Remarks by Ambassador at the Business, Start Up and Innovation Center Round Table, Berne, November 2, 2018
Distinguished guests, young entrepreneurs, ladies and Gentlemen,
Let me begin by congratulating the Commerce Wing of the Embassy for organizing this roundtable at India Business, Start Up and Innovation Center. I congratulate the young entrepreneurs for their start up projects. I also congratulate Swissnex India for the excellent contributions it makes in promoting the startup engagement in India.
I am happy that this event is happening today when we celebrate the recognition that the world has made on the progress that India has made in its Ease of Doing Business ranking. As per the new World Bank ranking released this week, India has moved from 100th position in 2017 to 77th position in 2018. In 2017, India had climbed 30 places in the World Bank Ease of Doing Business Index, the biggest jump by any country last year. This is a success story which could be attributed to sustained and coordinated action by various stakeholders in Government of India particularly the Department of Industrial Policy and Promotion (DIPP). These stakeholders used technology in a big way and innovative concepts leading to reduction in the steps required to do business in India. There have been many legislative changes such as GST (Goods and Services Tax), Insolvency and Bankruptcy Code, Amendments to Companies Act, Arbitration and Conciliation Act and Commercial Court Act which have contributed to make improvement in ease of doing business.
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 2022. According to the World Bank and IMF, our growth rate is going to be steady and high; India ranked 3rd in WEF’s list of most trusted governments in 2017.
We are happy that European businesses including Swiss business are increasingly engaging India. We have a successful MISSP programme where we work very closely with the Small and Medium companies in Switzerland. In its transformational journey, India regards Switzerland and Swiss companies as natural partners. There is vast scope to combine our relative advantages, in capital, technology, science and human resources, and to work for mutual benefit. 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.
As you are aware, Start-up India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of Start-up businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Start-ups to grow through innovation and design.
Several programs have been undertaken since the launch of the initiative in January, 2016 with a view to transforming India into a country of job creators instead of job seekers. These programs have catalyzed the start-up culture, with Start-ups getting recognized through the Start-up India initiative and many entrepreneurs availing the benefits of starting their own business in India. One of the new program is a new WhatsApp – Invest India coordinated effort to promote Indian startups. The opportunities that India offers today are endless. I urge all to fully utilize these opportunities and engage more deeply with India.
I once again congratulate the young entrepreneurs who are making presentations today. I wish them all the best.
Thank you.
