Prime Minister Modi called on the Austrian business stakeholders to look at the fast-unfolding opportunities in India…reports Asian Lite News
Prime Minister Narendra Modi and Chancellor of Austria Karl Nehammer, jointly addressed a group of leading Austrian and Indian CEOs from diverse sectors including infrastructure, automobile, energy, engineering and start-ups on Wednesday.
Both leaders acknowledged the role played by industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Austria.
The leaders noted that trade and investment between the two countries has been increasing over the years and called for realising the full potential of the India-Austria partnership through greater collaboration.
Prime Minister Modi called on the Austrian business stakeholders to look at the fast-unfolding opportunities in India, as the country moves to become the third largest economy in the world over the next few years.
He noted that India had made transformative progress in the last ten years, and would continue on the same path given its strengths of political stability, policy predictability and its reform-oriented economic agenda.
The Prime Minister urged Austrian majors to leverage the Indian economic landscape for high-quality and cost-effective manufacturing under the Make in Inda programme both for the domestic and international market and as a global supply chain destination.
He spoke about India’s Production Linked Incentive scheme to attract global manufacturing companies in the fields of semiconductors, medical devices, and solar PV cells, among others.
He noted that India’s economic strengths and skills and Austrian technology were natural partners for business, growth and sustainability.
He invited Austrian businesses to utilise the investment opportunities in India and be a part of India’s stellar growth story.
He highlighted the steps taken by the government to improve the ease of doing business that was attracting global majors to India.
Talking about Indian economic growth and transformation, he noted India’s success in the field of start-ups, in the creation of next-generation infrastructure, and its commitment to forge ahead on the green agenda.
PM Modi also mentioned that the start-up bridge set up between India and Austria would yield substantial results. He suggested that the two countries should come together and organise a joint hackathon.
He further spoke about the success of Digital Public Infrastructure in the country and measures taken to improve connectivity and logistics.
India on Track for 3rd Largest Economy Status
Commerce and Industry Minister Piyush Goyal on Wednesday said India will be the 3rd largest economy in the next 3-4 years while the country’s exports would scale the $ 2 trillion export target by 2030.
Addressing the FICCI national executive committee meeting here, Goyal said: “With the rapidly growing start-up India initiative, growing infrastructure, investments in manufacturing which are creating a lot of opportunities for trade, business, jobs and exports. We will be the 3rd largest economy in the next 3-4 years.”
He also observed that the direction in which India was moving forward deeply resonates with what the industry wanted. India has a lot of untapped potential as the country heads towards becoming a global manufacturing hub.
He said that the government was working on getting India into global value chains, creating more and more global capacity centres working out of India so that services exports could be increased further.
“The government along with industry remains deeply committed to achieving $ 2 trillion export target by 2030. It is doable, achievable, with the right building blocks in place along with a strong macro economy to support it,” the minister said.
He asserted that in order to achieve the ‘Viksit Bharat’ vision, the industry has to come forward to collaborate and invest more in R&D, innovation and sustainability.
The government, he added, is in the process of finalising the ‘Jan Vishwas 2.0’. “How can we converge industry’s interest with national goals. A lot more needs to be done but we need you (industry) to come forward and give a balanced view on what is necessary along with the pain points regarding decriminalisation and reducing the compliance burden,” he noted.
Anish Shah, President, FICCI and Group CEO & Managing Director, Mahindra & Mahindra highlighted the efforts undertaken by the government to make India a manufacturing hub. He also stated that substantial steps have been taken to lower the cost of doing business and improve the ease of doing business.
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