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I strongly believe that India has a lot of latent entrepreneurial energy, which needs to be harnessed so that we become a nation of job givers, more than job seekers.  

 

-Narendra Modi

The NDA Government is focused on giving a boost to entrepreneurship. The ‘Make in India’ initiative is based on four pillars to boost entrepreneurship in India, not only in manufacturing but also in other sectors.

New Processes: ‘Make in India’ recognizes ‘ease of doing business’ as the single most important factor to promote entrepreneurship.

New Infrastructure: Availability of modern and facilitating infrastructure is a very important requirement for the growth of industry. Government intends to develop industrial corridors and smart cities to provide infrastructure based on state-of-the-art technology with modern high-speed communication and integrated logistic arrangements.

New Sectors: ‘Make in India’ has identified 25 sectors in manufacturing, infrastructure and service activities and detailed information is being shared on them with all stakeholders.

New Mindset: Industry is accustomed to see Government as a regulator. ‘Make in India’ intends to change this by bringing a paradigm shift in how Government interacts with industry. The Government’s approach will be that of a facilitator and not that of a regulator.

The Government is adopting a three pronged strategy to boost entrepreneurship. This is a 3 C Model being worked upon: Compliances, Capital & Contract Enforcement.                          

Compliances

India made rapid strides in the ‘Ease of Doing Business’ rankings by the Worls Bank rising to 130th rank. Today, starting a new business is easier than ever before. Unnecessary compliances have been removed and a lot of permissions can be obtained online.                                                                        

Process of applying for Industrial License (IL) and Industrial Entrepreneur Memorandum (IEM) has been made online and this service is now available to entrepreneurs on 24x7 basis. Around 20 services are integrated & will function as a single window portal for obtaining clearances from various governments and government agencies.

Government of India with support from World Bank group and KPMG carried out an assessment of implementation of business reforms by State Govts.  These rankings will  allow States  to  learn  from  one  another  and replicate success  stories,  thereby rapidly  improving  the  regulatory  environment  for  business  nationwide.

The Government also liberalized India’s FDI rules across multiple sectors to facilitate investment in India.

Capital

Around 58 million non-corporate enterprises provided one 128 million jobs in India.  60% of them were in rural areas.  Over 40% were owned by people from the Backward Classes and 15% by Scheduled Castes and Tribes.  But bank credit accounted for a tiny share of their financing.  Most of them never get any bank credit.  In other words   the most employment-intensive sector  of the economy  gets the least credit. To change this scenario, the Govt launched the Pradhan Mantri Mudra Yojana & the MUDRA Bank.

It has been started with the aim of availing collateral-free cheap credit to the small scale entrepreneurs who often have to pay exorbitant interest rates. In the brief period since its launch, it has already sanctioned about 1.18 crore loans amounting to almost 65,000 crores. The number of people getting a loan below Rs 50,000 registered a growth of 555% in April- September 2015 over the corresponding period of the previous year.

 

Contract Enforcement

To achieve better contract enforceability, the Arbitration Law has been changed to make arbitrations cheaper & faster. The law would impose deadlines to resolve cases & empower tribunals to enforce decisions.

The Government has also come up with a modern bankruptcy code, which will make exiting business easier.

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Prime Minister, Shri Narendra Modi interacting with the children, after offering prayers at Kamakhya Temple

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Prime Minister, Shri Narendra Modi interacting with the children, after offering prayers at Kamakhya Temple
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​PM's interaction through PRAGATI
May 25, 2016
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PM Modi reviews progress towards handling and resolution of grievances related to disbursement of scholarships/fellowships to students
Prime Minister Modi calls for quick and effective resolution of students’ issues with regard to scholarships and fellowships
PM Modi reviews progress of vital infrastructure projects in the road, railway, steel and power sectors
PM Modi reviews progress of expansion works for the Bhilai Steel Plant, calls for completion of project at the earliest
States submit results on progress of the “waste to wealth” initiative under the Swachh Bharat Mission to PM Modi
PM reviews progress under Revised National Tuberculosis Control Programme, directs necessary equipments to be installed at priority

The Prime Minister, Shri Narendra Modi, today chaired his twelfth interaction through PRAGATI - the ICT-based, multi-modal platform for Pro-Active Governance and Timely Implementation.

The Prime Minister reviewed the progress towards handling and resolution of grievances related to disbursement of scholarships/fellowships to students. He sought to know the reasons for the delay, and enquired about the progress of Aadhaar-linkage to disbursal of benefits to students. He urged the concerned officials to increase the speed of addressing grievances, and aim for quick and effective resolution of students’ issues with regard to scholarships and fellowships.

The Prime Minister reviewed the progress of vital infrastructure projects in the road, railway, steel and power sectors, spread over several states including Tripura, Mizoram, Uttar Pradesh, Karnataka, Odisha, Telangana, Chhattisgarh and Maharashtra. The railway projects reviewed included the Akhaura-Agartala rail line, which will be a vital link between India and Bangladesh.

The Prime Minister reviewed the progress of modernization and expansion works for the Bhilai Steel Plant. Taking serious note of the delay in this project, he asked the Steel and Heavy Engineering Ministries to sort out all issues, and complete the project at the earliest.

Shri Narendra Modi reviewed the progress of the “waste to wealth” initiative under the Swachh Bharat Mission. This includes both “waste to compost,” and “waste to energy” components. Various States gave details about the progress of works under this initiative.

Turning to the health sector, the Prime Minister reviewed the progress under the Revised National Tuberculosis Control Programme, aimed at further reducing the incidence and mortality rate of the disease. He directed that necessary equipment for timely detection of Multi-Drug Resistant Tuberculosis be installed in the districts on priority. He also called for a review of the progress towards combating the disease to be undertaken at the district level.

The Prime Minister reviewed the progress towards further reducing Infant Mortality Rate and Maternal Mortality Rate (IMR and MMR), and the initiatives that have been taken in various States in this regard.