India has created one of the largest eco-systems in the world for start-ups: FS Shringla
The country has made doing business smarter by doing business faster and smoother, he said
India has created one of the largest eco-systems in the world for start-ups and a number of them have come up in the tech domain, said Foreign Secretary Harsh Vardhan Shringla on Thursday.
In his remarks at the Curtain Raiser Event for Vibrant Gujarat Global Summit in New Delhi, he said, “India has also made doing business smarter. We have made doing business faster and smoother through digital processes, online transactions and single point interfaces.”
The event was attended by Ambassadors and members of the diplomatic corps.
“Digital payments, including direct transfer of government benefits, are now under full implementation. India has created one of the largest eco-systems in the world for start-ups and a number of them have come up in the tech domain,” he added.
“The Vibrant Gujarat Global Summit was conceptualized by Prime Minister Shri Narendra Modi in 2003, when he was the Chief Minister of Gujarat. His presence in all the Summits so far has been a source of inspiration for all,” Foreign Secretary Shringla stated.
During the 10th edition, the presence of the Prime Minister will provide an opportunity for the global leaders and top CEOs to interact with him, he mentioned.
“The theme of the Summit is ‘From Atmanirbhar Gujarat to Atmanirbhar Bharat’, i.e., from self-reliant Gujarat to self-reliant India. The Atmanirbhar Bharat Abhiyan, launched by the Prime Minister, intends to make India a trustworthy global supply chain hub,” Shringla argued.
“A number of policy measures have been announced in the recent months that will move India in this direction. Ambitious structural reforms have been launched to deregulate and to enhance economic openness, good governance and global competitiveness,” he informed.
“Policy measures such as the Production Linked Incentives scheme have been initiated to attract investments and promote manufacturing in India,” the Foreign Secretary noted.
Highlighting that Gujarat and the whole country are now ready for business as never before, he said, the government has placed great emphasis on improving the ease of doing business.
The implementation of Goods and Services Tax and other measures of simplification and consolidation of taxes have reduced transaction costs and improved ease of doing business, Shringla further added.
He said that India is making huge public investments in improving its infrastructure. The Prime Minister recently launched Gati Shakti – the National Master Plan for Multi-modal Connectivity – which is designed to create a seamlessly connected India. The National Education Policy had laid the framework for educating a workforce for the 21st century, he added.
“Speaking recently at the COP 26 Summit, the Prime Minister announced India’s climate ambition through the Panchamrit or the five nectar elements. In line with the Prime Minister’s announcement, India is becoming a renewable energy powerhouse, beginning an energy transition and moving in the direction of creating a new green economy,” India’s top diplomat maintained.
He said India also plans to turn into a global hub for Green Hydrogen production and export under its National Hydrogen Mission.
The State of Gujarat is one of the foremost industrial hubs and most investor friendly States in our country, Shringla further said.
The State is a leader in a wide range of sectors, including petrochemicals, textiles, pharmaceuticals, automobiles, and gems and jewels, he informed further.
The GIFT City in Gujarat is becoming a hub for Fintech companies. A key contributor towards making a green Indian economy, the State has set ambitious targets for renewable energy production and extends several incentives in this area, the Foreign Secretary said.
He further maintained, Gujarat has also been quick in recovering from the economic impact of the pandemic.
Despite the economic disruption caused by COVID-19, India’s FDI inflows stood at USD 81.72 billion in 2021. Gujarat was one of the top recipients of these FDI inflows among the Indian States, Shringla further said.
He noted that Gujarat has opened its doors to global companies looking to diversify their manufacturing bases following the pandemic.
The Government of India is partnering with the State Government in its endeavors to attract fresh investments and boost economic activity, Foreign Secretary added.