hari' based on the
Ramayana at the Opening Ceremony of the ASEAN Summit. It depicts the way
historically the people of India and ASEAN have been bound together.
These are not only historical bonds. This is a living shared heritage.
The Act East policy of my government puts this region at the centre of
our engagement. We have exceptionally good political and
people-to-people relations with each and every country in the ASEAN
region. We wish to bring our economic and business relations up to the
same level.
The Prime
Minister Narendra Modi said The task of transforming India is proceeding
on an unprcedented scale. We are working day and night to ensure Good
Governance which includes easy, effective and transparent Governance.
The Prime Minister Narendra Modi said To give you an example: we have
started open auction for natural resources including telecom spectrum,
coal mines and other minerals and even private radio channels. This has
together contributed about 75 billion US dollars in revenue. Using
technology, we are enhancing responsibility and reducing discretion and
corruption. We are using our Unique ID system in financial transactions
and taxation for this purpose and the results are already visible.
These steps, coupled with demonetization of high value notes has
resulted in formalizing a large part of our economy. The number of new
tax payers filing income tax returns has more than doubled. Digital
transactions have increased by 34 per cent in one year, as we march
towards a less-cash economy.
We
have used technology to reach out to people. An online citizen
engagement platform, MyGov has harnessed ideas, suggestions and inputs
on policies and programmes from 2 million pro-active citizens.
The Prime Minister Narendra Modi said We have also introduced a new
frame-work called PRAGATI – Pro-active Governance and Timely
Implemntation under which I am able to review project implemntation and
redress public grievances through video conference with officials across
the country. In keeping with our emphasis on minimum government and
maximum governance, 1200 out-dated laws have been repealed in three
years.
The Prime Minister Narendra
Modi said New laws and institutions for Bankruptcy and Insolvency as
well as IPR and Arbitration are now in place. 36 white industries have
been taken out from the requirement of environmental clearance.
Incorporating a company is now just a one day affair. We have simplified
industrial licensing, and introduced online application process for
environmental and forest clearances. All these have made opening a new
business very easy. The results are obvious.
The Prime Minister Narendra Modi said India has climbed 30 places in
the World Bank Ease of Doing Business Index this year. It is the biggest
jump by any country this year and a recognition of India's long term
reform trajectory.
The Prime
Minister Narendra Modi said And, the world is taking notice: We have
moved up 32 places in the last two years in the Global Competi-
-tiveness Index of the World Economic Forum;- We have also moved up 21
places on the Global Innovation Index of WIPO in two years. We have
moved 19 places on the Logistics Performance Index of 2016 of World
Bank;
The Prime Minister
Narendra Modi said Most of the sectors of our economy are now open for
FDI. More than 90 per cent FDI sectors are on automatic approval
route.India has emerged as a front-runner in attracting foreign direct
investment. Compared to last three years, we have received 67 per cent
more FDI in this year. Now, we are a globally integrated economy.
Moreover, these mile-stones have been achieved even before some of the
major recent reforms.
The Prime
Minister Narendra Modi said This year in July, we have implemented the
highly complex task of migrating to a uniform Goods and Services Tax for
the whole country. This has done away with a vast range of State level
and central level taxes through-out India. This is no small achievement
given the vastness and diversity of our country and the federal nature
of our polity. At the same time, we strongly believe that this is not
enough.
The Prime Minister
Narendra Modi said A very large part of India’s population had no access
to banking services. This deprived them of the opportunities for
savings as well as access to institutional credit. With the Jan Dhan
Yojana, within a matter of months, the lives of millions of Indians were
transformed. 197 million bank accounts were opened in one year.
The Prime Minister Narendra Modi said Till August this year, 290
million such accounts have been opened in Indian banks. Nearly 200
million Ru-pay cards were issued for easy cash-less transactions. Access
to banking services by the poor has also played a major role in
tackling corruption in government. Now, subsidies meant for the poor get
directly deposited into their accounts in the form of direct benefit
transfers, eliminating leakages and possibility of any discrimination.
More than 146 million people are receiving direct cash subsidies
through bank accounts on cooking gas alone. Today, the government is
using Direct Benefit Transfers for 59 different schemes. Subsidies worth
nearly 10 billion US dollars are being directly transferred to the bank
accounts of the intended beneficiaries.
The Prime Minister Narendra Modi said One of the major themes of this
summit is entrepreneur--ship We have launched a campaign called Make in
India. Through this initiative, we are committed to transform India as a
major player in the global value chain. We want to make India a global
manufacturing hub. At the same time, we want our youth to be job
creators; not just job seekers. For this purpose,
we have launched drives called Start up India and Stand up India.A
major constraint in freeing up the entreprsing energy of small
entrepreneurs is lack of collateral for finance. For the first time in
India, collateral-free loans have been dis-bursed to more than 90
million small entrepreneurs under the Mudra scheme. Very near to the
population of Philippines.
This is
a recognition of the contribution of small entrepreneurs in the economy
and to empower a person who has a work-able business idea but no
collateral. I see the importance being given to entrepreneur- -ship in
the Philippines and in ASEAN region.
The ASEAN Mentor-ship for Entrepreneurs launched at this Summit is a
commendable initiative that addresses another felt need of
entrepreneurs. Indeed, for the near future, South and South East Asia
will be the growth engine of the world. Hence, building connectivity
with ASEAN is a key objective for India. We wish to build land, sea and
air connectivity to this dynamic region.
Work is already on in the construction of the tri-lateral highway
through Myanmar and Thailand to connect to other countries in South East
Asia.The Prime Minister Narendra Modi said We are working on the early
conclusion of the Agreement on Maritime Transport between India and
ASEAN and are exploring coastal shipping services with countries that
are our immediate maritime neighbours.In the area of air connectivity,
ASEAN countries enjoy the facility to operate a daily service to the
four metro cities in India and to eighteen other destinations.
We have taken steps such as electronic visa system to boost tourism to
India. Out-bound tourism from India is growing at one of the fastest
rates in the world. Given the primacy of connectivity, India is
organising an ASEAN – India Connectivity Summit in New Delhi next month
with Ministers, officials and business representativs from all ASEAN
countries participating.Just as India sees business opportunities in the
region,
The Prime Minister Narendra Modi said
I am sure that the ASEAN business community recognises the potential
for business in India. While some of you are already deeply involved in
India, others are just discovering the possibilities that remain to be
tapped. To co-incide with the ASEAN –India Comme--morative Summit of
ASEAN leaders in January next year, we are also organising the
ASEAN-India Business and Investment Meet and Expo.The Prime Minister Narendra Modi said
I invite you all to attend it.It will be the biggest ASEAN focussed
business event India has ever organised. India wishes to participate in
your growth story and we invite all of ASEAN to participate in ours.