Global entrepreneurs can make India their base for the world: Modi
Entrepreneurs from all corners of the globe landed in Hyderabad last week to participate in the Global Entrepreneurship Summit 2017, with the Prime Minister Mr Narendra Modi utilising the occasion to invite entrepreneurs from across the globe to make India their base for the world.
Addressing the inaugural session of the Global Entrepreneurship Summit 2017 he said, “India has emerged as one of the fastest-growing economies and a happening place with immense opportunities in a number of areas. I assure you of government support to ensure your success.”
Referring to the recent upgrade by Moody’s rating and India’s improvement by 42 places in the World Bank’s Ease of Doing Business ranking, Mr Modi said: “Our immediate focus is on further simplifying processes and taking up the ranking to 50 in EoDB.”
“The reform process is being accelerated, with more than 1,200 laws scrapped. Yet, I am not happy with the pace of reforms and am keen to accelerate them to make India a better place to invest,” he said.
Highlighting the progress in the renewable energy sector, the Prime Minister said, “We are in the process of finalising a comprehensive energy policy.”
The star guest was Ms Ivanka Trump, Advisor to US President Mr Donald Trump, who said there is a need to ensure access to capital, networks, mentors and equitable laws for women entrepreneurs.
Ms Ivanka, wearing a bright green floral dress, said fuelling the growth of women-led businesses and closing the gender entrepreneurship gap could help expand global GDP by 2 percent.
“Women still face steep obstacles to starting, owning and growing their businesses. We must ensure women entrepreneurs have access to capital, access to networks and mentors,” Ms Ivanka said to loud cheers from a packed audience in a heavily-guarded conference center.
Citing a study, Mr Donald Trump’s daughter stated that there was nearly $300 billion annual credit deficit for women entrepreneurs in the developing world. However, in the last decade, women have made ‘remarkable’ strides in starting new businesses.
Globally, between 2014 and 2016, entrepreneurship activity among women increased by 10 per cent.
Fuelling the growth of women-led business will augur well not only for society but for the economy, she observed.
GES is an event conceived by former U.S. President Mr Barack Obama. It has previously been held in countries such as the United States and Turkey, but this year’s edition is the first under the Trump administration.
The theme of the conference this year is “Women First, Prosperity for All”. More than half the participants at the summit are women, and all-female delegations are representing countries such as Afghanistan, Israel and Saudi Arabia.
India has become a major market for the United States, with two-way trade of about $115 billion last year. They aim to raise that to $500 billion by 2022. Military and strategic ties are also improving as China’s influence rises in Asia and beyond.
“The Trump administration sees India as a strategic partner and wants to engage with India more. When you look at sending of Ivanka Trump, it is sending a very strong signal,” said Mr Mukesh Aghi, president of the US-India Strategic Partnership Forum.