GANDHINAGAR: At the Vibrant Gujarat 2017 Summit on Tuesday, Prime Minister Narendra Modi told a gathering of business leaders that India is the 6th largest manufacturing nation in the world and is on verge of becoming the world’s most digitized economy. The government, he underscored, was working to absorb newer technologies, bring about transparency…and create an enabling environment for business and attracting investments. The four-day investor Summit, which happens to be India’s biggest, started in the Prime Minister’s home state on Tuesday.
“India has become the fastest growing major economy in the world. Today, India is a bright spot in the global economy. We are seen as the engine of global growth…Delighted to share that we have become the sixth largest manufacturing nation in the world, up from 9th,” he said.
The government, the Prime Minister said, has taken steps to improve business climate and the total FDI inflows in the last two-and-a-half years have touched $130 billion, PM Modi said. The audience of nearly 15,000 people included heads of foreign governments, Nobel laureates and industry leaders including Mukesh Ambani, Gautam Adani and Ratan Tata, who also addressed the gathering. Reliance Industries chief Mukesh Ambani said so far, his Group has invested Rs. 2.40 lakh crore in Gujarat, of which Rs. 1.25 lakh crore has been invested in past 4 years. Gautam Adani, the chairman of Adani Enterprises, said his company has invested Rs. 48,000 crore in Gujarat over the last 5 years. In the next five years, Adani Ports will invest Rs. 16,700 crore to expand state’s ports. Suzuki Motor Corporation has said its new automotive plant in Gujarat will start production from next month. “We highly appreciate the Skill India mission to support Industry’s growth,” Suzuki Motor Corporation president and COO Toshihiro Suzuki said. Tomorrow, Finance Minister Arun Jaitley and Reserve Bank Governor Urjit Patel are expected to address a session on the landmark National Goods and Services Tax or GST, which has been stalled by the opposition and is unlikely to meet its planned rollout date of April 1.
The Vibrant Gujarat 2017 Summit comes two months after the government’s decision to abolish 500 and 1,000-rupee notes. The move, meant as an attempt to root out corruption and stop terror financing, has also generated a slowdown in certain sectors. Economists have slashed growth forecasts to about 6.4 per cent for the new financial year that starts in April — down from the current over 7.5 per cent. Finance Minister Arun Jaitley, has, however, dismissed reports of economic disruption after the notes ban, saying tax collection has increased substantially over last year. He said in the first three quarters of the 2016-17 fiscal year, overall indirect tax collections were up by 25 per cent from the previous year. Direct tax collections were up 12.01 per cent year-on-year in the same period, he said.