Prime Minister Narendra Modi on Thursday defined FDI as he sees it. "For Indians FDI is First Develop India...for foreigners, it is an opportunity," the PM said to an audience of CEOs that packed Delhi's Vigyan Bhawan, where Mr Modi launched his ambitious "Make in India" campaign.
The campaign, he said, "is the step of a lion." The logo is a striding lion made of cogs, symbolising manufacturing, strength and national pride. The Make in India campaign aims at turning the country into a global manufacturing hub by smoothening business processes and attracting foreign companies to set up factories in India and invest in the country's infrastructure. The focus, on creating jobs and helping the "poor reach the middle class faster," said the PM.
The campaign, he said, "is the step of a lion." The logo is a striding lion made of cogs, symbolising manufacturing, strength and national pride. The Make in India campaign aims at turning the country into a global manufacturing hub by smoothening business processes and attracting foreign companies to set up factories in India and invest in the country's infrastructure. The focus, on creating jobs and helping the "poor reach the middle class faster," said the PM.
About 500 top CEOs, including leading lights of India Inc, listened intently as Mr Modi outlined his vision. Good governance, he said, was not enough. There must be "effective governance that investors must feel."
The PM emphasised on a need to rebuild investors' trust and provide them with a better investment climate. "Incentive isn't enough, we need a climate for growth," Mr Modi said promising faster decision making and a better policy environment for global and domestic corporates.
Improving the ease of doing business was a priority, the PM said. And that the country must rise to number 50 in the world on that count. Right now, India ranks 134th out of 189 countries on ease of doing business, according to the World Bank.
