State Secy Madame Helene Budliger
President of SICC Phil Reich
My senior colleague Amb Chitra Narayan
SICC Members
Ladies and Gentlemen,
Good Afternoon,
Thank you Phil for inviting me today.
2. As we speak, my country is witnessing the greatest festival of democracy on the planet.
3. With over 61% of the 920 million biometrically enabled voters exercising their right to franchise in election spread over seven phases, we are at the end of this mammoth exercise to choose our next government with over 600 million votes being cast.
4. We take immense satisfaction that the process is done through use of technology and results will be announced on 4 June, the day counting will begin.
5. This is for Indians their tryst with destiny when we reaffirm our abiding faith in democratic principles and ethos. While we are firmly rooted to a rule-based society governed by a collective consciousness, we use the modern tools of technology to make our systems robust and foolproof.
6. Conduct of elections using technology is only one of the many examples of a new confident India eager to contribute to global good and development in a constructive manner.
7. Transforming from an agriculture-based economy to a global manufacturing hub focusing on research and innovation is the outcome of tremendous effort, vision, and the road map created by India’s visionary leadership.
8. With an aspiration to become a 30 trillion-dollar economy by the 100th year of our independence, the Government has set for itself an ambitious agenda to strengthen macro-economic stability and provide a solid impetus for growth and job creation. It envisions developing a knowledge-based and technology-driven economy.
9. To support and sustain this growth, a series of schemes and initiatives have been launched to create an enabling environment. Schemes such as the PM Gati Shakti Plan, the National Asset Monetization Pipeline, Labour Reforms, and Goods and Service Taxes have been launched to ensure development that can be sustained over the years.
10. Recent policy reforms, such as the New Education Policy, the New Health Policy, the New Electronics Policy, the New Drone Policy, the Commercial Coal Mining Policy, Make in India, Start-up India, Skill India, and Digital India, are setting a new benchmarks for governance at the grassroots level.
11. The 'Make in India' initiative, launched in 2014, has been instrumental in revitalizing the manufacturing sector by simplifying regulations, providing fiscal incentives, and improving infrastructure to attract domestic and international investments. Sectors such as automotive, electronics, and textiles have grown substantially, creating millions of jobs and contributing significantly to GDP.
12. With the ongoing reforms, India has witnessed a fintech revolution driven by an ecosystem of start-ups, established financial institutions, and tech-savvy consumers. The surge in Innovation has democratized financial services, making them more accessible and efficient across the nation. The fusion of finance and technology has revolutionized how we manage, invest, and transact our money. From Unified Payment Interface to mobile wallets, the ease and speed of digital transactions have become integral in the lives of millions. The digitization of payments has paved the way for financial inclusion, reaching even the country's remotest corners.
13. UPI, or the Unified Payments Interface, has emerged as a game-changer in the financial landscape. Its unique features, such as instant fund transfers, round-the-clock availability, and seamless interoperability between banks, have made digital transactions more accessible and user-friendly. The simplicity of UPI transactions has played a pivotal role in driving India's shift towards a cashless economy. UPI has become the backbone of various digital payment applications, fostering a thriving ecosystem of fintech innovations. UPI has empowered a broad spectrum of users, from small businesses to large enterprises, making financial transactions more efficient, transparent, and secure.
14. Today, India is making strides in leveraging digital tools to ensure efficient and effective governance, transparency, and accessibility for its citizens. Digital public infrastructure encompasses various services and platforms that streamline interactions between the Government and the public. Digital public infrastructure has also extended to e-governance platforms, enabling citizens to access many services online, from filing taxes to obtaining essential documents and thus contributing to the vision of a truly digital India.
15. Friends, I can elaborate more on many other initiatives and reforms undertaken by India but given your focus on India, I presume I am knocking on open doors. Sure you would have had first-hand experience of the improving business environment during your multiple visits to India.
16. I am here to invite you to engage more deeply with the fastest growing large economy on the planet. We signed Trade and Economic Partnership Agreement with EFTA on 10th March 2024 in New Delhi after arduous negotiations lasting 16 years. This is a visionary agreement which provides a definite road map and framework for our two industries to find mutually beneficial partnerships.
17. The agreement has resulted in considerable excitement and enthusiasm among businesses on both sides. Its implications are being assessed, analyzed and discussed in details. But surely, this Agreement is a win-win proposition for all parties. As an innovation-focused and export-oriented nation, Switzerland will gain greater market access for its goods and services in a country with a vast domestic market, a large talent pool, a forward-looking emerging economy, and an attractive manufacturing location. On the other hand, India will get the technologies and investment required to achieve global scale manufacturing capabilities that will lead to the creation of millions of new jobs. This new chapter post-TEPA will further boost our existing solid bilateral economic partnership.
18. Friends, during my interactions at business events and seminars in the last few months, I had the opportunity to engage with key business stakeholders and potential investors. I could see a growing interest in India and its potential as an investment destination. Some of them are already doing business with India successfully and are looking forward to further expansion and many others are seriously wanting to enter India as a new and exciting business location. For example, a Seminar on opportunities in Indian defence sector organized by the Embassy in March saw a significant participation from Swiss SMEs. Similarly, Vitafoods Europe 2024 held last week in Geneva had a 75-strong Indian companies exhibiting their products with a view to explore potential business opportunities in Switzerland and beyond.
19. Friends, my confidence and strong positive outlook are based on a solid foundation. India has the largest and youngest workforce among top economies. It has consistently improved its business landscape through progressive policy reforms, streamlined regulations, and enhanced infrastructure. No doubt, India is ranked as one of the most attractive investment destinations in the world today. Our government remains committed to further streamlining policies, reducing regulatory obstacles, and fostering a business-friendly environment that encourages innovation, entrepreneurship, and investment.
20. Through this platform, I invite Swiss companies to do business and invest in India and to become a part of our growth story by leveraging our complementarities and strengths of each other. Let us work together to fully utilize this opportunity. I would once again like to convey my sincere thanks for the invitation to participate in today’s enriching discussions. I wish you all the best and hope we can achieve our goals once the TEPA comes into force.
Thank you
