Modi wants India in top-50 Ease of doing business index

Kick starting the eighth edition of the Global Entrepreneurship Summit (GES), an Indo-American partnership three-day event here on Tuesday Prime Minister Narendra Modi said that his government is keen on getting India into global 50 of ease of doing business.

He said that India is not content with the 100 rank in the World Bank's Ease of Doing Business index.

"The upward movement from 142 to 100 rank in three years is a result of our initiatives to simplify the procedures. This process is ongoing. The aim is to reach top 50," Modi said in his inaugural address.

Outlining various measures taken by his government to improve the investment climate, including scrapping of over 1,200 redundant laws, easing the norms in 21 sectors to attract Foreign Direct Investments (FDIs) and making clearances online, he called upon global entrepreneurs to investment and become partners in India's growth story.

Referring to India's impressive show of jumping 30 positions in the index that ranks 190 nations, the PM said that a wide range of multi-sectoral reforms, particularly in the areas of taxation, licensing, bankruptcy laws and protection of small investors, had resulted in the upsurge in ranking.

He said his government would continue the reforms to make the systems more transparent and responsive. He also referred to the credit rating company Moody's recent decision to upgrade India's sovereign rating and said it had come after a gap of 14 years.

Stating that women had been the major beneficiaries of his government's   initiatives like direct benefit transfer scheme and Jan Dhan Yojana,   the Prime Minister made a strong pitch for utilizing the business potential that the rapidly penetrating smart phones offer.

"Smart Phones are expected to reach 500 million by 2018. This offers an immense potential for growth of any venture in terms of outreach and for job creation," he said.

"We believe women empowerment is vital to our development. Our history has references to women of enormous talent in various walks of life," Modi said.

The "Startup India" programme, he said, was a comprehensive plan to foster entrepreneurship and innovation. "It aims to minimize regulatory burden and support start ups," the Prime Minister said.

Ivanka refers to Modi's Tea selling Days

Earlier, addressing the gathering, Ivanka Trump, Advisor to US President Donald Trump paid rich tributes to the entrepreneurial skills of Indian women. "If India closes the labor-force gender gap by half, your economy could grow by over $150 billion in the next 3 years," she said.

Making a reference to Modi's political journey, she said, "From selling tea to becoming PM, you have proved transformational change is possible. And now, you are bringing that promise to hundreds of millions of people across your country."

On India's achievements in different fields, she said, "The people of India have lifted more than 130 million citizens out of poverty through their own enterprise, entrepreneurship, and hard work."You have opened new universities across the country. Your doctors and scientists are discovering medical cures and life-saving technologies. Your engineers and architects have built modern wonders that grace your skies. And Indian spacecraft have traveled to the Moon and to Mars", she said.

Over 1,500 delegates from 150 countries, half of them women entrepreneurs and investors are participating in the summit being held in South Asia for the first time.

Ivanka is leading a 350-member strong American contingent. With the theme "Women First, Prosperity for all", the summit is being co-hosted by NITI Aayog and the United States Government.

The External Affairs Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman are also participating in the deliberations. Later, the Prime Minister hosted dinner for Ivanka Trump and other delegates at the Taj Falaknuma Palace.