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Text of PM’s address at the Business Forum organized by NASSCOM and Frauenhofer Institute at Bengaluru

Dated:- 6-10-2015 - Your Excellency Dr. Angela Merkel! It is a great pleasure for me to join you in Bengaluru. Welcome to this Indo German Summit. I fondly recall my visit to the city of Hannover and Hannover Messe in April. 15 States, a number of CEOs and hundreds of companies from India, had participated. The exposure to Hannover Messe will go a long way in shaping our vision and strategy of manufacturing. This is particularly important at a time when we are on the path of making India a globa .....

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, India represents a bright spot for investments. We are fortunate to be sailing in the right direction. The recent data on global economic activity reinforces this assertion. However, we cannot afford to be complacent. We are committed to doing everything possible to convert these analyses into reality. With a very open and global mindset, we have worked aggressively in the last fifteen months to make India an easy place to do business. We are committed to creating favorable conditions for busi .....

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ensure that a transparent, predictable and user friendly regulatory mechanism is quickly put in place. Friends! One of the biggest challenges in India today is to productively employ our youth. For meeting this challenge, we need to provide a huge push to manufacturing which has stagnated at around 16% of the GDP for several decades in India. This percentage must reach around 25 in the short and medium term. With this in view, we have launched the Make in India initiative. To make it a success, .....

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lized the FDI regime allowing 100% FDI in railways and enhancing the FDI limit to 49% in Defence and Insurance. We have also refined our FDI Policy for construction and medical devices. We have rationalized a number of other FDI related policy issues including bringing in the concept of composite sector caps for the FPIs and other investors. We are keen to build futuristic physical and social infrastructure. Through self-imposed discipline in the management of our financial resources, we have be .....

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and taxation issues which were adversely impacting on the sentiments of foreign investors. We have taken very decisive steps to remove a number of long pending concerns of investors. To give you some examples: • We have expedited regulatory clearances including security and environmental clearance; • Across the board, we have increased the validity period of Industrial Licences; • We have de-licenced a number of defence items and liberalised a number of restrictions like end-use .....

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estment Trusts • We have modified the Permanent Establishment norms; • We have also decided to defer the implementation of the General Anti-Avoidance Rules for two years; • We have introduced the GST Bill in parliament; we are hopeful to roll it out in 2016; • We are working on a new bankruptcy code; the Company Law Tribunal is soon going to be formed. We want to make sure that our tax regime is transparent and predictable. We are also keen to see that genuine investors and h .....

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positive. India has improved its UNCTAD ranking of investment attractiveness. Against 15th so far, now we are at 9th place. India has also jumped 16 places on the World Economic Forum s global competitive index after five years of decline in the list. Similarly, in a ranking of the top global destinations for greenfield investment in the first half of 2015, India is at number one. Foreign Policy magazine of USA has ranked India as number one FDI destination. Thus, just in Fifteen Months, we have .....

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s. We have taken several initiatives for transparency and online processing in IP administration. A comprehensive National IPR policy is being finalized. Last week I myself reviewed the situation. I can say that this will be a progressive, and forward looking policy. Friends! We want your active involvement in translating our dreams into reality. Our commitment and aggressiveness to achieve the goal in a faster and effective manner offers immense opportunities to German Companies. These opportun .....

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sive scale. We are trying to power this potential through our campaigns like Digital India and Skill India. To tap the energy fully, we have launched the Start up India Campaign. I thank NASSCOM for becoming our active partner in this journey. Recently, we tried to ignite this energy through an interface of our youth with the eco-system of Silicon Valley. India, in fact, is on the threshold of a big IT revolution. We are at the tipping point where technology is going to be leveraged to meet the .....

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