by admin | May 25, 2021 | Business Summit, Economy, Events, News, Politics
New Delhi : Noting that his government had achieved the unprecedented dual objective of sustained high growth combined with low inflation, Prime Minister Narendra Modi on Saturday said innovation and technology would provide the backbone of “resurgence” for a “new India”.
Addressing the ET Global Business Summit, Modi said that unlike earlier governments in the post-liberalisation era, the outgoing National Democratic Alliance (NDA) government had achieved both sustained high growth of over 7 per cent and low single-digit inflation.
“The previous government achieved an average annual growth rate of 6.5 per cent with inflation in double digits,” he said.
“However, between 2014 and 2019, the average annual growth rate has been 7.4 per cent, while the average inflation rate has been 4.5 per cent. Post the liberalisation in 1991, this has been the highest rate of average growth combined with the lowest average rate of inflation.”
He said the current transformation underway in the economy was the result of sound macroeconomic fundamentals which is reflected, for instance, in the “increasing bouquet of financing resources”.
“There is no more the sole dependence on bank credit for raising capital. While between 2012 and 2014, the average finance raised through equity was Rs 14,000 crore per annum, in the last four years this average has gone up to Rs 43,000 crore,” he said.
“Alternative Investment Funds (AIF) raised less than an average of Rs 4,000 crore between 2011-14, but under our government AIF, during 2014-18, this figure has gone up to Rs 81,000 crore, recording a jump of 20 times,” Modi added.
Declaring that “New India” would be an active contributor to the Industrial Revolution 4.0, the Prime Minister said that “innovation and technology will form the backbone of this resurgence”.
Citing indicators of the resurgence, Modi said that the number of patents granted had gone up over three-fold, from 4,000 in 2013 to 13,000 in 2017-18.
“Trademarks registered have gone up from 68,000 in 2013-14 to 2.5 lakh in 2016-17, a four-fold increase,” he added.
—IANS
by admin | May 25, 2021 | Business, Emerging Businesses, Investing, SMEs
Muscat : Indian Prime Minister Narendra Modi on Monday invited Omani businesses to invest in the country as he showcased the government’s initiatives to further ease doing of business in the “New India”.
Addressing around 50 Omani chief executives at the Oman-India Business Meet here, Modi said that the reforms were aimed at preparing India for the 21st century and make it a global manufacturing hub.
He said India was ushering in a knowledge-based technologically driven society which presents many opportunities for Omani businesses.
“Four countries in four-days strengthening our footprint in Gulf and West Asia! PM @narendramodi begins Day 4 with business – Oman-India Business Meet in Muscat. Pitching India as an attractive destination,” Indian External Affairs Ministry spokesperson Raveesh Kumar tweeted.
Listing some of the major reforms by the government in the last over three years, Modi noted that India had climbed to the third position in the global Start-up Index.
On Sunday during his meeting with Sultan of Oman Qaboos Bin Said Al Said, Modi voiced his appreciation of the Indian expatriates for their contributions to Oman’s development.
Oman is home to over 800,000 expatriate Indians and Modi, in a community gathering earlier on Monday, praised their role in the Gulf country’s development.
Following the meeting between Modi and Sultan Qaboos, eight agreements were signed between India and Oman.
These include three memorandums of understanding on cooperation in the fields of health, outer space, diplomacy and defence studies and analyses.
The India-Oman defence cooperation has emerged as a key pillar of the strategic partnership between the two countries.
Oman is a strategic partner of India in the Gulf and an important interlocutor at the Gulf Cooperation Council (GCC), Arab League and Indian Ocean Rim Association (IORA).
Modi arrived here on Sunday evening on the third and final leg of his visit to West Asia and the Gulf that also took him to Palestine and the United Arab Emirates.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Governance, Economy, News, Politics
New Delhi : In line with Prime Minister Narendra Modi’s vision to create a “New India” over the next five years, the government on Friday said it had identified 115 backward districts for rapid transformation by 2022.
Senior level government officials, at the rank of Additional Secretary and Joint Secretary, have been nominated as ‘Prabhari’ officers for each district, an official statement said.
A detailed briefing of these officials was held under the chairmanship of Cabinet Secretary P.K. Sinha on Friday, which was also attended by secretaries of important Central ministries.
In his keynote address, Sinha expressed confidence that nominated officers would accept this challenge and succeed in their mission.
Terming this as an important initiative to make a difference in the lives of millions of citizens in these districts, he advised the Prabhari officers to immediately form a team with state representatives and bring convergence in their effort.
Niti Aayog CEO Amitabh Kant emphasised that for dramatic improvement in Human Development Index, transformation of these backward districts was urgently required.
He said the government was committed to make all round efforts to achieve these objectives in partnership with states.
Home Secretary Rajiv Gauba said if these districts were transformed, there would be tremendous improvement in security environment of the country.
He said while 35 districts have been selected on the basis of reported violence by Left Wing Extremists, 55 districts are affected by Left Wing Extremism and another 15, including districts in Jammu and Kashmir and northeast, are affected by terrorism.
—IANS
