India working towards becoming global manufacturing hub: Modi

SINGAPORE: Pitching the India story to potential investors in Singapore, Prime Minister Narendra Modi asserted that India is working towards becoming a global manufacturing hub. Addressing the India-Singapore Economic Convention on November 24, Mr Modi spoke about the reforms undertaken by his government in the last 18 months and the renewed confidence of investors in India.

Here are the excerpts from his speech at the India-Singapore Economic Convention on November 24:

I had excellent meetings with Singapore leaders today morning. We have concluded the Strategic Partnership which takes the relationship to a new level of engagement. We have set a high level of ambition for this relationship.
Singapore is also an important and valuable friend of India in our global outlook.
We regard Singapore as an essential ally in the implementation of our Look and Act East Policy.
I am fully aware of the important role Singapore has played in the implementation of this policy.
I look forward to working with Singapore in a bigger way.
Historical ties and cultural proximity are our assets
Singapore is our 10th largest trade partner globally, second largest in ASEAN
Outward FDI from India to Singapore has also gone up
Singapore and India can work together in several positive areas
With the Make in India initiative, we are working on all fronts to become a global manufacturing hub
You have the habit of precision; India has the scope for expansion;
You are fond of going vertical; India’s development is both vertical and horizontal
You are an exciting incubator; India is a vast laboratory.
Singapore is involved in the master plan of Amaravati, Andhra Pradesh
Singapore an important, valuable friend of India in our global outlook
Money has to reach the marginalised. We opened 190 million bank accounts and aim for direct transfer of benefits to the poor
We are trying to harness India’s development potential through policies and our people
We have introduced the GST Bill in the Parliament and are hopeful to roll it out in 2016
India is among the most open economies for FDI. with most sectors on automatic route and entry and exit conditions relaxed
The Regional Comprehensive Economic Partnership (RCEP), comprising ASEAN and its six Dialogue Partners, is another potential opportunity for our companies.
The hall mark of our strategy is good governance which is participative and policy driven.
Our commitment to mitigate the dangers of climate change arise from the belief that nature is our Mother. We will do more than required
In the last 18 months, the run-ways for the take-off of the economy have been made
Many people of India are under 35. Their energy, enterprise & skill will guide India’s transformation
We have witnessed massive growth in the number of start-ups in the recent past. Some of these have begun to challenge established global players. To tap this energy fully, we have recently launched the Start up India Campaign.
Reforms are happening in a big way and these reforms are to transform systems
I am here to invite you to India in a bigger way

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