Remarks by Ambassador at the ‘Momentum in India’ – India
Business Round Table with Swissmem at Zurich
September 24, 2018
Good Afternoon everybody,
It is indeed a pleasure to participate at the India Business Roundtable. I thank the leadership of Swissmem and Swiss India Chamber of Commerce for organizing this roundtable.
This programme today is among a series of events that the Embassy has been organizing in various cities in Switzerland. Let me acknowledge our partners who are contributing to this event today. Our knowledge partner M/s EAC International Consulting and M/s Rodl & Partner our Legal and Tax Partner for MISSP.
Today, India has emerged as the fastest-growing large economy in the world, with a growth rate of nearly 7.5%. It is also a global hub for manufacturing and innovation. It is moving towards a knowledge-based society, which aims to build a five trillion dollar economy by 2025. This will make India the 3rd largest consumer market in the world by 2025.
India is strongly committed to improving the ease of doing business with India. India has taken several steps to introduce many far-reaching changes to build infrastructure, reform the business environment and promote education, skills and economic development.
India is witnessing an economic transformation today. We have a leadership striving hard to develop an Indian economy driven by smart and sustainable cities, robust farm sector, vibrant manufacturing and dynamic service sector. And, its engines to run on world class network of rail, roads, airports and digital connectivity.
We are happy that European businesses including Swiss business are looking towards India and are increasingly engaging India. At the same time, Indian business is becoming a significant investor in Europe and beyond. The government of India is fully committed and working towards supporting these trends at all levels, both Central Government and State Government levels.
The informal economy today has been addressed through demonetization, digital transactions, direct tax reforms, expansion of tax base and banking reforms. We have been disciplined about fiscal deficit and current account deficit.
Over the last three years, we have resolved a number of regulatory and policy issues facing business, investors and companies. More than 90% of FDI approvals have been put on the automatic approval route.
In India’s transformational journey, we regard Switzerland and Swiss companies as natural partners.
At the political level, India maintains highest level of engagement with Switzerland. In the last two years, our Prime Minister had three summit level meetings with Presidents of Switzerland. President HE Schneider Ammann hosted him in Switzerland in July 2016, Swiss President Madam HE Doris Leuthard visited India on a State visit in August 2017 and current President HE Alain Berset received Prime Minister in Davos in January 2018. These milestone visits imparted fresh momentum to our deep-rooted and multi-faceted cooperation.
Switzerland today is a household name in India. Thanks to the Bollywood which spent considerable time shooting in Switzerland. On the other hand, in Switzerland Yoga and Ayurveda have become household names. Yoga is celebrated in every village and town in Switzerland.
There is vast scope to combine our relative advantages, in capital, technology, science and human resources, and to work for mutual benefit. Our engagement with Switzerland today is indeed multifaceted. India’s Flagship Programmes like Make in India, Smart Cities, Digital India, Swachh Bharat (Clean India), Startup India, Skill India and other initiatives are resonating well in this land of innovation and competitive edge.
Our ties of collaboration in trade, investment, science and technology and skill development benefit both our societies. For Switzerland India is an opportunity and a huge market. For India Switzerland is an opportunity for technical cooperation and collaboration. With globalisation and digitalisation, the distance between India and Europe is shrinking, the opportunities for such cooperation have expanded manifold.
I once again welcome you all to this India Business Roundtable today.
I hope we will have a useful exchange of views.
Thank you.
