PM Narendra Modi exhorts world to be part of India's 'unfolding growth story'

Prime Minister Narendra Modi exhorted global investors to join the 'India unfolding growth story' by investing in the country to be part of this century's growth story, which will belong to Asia, while inaugurating the 'Make in India week in Mumbai, on Saturday.

"Don't wait and relax, there is an immense opportunity waiting for you in India. You take one step and we will take two steps", he said in a glittering function that showcased India's cultural and scientific achievements, besides Indian art forms.

Addressing a large audience including the captains of Indian industry like Ratan Tata Adi Godrej and Kumar Mangalam Birla and a host of other business leaders from India and abroad, Prime Ministers from Sweden, Finland, Modi strived to elaborate his achievements in the last one year from the Make in India' campaign.

The new government has attracted the largest ever FDI inflow into the country in the one year period upto December 2015, a growth of 48 percent, at a time when FDI inflows were slowing down in most countries.  India has jumped 12 ranks in ease of doing business as per World Bank estimates. Investment effectiveness ranking improved from 15 to 9. For this the Government effected a string of measures including a much friendlier tax regime that was transparent, stable and predictable, and major policy corrections, besides improving efficiencies. Noting that 'Making India' has become a big brand, he elaborated sector wise achievements - like largest coal production, electricity, software production etc. Overall, in 2015 India contributed 2.5 per cent to the global growth.
 
"As much as 60 per cent of Indians are of age below 35, and this is the biggest strength for the country," he said, while elaborating plans to have a new IPR policy, fast tracking of arbitration procedures and a new bankruptcy law.

"India, as a country, is known for its 3 Ds - democracy, demography and demand. We have added a fourth D- deregulation. Now India has become four dimensional, he said.  

Earlier, addressing the event, Prime Minister of Sweden Kjell Stefan Lovfen said his country is keen on partnering Indian companies in the field of energy, environment, health and defence. Maharashtra Chief Minister Devendra Fadnavis said the week long event venue of the Make in India centre in Mumbai would be converted to an International Business Finance Centre. Maharashtra has eased business permissions by 60 percent and a new building plan approval process in Mumbai has come down from 360 days to 60 days. Three major MoUs were signed already for investment in Maharashtra (with Sterlite, Raymond and Coca cola) and many more are likely.