Hannover Fair 2015: 5 things that stood out in PM Modi's 'Make in India' pitch to German investors

NEW DELHI: With special emphasis on making India a manufacturing hub, Prime Minister Narendra Modi on Monday listed out multiple initiatives by the government to make the country investor friendly and pitched for his pet ' Make in India' initiative.

Modi's pitch for attracting foreign investors to boost his 'Make In India' initiative came at the inauguration of the Indo-German Business Summit at the Hannover Fair where he and Chancellor Angela Merkel opened the India Pavillion. "Low-cost manufacturing, efficient governance and no-defect manufacturing makes India a global engine in the manufacturing centre," he said, adding there is a huge potential of India becoming a manufacturing hub.

Making an all-out bid to woo German investors, PM Modi promised to make "corrections wherever required" to make India a global manufacturing hub saying it cannot be stopped by "our own rules and regulations". We take a look at how PM Modi pitched for the 'Make in India' initiative.
1) Potential of infra: PM Modi said that his government's programmes such as smart cities, building affordable housing, renewable energy, building highways and focus on ports offer an opportunity for German investors to benefit from.

"You will be able to see for yourself the winds of change in India. We are very keen to develop the sectors where you are strong. We need your involvement. The scope and potential, the breadth and length of infrastructure and related developments is very huge in India," Modi said.

"This is a historic opportunity for the German companies. You would already be knowing the direction of my government and the steps we are taking. We have committed ourselves for creating and improving the business environment. I can assure you that once you decide to be in India, we are confident to make you comfortable," Modi added.





2) India a "changed country": PM Modi highlighted measures that have been taken to improve the ease of doing business in India.

"Lot of efforts have been made and are still underway to improve the 'Ease of Doing Business' in the country. These are; reducing the complicated procedures, making them available at one platform, preferably online, simplifying the forms and formats has been taken up on war footing. Also, definite mechanisms for hand holding have been set up in the form of hub and spoke. Invest India is the nodal agency for this purpose," Modi pitched.



3) Non-adversarial tax regime: Stating that FDI is important for India's growth, PM Modi said, "We do believe that FDI is important and it will not come in the country without a globally competitive business environment. Therefore, in this year's budget we have rationalized a number of issues which were bothering you."

The lion roars at Hannover Messe. Make in India showcased on world stage. pic.twitter.com/d7vdDR9U0e

— Syed Akbaruddin (@MEAIndia) April 12, 2015

"We have removed lot of regressive taxation regimes. In our very first Budget, we said we will not resort to retrospective taxation. And if such issues do arise, they will have to be reviewed at the highest level. We have taken bold steps of not dragging the litigation in a few cases where we felt that the steps of the previous government were not on right lines," Modi assured.

"We are trying to introduce an element of transparency and predictability in taxation system. We have fast tracked approvals in industry and infrastructure. This includes environmental clearances, extending the industrial licences, delicencing of defence items, and simplification of cross-border trade," he added.

4) India's growth story: Selling the India growth story, Modi emphasised that India's economic growth rate is about 7%-plus. "Most of the international financial institutions including the World Bank, IMF, UNCTAD, OECD and others are predicting even faster growth and even better in the coming years. Moody's has recently upgraded the rating of India as "positive" on account of our concrete steps in various economic segments," he said.

Indian tea. What better than a cup of tea from @teaboardofindia to end visit to Indian Pavilion at @hannover_messe pic.twitter.com/ri396SxXlv

— Syed Akbaruddin (@MEAIndia) April 13, 2015

5) Lion cannot be stopped: Talking about the lion symbol, PM Modi said, "The symbol of lion for make in India has been chosen very carefully. We know that our biggest need today is to create jobs for our 65% population which is young. Hence, Make in India is the need. Hence, the lion because a lion cannot be stopped."

From the @hannover_messe. Good to see the growing enthusiasm about India. pic.twitter.com/Amm3H184SW

— Narendra Modi (@narendramodi) April 13, 2015

"We are confident that our journey to make India a global manufacturing hub cannot be stopped that too by our own rules and regulations. We must and we will make corrections wherever it is required."

"At the end, it is my advice to you to come and feel the change in India's regulatory environment. Please do not go by old perceptions," Modi added.

Make In India: Complete coverage

(With inputs from PTI)