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Text of PMs address at India-Singapore Economic Convention

Dated:- 24-11-2015 - Mr S. Iswaran, Minister for Trade and Industry, Hounorable Ministers and Dear Friends ! It is a matter of great pleasure to be here with you. I am really happy to address the India-Singapore Economic Convention. My visit has been very productive and positive. I had excellent meetings with Singapore leaders today morning. We have concluded the Strategic Partnership which takes the relationship to a new level of engagement. We have set a high level of ambition for this relatio .....

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to India. Outward Indian FDI to Singapore has also increased in recent times. Singapore is now one of the top destinations for Indian investments. A significantly large number of Indian companies are registered in Singapore. Singapore companies also have a level of familiarity with Indian market due to involvement over the past few decades. Our companies are positioned to explore and develop promising engagements. With the significant and growing number of companies of both sides and of foreign .....

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ity of Andhra Pradesh-Amaravati. Singapore is involved in preparation of the Master Plan for this new city. Secondly, I have laid the foundation stone for the fourth container terminal at JNPT, Mumbai which is being built in partnership with PSA, Singapore. We are also exploring collaboration with Changi Airport to operate two Indian airports. These are recent examples of the deepening of our economic partnership. Singapore is also an important and valuable friend of India in our global outlook. .....

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lion people. It will further enable our businesses to jointly explore opportunities in the wider South East Asian region. The Regional Comprehensive Economic Partnership (RCEP), comprising ASEAN and its six Dialogue Partners, is another potential opportunity for our companies. Recently, in the India Africa Forum Summit held in New Delhi, Singapore was a special invitee. This is recognition of another dimension of India-Singapore togetherness. We can work jointly in the African countries. Ladies .....

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n-funded secure the poor and enhance the income level of all. Money must reach the Marginalized. With this objective, we opened 190 million new bank accounts. Through them, we are trying to ensure direct transfer of benefits to the poor. This targeting is also bringing discipline in Government expenditure. We have also launched new insurance and pension schemes. Through a new Bank, called MUDRA, we are funding the small traders and businessmen. We have set time bound goals for providing access t .....

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truction of National Highways, bridges, and Metro rail networks. Such a huge potential for creation of infrastructure and production of goods will not be available in any other country. More importantly, no one place on the earth can offer the customer base on such a massive scale. We are trying to harness this development potential through our policies and people. The campaigns like Digital India and Skill India are designed to prepare the people to take part in this process. We have witnessed .....

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ny of long the pending concerns. To give you some examples: We have expedited regulatory clearances including security and environmental clearance; We have greatly liberalised the licencing regime; We have increased the validity period of defence industrial licences up to eighteen years from three years; We have taken almost 60% of the defence items out of the licensing process and liberalised a number of restrictions like end-use certificate for the exports We have clearly articulated that we w .....

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s; We have introduced the GST Bill in parliament; we are hopeful to roll it out in 2016; A new bankruptcy code and a new IPR policy is being drafted • The Company Law Tribunal is going to be formed soon. Our system for transparent auction and allocation of key natural resources like coal, spectrum, and iron ore has now become stable. These are just a few examples. We are working hard to make sure that our tax regime is transparent and predictable. We are also keen to see that genuine invest .....

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#39;s 7th most valued nation brand with a 32% sprint in brand value. India has consistently been ranked as the most attractive investment destination by several agencies and institutions. India has also improved its UNCTAD ranking of investment attractiveness. We were 15th place so far. Now we are at 9th place. India has also jumped 16 places on the World Economic Forum s global competitive index. MOODY s have upgraded the rating of India as positive. Thus, just in eighteen months, we have succe .....

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t round of reforms: India is among the most open economies for FDI. Some new sectors have been fully opened for FDI For most of the sectors, FDI clearances are now on automatic route In addition to Greenfield areas, many sectors can freely absorb FDI in Brownfield projects. This includes Roads, construction and medical devices. Entry and exit conditions have been greatly relaxed for FDI Friends! We are keen to scale up investments in next generation infrastructure including digital networks and .....

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ng term finance for infrastructure. For infrastructure, we have also decided to launch Rupee Bonds in some countries. Singapore could be among them. We are quite eager to work with Singapore in this regard. Friends! About 800 million people in India are below the age of 35 years. Their aspirations, energy, enterprise and skills will be the force for India's economic transformation. But the immediate challenge is to productively employ the youth. For meeting this challenge, we need to provide .....

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ast tracked approvals and clearances for industry and infrastructure. The hall mark of our strategy is Good Governance which is Participative and Policy Driven. Through PPP, we are encouraging private investments in areas where earlier only government used to invest. We are also divesting our stake in the public sector enterprises, to instill market discipline. We are consistently working to integrate our economy with the rest of the world. I hope to further dedicate the next three months to add .....

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