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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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Infrastructure and connectivity act as arteries for development and growth of any nation. It is evident that infrastructure development has been given priority by the NDA government under PM Narendra Modi. For fulfilling the dream of New India, the NDA government is focussing on development of railways, roadways, waterways, aviation or affordable housing.

Railways

The Indian rail network is one of the largest railway networks in the world. The pace of track renewal, elimination of unmanned level crossings and commissioning of broad gauge lines has significantly improved during NDA government under PM Modi.

Railways recorded its best-ever safety record with less than 100 accidents in a year in 2017-18. Data reveals that 118 railway accidents were recorded in 2013-14 which have declined to 73 in 2017-18. 5,469 unmanned level crossings have been eliminated, with average pace of elimination at 20% more than that of 2009-14. All unmanned level crossings on broad gauge routes targeted to be eliminated by 2020 for better safety.

Bringing railways development on track, there is a 50% increase in track renewal, from 2,926 km during 2013-14 to 4,405 km during 2017-18. Broad gauge commissioned during 4 years of NDA government under PM Modi (9,528 km) is much greater than that commissioned during 2009-14 (7,600 km).

For the first time Northeast India is fully integrated with the rest of India with the entire network converted to broad gauge. It brought Meghalaya, Tripura and Mizoram on the rail map of India after 70 years of independence!

For developing New India, we need advanced technology too. The bullet train, planned from Mumbai to Ahmedabad, will reduce travel time from about 8 hrs to 2 hrs.

 

Aviation

Rapid progress is happening in civil aviation sector too. Promising affordable air travel under UDAN (Ude Desh ka Aam Nagrik), 25 operational airports have been added in just 4 years, as opposed to 75 airports between Independence and 2014. Regional air connectivity to unserved and underserved airports at subsidised fare of Rs 2,500 per hour has helped to fulfil dream of many Indians to travel by air. Thus, for the first time more people travelled in airplanes than in AC trains.

With passenger traffic growth in the range of 18-20% in the past three years, India has emerged as the world’s third largest aviation market. Number of domestic air passengers crossed 100 million in 2017.

 

Shipping

India is also taking rapid strides in the shipping sector under PM Narendra Modi’s government. Accelerating port-led development, the turn around time at major ports have been reduced by a third, from 94 hrs in 2013-14 to 64 hrs in 2017-18.

Consider the cargo traffic at major ports. It declined from 570.32 MT in 2010-11 to 545.79 MT in 2012-13. However, under the NDA government it improved to 679.367 MT during 2017-18, a whopping increase of more than 100 MT!

Inland waterways significantly reduce the transportation costs and boost the economy apart from reducing carbon foot print. 106 national waterways were added in the last 4 years compared to 5 national waterways in the last 30 years.

Road development

Expansion of highways with multi-modal integration has been taken up under transformative project Bharat Mala Pariyojana. National highway network expanded from 92,851 km in 2013-14 to 1,20,543 km in 2017-18.

Setu Bharatam project for safer roads, with total outlay of Rs. 20,800 crores, envisages building of railway overbridges or under passes to make all National Highways free of railway level crossings.

The pace of road construction has almost doubled. Speed of highways construction was 12 km per day during 2013-14 which stood at 27 km per day as of 2017-18.

 

Development of India’s longest ever tunnel, Chenani-Nashri, in Jammu as well as India’s longest bridge, Dhola-Sadiya, for enhanced connectivity to Arunachal Pradesh are testimony to the commitment to take development to hitherto untapped regions. Building of bridges over Narmada at Bharuch and Chambal at Kota have also improved road connectivity in the regions.

Roads act as catalysts for rural development. Considering its importance, almost 1.69 lakh kms of rural roads have been built in 4 years. Average speed of road construction improved from 69 km per day in 2013-14 to 134 km per day in 2017-18. Presently, rural road connectivity is more than 82%, as against 56% in 2014, making villages become a part of India’s development trajectory.

Tourism has immense potential for employment generation. To enhance pilgrimage experience along with a boost to the tourism sector, Char Dham Mahamarg Vikas Pariyojana was launched. It seeks to make journey safer, faster and more convenient. It entails development of around 900 km of national highways at an approximate cost of Rs 12,000 crore.

With boost to the infrastructure, more movement of freight takes place and adds strength to the economy. Due to efforts of the NDA government, highest ever freight loading (1,160 MT) was recorded in the year 2017-18.

Urban transformation

For urban transformation through Smart Cities, around 100 urban centres have been chosen to ensure improved quality of living, sustained urban planning and development. Various development projects in these cities will positively impact almost 10 crore Indians. These projects will cost Rs. 2,01,979 crores.

Around 1 crore affordable houses have been built under the Pradhan Mantri Awas Yojana in both rural and urban areas. To benefit the middle and neo middle classes, housing loans up to Rs 9 lakh and Rs 12 lakh are eligible for interest subvention of 4% and 3%.