Reforms in FDI

November 10, 2015
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India fastest growing economy among major Nations
World Bank improves India's ranking by 12 places in the 2016 Study of Ease of Doing Business
Global Institutions project India as the leading destination for FDI in the world
IMF brands India as the brightest spot in the Global Economy
World Bank projects India's growth at 7.5% and even better
NDA Govt committed to eliminate poverty, make India a Global Manufacturing Hub
NDA Govt brings in FDI reforms and liberalisation touching upon 15 major sectors of the economy
NDA Govt's reforms demonstrate that India is unstoppable on path of economic development

Today, India is the fastest growing economy among major Nations. The World Bank has improved India's ranking by 12 places in the 2016 Study of Ease of Doing Business. FDI has gone up by 40%. Several Global Institutions have projected India as the leading destination for FDI in the World. IMF has branded India as the brightest spot in the Global Economy whereas the World Bank projects India's growth at 7.5% and even better.

2. With coming of NDA Government to power, Shri Narendra Modi has expressed his commitment to poverty elimination, inclusive development [make India a developed Country] and also to make India a Global Manufacturing Hub. Being aware of the constraint of financial resources for fast tracking the development process, a series of Economic Reforms and a number of measures to improve the Ease of Doing Business in the country have been set in motion. A number of stalled projects have been de-bottlenecked and fast-tracked. The results are showing up.

3. However, the commitments to the millions of youth of the Country to provide them remunerative employment or entrepreneurial opportunities is not yet fully realized. With this in mind, Prime Ministter Mr. Modi launched the Campaigns like 'Make In India' and 'Skill India'. The latest in the series is the upcoming 'Start-up India' initiative. To further boost this entire investment environment and to bring in foreign investments in the country, the Government has brought in FDI related Reforms and liberalisation touching upon 15 major Sectors of the Economy.

The salient measures are:

i. Limited Liability Partnerships, downstream investment and approval conditions.
ii. Investment by companies owned and controlled by Non-Resident Indians (NRIs)
iii. Establishment and transfer of ownership and control of Indian companies
iv. Agriculture and Animal Husbandry
v. Plantation
vi. Mining and mineral separation of titanium bearing minerals and ores, its value addition and integrated activities
vii. Defence
viii. Broadcasting Sector
ix. Civil Aviation
x. Increase of sectoral cap
xi. Construction development sector
xii. Cash and Carry Wholesale Trading / Wholesale Trading (including sourcing from MSEs)
xiii. Single Brand Retail Trading and Duty free shops
xiv. Banking-Private Sector; and
xv. Manufacturing Sector

4. The Crux of these reforms is to further ease, rationalise and simplify the process of foreign investments in the country and to put more and more FDI proposals on automatic route instead of Government route where time and energy of the investors is wasted. It is one more proof of minimum government and maximum governance. Further refining of foreign investments in key Sectors like Construction where 50 million houses for poor are to be built. Opening up the manufacturing Sector for wholesale, retail and E-Commerce so that the Industries are motivated to Make In India and sell it to the customers here instead of importing from other countries. The proposed reforms also enhance the limit of Foreign Investment Promotion Board (FIPB) from current Rupees Three thousand crores to Five thousand crores. The proposal also contains many other long pending corrections including those being felt by the limited liability partnerships as well as NRI owned Companies who seem motivated to invest in India. Few other proposals seek to enhance the sectoral Caps so that foreign investors don't have to face fragmented ownership issues and get motivated to deploy their resources and technology with full force.

5. With this round of Reforms, the Government has demonstrated that India is unstoppable on the path of Economic Development. Prime Minister has reiterated that Economic Wellbeing of the people of India is the main Task before him. It is also clear that India is a Country which is more than ready to integrate with the Global Economy because it feels that the Fruits of Development will reach to the common man only if there is Development. Above all every citizen in all nooks and corners must have a stake.

6. Along with these sectoral reforms, DIPP has also been advised to consolidate all FDI related instructions contained in various notifications & press notes and prepare a booklet so that the investors don't have to refer to several documents of different timeframes. This exercise of PM, Shri Narendra Modi is intended on the one hand to further open up the Sectors for more foreign investments in the country and also to make it easy to invest in India. In the normal course, the Policy corrections in 16 areas would have taken at least one year to process and get approvals. Thus, this action is a very dynamic step in terms of integrating the Indian Economy with the rest of the World for attracting investments and technology and generating employment for enhancement of income of the people of India.

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আমাদের ‘চলতা হ্যায়’ মানসিকতা ছেড়ে ‘বদল সাকতা হ্যায়’ চিন্তায় উদ্বুদ্ধ হতে হবে: প্রধানমন্ত্রী

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আমাদের ‘চলতা হ্যায়’ মানসিকতা ছেড়ে ‘বদল সাকতা হ্যায়’ চিন্তায় উদ্বুদ্ধ হতে হবে: প্রধানমন্ত্রী
With 2.5 crore jabs on PM’s birthday, India sets new record for Covid-19 vaccines

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With 2.5 crore jabs on PM’s birthday, India sets new record for Covid-19 vaccines
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PM interacts with healthcare workers and beneficiaries of the COVID vaccination programme in Goa
September 18, 2021
শেয়ার
 
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Lauds Goa on the completion of 100% first dose coverage for the adult population
Remembers services of Shri Manohar Parikkar on the occasion
Goa has shown the great results of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas: PM
I have seen many birthdays and have always been indifferent to that but, in all my years, yesterday was a day that made me deeply emotional as 2.5 crore people got vaccinated: PM
Yesterday witnessed more than 15 lakh doses administered every hour, more than 26 thousand doses every minute and more than 425 doses every second: PM
Every achievement of Goa that epitomises the concept of Ek Bharat -Shreshth Bharat fills me with great joy: PM
Goa is not just a state of the country but also a strong marker of Brand India: PM

The Prime Minister, Shri Narendra Modi interacted with healthcare workers and beneficiaries of the COVID vaccination programme in Goa through a video conference on the completion of 100% first dose coverage for the adult population in Goa.

Interaction with healthcare workers and beneficiaries

During the interaction, the Prime Minister enquired from Dr Nitin Dhupdale, Lecturer in Goa Medical College, how he convinced people to take COVID vaccines. He also discussed the difference between the COVID vaccination campaign and the earlier campaign. Dr Dhupdale praised the mission campaign mode of this particular campaign. Criticizing the opposition party, PM wondered how after vaccinating 2.5 crore people there were reactions from the opposition party instead of the vaccinated people. The Prime Minister lauded doctors and other Corona warriors for the completion of 100% first dose coverage for the adult population in Goa. He said that this is an inspiration for the entire world.

Prime Minister while interacting with the COVID beneficiary and activist Shri Nazir Shaikh enquired how he decided to convince others to take the vaccines. He asked Shri Nazir about the difficulties faced by him in taking people to the vaccination centres. He also asked Shri Nazir about his experience in the vaccination drive. The Prime Minister said that the inclusion of ‘Sabka Prayas’ like Shri Nazir Shaikh’s effort is a big factor in achieving results in this very important campaign. The Prime Minister praised the socially conscious activists all over the country.

While interacting with Ms Sweema Fernandes, the Prime Minister asked what all enquiries she made while people came to her for vaccination. She explained the stages of maintaining the cold chain. He also enquired how they maintained the cold chain for the vaccines. He inquired about the steps taken by them to achieve zero wastage of vaccines. The Prime Minister praised her for doing her duties despite her family commitments and thanked all the families of the corona warriors for their efforts.

While interacting with Shri Shashikant Bhagat, the Prime Minister recalled how he interacted with his old acquaintance on his birthday yesterday. He narrated that when asked about his age, the Prime Minister said ‘Abhi 30 baaki hain’ (30 more to go). Shri Modi advised 75-year-old Shri Bhagat not to dwell on 75 years but should focus on 25 years to come. He enquired about any difficulties faced by him during vaccination. Shri Bhagat expressed his satisfaction with the preference given to the senior citizens. He also dispelled the fears of the side effects of vaccines, as he is a diabetic and did not face any side effects. The Prime Minister praised Shri Bhagat, a retired sales tax officer for his social service and said that the government is committed to enhancing the ease of living including in the sphere of taxation.

The Prime Minister enquired Ms Sweety SM Vengurlekar how she organized Tikka Utsav in remote areas. He asked about the planning that went into organizing the Utsav. The Prime Minister emphasized that the focus was on making it easy for the citizens during the pandemic as far as possible. He asked for proper documentation and dissemination of the logistics involved in such a massive exercise.

The Prime Minister enquired visually challenged beneficiary Ms Sumera Khan about her experience of vaccination. The Prime Minister praised Ms Khan for her achievements in academics and wished her well for her aspirations of becoming an IAS officer. Shri Modi lauded the Divyang citizens of the country for inspiring the lives that they are leading.

Speech of the Prime Minister

Addressing the gathering, the Prime Minister lauded the people of Goa for achieving Anant Sutr’ (Protection) during the auspicious Ganesh Utsav season. He expressed happiness for every eligible person in Goa getting at least one dose of the vaccine. “This is a major milestone in the fight against Corona. Every achievement of Goa that epitomises the concept of El Bharat -Shreshth Bharat fills me with great joy”, he said.

The Prime Minister remembered the services of Shri Manohar Parikkar on this day of major achievements.

The Prime Minister remarked that in the last few months, Goa has fought bravely with natural calamities like heavy rains, cyclones, floods. He praised all the corona warriors, health workers and Team Goa for maintaining the pace of corona vaccination amidst these natural calamities.

The Prime Minister commended the kind of coordination that Goa has shown in dealing with social and geographical challenges. The pace of vaccination in Canacona sub-division, which is located in the remotest parts of the state, sets an example for the rest of the state. “Goa has shown the great results of ‘Sabka Saath, Sabka Vikas, Sabka, Vishwas and Sabka Prayas.” he said.

The Prime Minister struck an emotional chord and said that I have seen many birthdays and have always been indifferent to that but, in all my years, yesterday was a day that made me deeply emotional.” Yesterday’s occasion was made extra special by the efforts of the country and corona warriors. He praised the compassion, service and sense of duty of the team and people for vaccinating 2.5 crore people. “Everyone cooperated fully, people connected this with service. It was their compassion and duty that made this feat of 2.5 crore vaccination in a day possible,” said a visibly moved Prime Minister.

The Prime Minister praised the contribution of the people of the medical field, those who are engaged for the last two years, without caring for their lives, are helping the countrymen in fighting Corona, for the record vaccination yesterday. People associate it with service. It is his compassion and duty that has been able to administer 2.5 crore vaccine doses. The Prime Minister informed that Himachal, Goa, Chandigarh and Lakshadweep have completed the first dose for the eligible population. Sikkim, Andaman Nicobar, Kerala, Laddakh, Uttrakhand and Dadra Nagar haveli are not far behind.

The Prime Minister said that India prioritized tourist destinations in its vaccination efforts though this was not talked about earlier. It was important for our tourism destinations to open. The Central government has also recently taken several steps to encourage foreign tourists. It has been decided to give free visas to 5 lakh tourists visiting India, loan up to 10 lakh with a government guarantee to the stakeholders in the tourism sector and loan up to 1 lakh for registered tourist guides have been instituted, the Prime Minister informed.

The Prime Minister said that the ‘double engine government’ is powering the efforts of making the Goan tourism sector more attractive and giving more facilities to farmers and fishermen of the state. Mopa greenfield airport and 6 lane highway with the allocation of 12 thousand crore, Zuari bridge connecting North and South Goa to be inaugurated in few months are enhancing connectivity in the state.

Shri Modi noted that Goa has taken a pledge of Swayam Poorna Goa to attain AatmNirbharta in Amrit Kaal and has started manufacturing more than 50 components. He underlined Goa’s achievements in toilet coverage, cent per cent electrification, and the great effort for ‘Har Ghar Jal’ campaign. The country has connected 5 crore households with piped water in 2 years and Goa’s efforts in this direction show the state’s clear priority for good governance and ease of living. The Prime Minister also listed Goa’s efforts in providing ration to poor families, free gas cylinder, distribution of PM Kisan Samman Nidhi, expansion of Kisan Credit Cards in mission mode during pandemic and Svanidhi scheme benefits to street vendors. Calling Goa a state of boundless possibilities, the Prime Minister said “Goa is not just a state of the country but also is a strong marker of Brand India”.