G20-Germany-Hamburg-2017
mo.rami@trmg.co.uk
mo.rami@trmg.co.uk
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Leader’s view<br />
LEADER’S VIEW<br />
A bright spot in the<br />
economic landscape<br />
Over the last three years, out of all the major economies India’s<br />
has been the fastest-growing, writes Narendra Modi<br />
Narendra Modi<br />
Prime Minister, India<br />
India remains a bright spot in the subdued<br />
economic landscape across the world.<br />
India has emerged as the fastest-growing<br />
major economy over the last three years, with<br />
GDP growth rate of over seven per cent.<br />
We have moved up 32 places in last two<br />
years in the Global Competitiveness Index of the<br />
World Economic Forum – this is the highest for<br />
any country.<br />
India also moved up 19 places on the 2016<br />
Logistics Performance Index of the World Bank.<br />
We have also moved up 16 places on the<br />
Global Innovation Index of WIPO in 2016.<br />
We are third among the top 10 FDI<br />
destinations listed by UNCTAD.<br />
We are moving fast towards becoming<br />
a digital economy.<br />
GST is among the most historic reforms<br />
India has ever done — and it is going to be<br />
implemented from next month.<br />
In the last two years, we have moved towards<br />
a low-tax regime both on the personal as well as<br />
the corporate side.<br />
We have lowered the corporate-tax rate from<br />
30 per cent to 25 per cent, particularly for new<br />
investments and smaller ventures.<br />
New laws and institutions for bankruptcy<br />
and insolvency as well as IPR and arbitration<br />
are now in place.<br />
More than 7,000 reforms have been<br />
implemented on the ease-of-doing-business<br />
front.<br />
Thirty-six white industries have been taken<br />
out from the requirement of environmental<br />
clearance.<br />
Similarly, more than 50 items have been taken<br />
out of the defence list.<br />
Customs clearance has been made 24–7 at<br />
19 ports and at 17 air cargo complexes.<br />
Power connection is provided within a time<br />
frame of 15 days.<br />
India’s ranking is now up by 111 places on the<br />
‘Getting Electricity’ parameter of the World Bank.<br />
Now, India has one of the most liberal FDI<br />
Policy regimes in the world. More than 90 per<br />
cent of the foreign investment flows are under<br />
automatic route… Our FDI outlook has been<br />
ranked highly positive by various international<br />
agencies.<br />
There has also been tremendous growth in the<br />
FDI inflows in the last three years and it reached<br />
$60 billion in 2016-17.<br />
Speech to the Indo-German Business Summit,<br />
Berlin, 30 May <strong>2017</strong>. <strong>G20</strong><br />
4 th<br />
Summit<br />
2014<br />
Elected<br />
G7<strong>G20</strong>.com July <strong>2017</strong> • <strong>G20</strong> <strong>Germany</strong>: The <strong>Hamburg</strong> Summit 25