Why PM Modi's Davos keynote address may echo his first Independence Day speech
BusinessToday.in January 22, 2018
Prime Minister Modi's vision for the World Economic Forum (WEF) 2018 includes promotion of his one of the key flagship programmes - Make in India. Experts say the Prime Minister is likely to echo his 2014 Independence Day speech and hard sell India's key economic reforms and quick jump in World Bank's Ease of Doing Business rankings to invite global business players to come and 'Make in India'. Davos will see over 2000 CEOs from top global companies, 70 heads of state and 45 heads of international organisations attend the event.
PM Narendra Modi will deliver his maiden keynote address at the WEF, a global platform where world's top political and business leaders gather and deliberate on key economic agenda. Prime Minister Modi is leading the largest Indian contingent of over 100 delegates to this year's WEF summit. Ahead of the WEF address, Prime Minister in a tweet said: "At Davos, I look forward to sharing my vision for India's future engagement with the international community."
Ever since the Prime Minister took over, he has been pushing hard to make India the world's next manufacturing hub. He announced Make in India programme within days of assuming charge at South Block. In his first Independence Day speech in 2014, PM Modi called the global companies to 'Come and manufacture in India'. He said: "Sell in any country of the world but manufacture here. We have got skill, talent, discipline, and determination to do something. We want to give the world an favourable opportunity that come here, 'Come, Make in India' and we will say to the world, from electrical to electronics, 'Come, Make in India', from automobiles to agro value addition 'Come, Make in India', paper or plastic, 'Come, Make in India', satellite or submarine Come and Make in India."
PM Modi not only invited the business leaders to invest in India but also removed redundant laws to make sure interested companies get smooth clearance for their projects. Following which, India has jumped 41 position in World Bank's Ease of Doing Business rankings. Last year in November, India jumped 30 positions to become the top 100th country in terms of ease of doing business ranking. The World Bank in its report recognized India's reform efforts by stating that the country is one of the top 10 improvers in this year's assessment, having implemented reforms in 8 out of 10 Doing Business indicators.
This has also resulted in a jump in foreign investment. Till may last year, India received USD 60.08 billion as Foreign Direct Investment in the last three years. Ministry of Commerce and Industry report showed that in FY 2016-17, India received USD 60.08 billion FDI, which was around USD 5 billion more than the record USD 55.6 billion recorded in 2015-16.
The Prime Minister will also host a round table dinner for 60 top CEOs, including 20 from India. Airbus, Hitachi, BAE Systems and IBM CEOs will be part of the meet. He will also have an interaction with 120 members of the investor community to hard-sell India's business friendly environment. Apart from holding meetings with business leaders, Prime Minister Modi will also hold bilateral talks with the President of Swiss Confederation, Alain Berset and Prime Minister of Sweden H.E. Stefan Lofven. He will also address the International Business Council.