The international summit of entrepreneurs , Global Entrepreneurship Summit , being held this week in Hyderabad kicked off with Prime Minister Narendra Modi inviting investors from world over to invest in India and benefit from the country’s business-friendly while President Donald Trump’s daughter Ivanka Trump noted that there was still much to be done regarding “equitable laws for women” in several countries.
In his speech inaugurating the 2017 Global Entrepreneurship Summit, Modi urged “entrepreneur friends from across the globe” to become “a partner in India’s growth story.”
The three day event is being held jointly by the US and India, and has more than 1,500 investors entrepreneurs and eco-system supporters participating from 159 countries. This is the first time that India is holding the event.
Addressing entrepreneurs of India, Modi said that that they all had something valuable to contribute in developing a “New India by 2022”, calling them “vehicles of change and instruments of India’s transformation.”
Modi Government Working To Create Effective And Transparent Business Environment
Modi highlighted in his speech that his government was taking several steps to ensure “an environment of transparent policies “ and “a rule of law” that offers entrepreneurs the level playing field necessary to flourish.
He pointed out that India had jumped in the World Bank’s Ease of Doing Business rankings from 142 to 100 in three years as a result of the government’s initiatives:
- A total overhaul of India’s national taxation system carried out with the Goods and Services Tax
- Insolvency and Bankruptcy Code introduced in 2016 for encouraging “timely resolution for stressed ventures”
- Tough measures like demonetisation to tackle issues of tax evasion and parallel economy.
- Policies that help control fiscal and current account deficits and cut inflation
- Over USD 400 billion held in foreign exchange reserves with foreign investments growing steadily
He noted that Moody’s upgrade of the country’s government bond ratings was a recognition of thes measures.
Modi further stated that India had moved from a rank of 54 in 2014 in the World Bank’s Logistics Performance Index to 35 this year, which also indicated the improvement in the “ease and efficiency” regarding products’ movements.
Equitable Rights For Women Necessary
Ivanka Trump, who also acts as the US President’s Advisor noted in her speech that there was still a lot of work to be done regarding equitable laws with respect to women’s rights in countries.
This year’s GES summit is focused on the theme “Women First, Prosperity for All.”
Trump pointed out in a few countries, women are still not allowed to travel freely or own property and need permission from their husbands to work. She said that the Trump administration was working to “promote greater opportunity for women around the world”, through reforms and international initiatives, noting that when women work there is a “multiplier effect”, leading to more investment into families and society.
Trump further highlighted that if India closed the gender gap in the labour force the economy could grow “by over $150 billion in the next three years.”
She applauded India’s achievement in lifting over “130 million citizens out of poverty” through its polices.
Women Important For India Development Modi Says
Commenting on women’s achievements in India, Modi noted that “women empowerment is vital to our development.” He referred to the contribution of women scientists in our “Our space programmes, including the Mars Orbiter Mission” .
Modi also listed the various programs launched one of which was the MUDRA scheme.
So far since launch in 2015, the program has disbursed more than 90 million loans valued at 4.28 trillion rupees. Of out this, over 70 million loans have been issued to women entrepreneurs.
The GES has been organized by NITI Aayog in partnership with the US State Department plus other American agencies . The summit aims at creating an environment for empowering innovators, in particular women, “to take their ideas to the next level.”
