New Delhi, 30th Sept, 2019: Salient points of my speech at annual session of PHD Chamber of Commerce & Industry in New Delhi on 30th Sept, 2019:

Union Minority Affairs Minister Shri Mukhtar Abbas Naqvi today said here that the Government led by Prime Minister Shri Narendra Modi is a Government of “Ground Realities and Moral Values” which is working effectively for welfare of the people by making “Inclusive Growth” as “Rashtraniti”.

Speaking on the topic “Towards an inclusive and prosperous new India” at 114th annual session of PHD Chamber of Commerce & Industry in New Delhi, Shri Naqvi said that India has become the most attractive and safe "investment and manufacturing hub" of the world due to the historic and big economic reforms taken by the Modi Government. Security, economy and prosperity of the country is in "sensitive, strong and safe hands". Foundation of the Indian economy has been prepared with “ground reality and strength of moral values”. Despite of various global challenges, our Government ensured that inflation rate is not increased and there is no shortage of any commodity in the country.

Shri Naqvi said that various historic and bold reforms taken by the Government led by Prime Minister Shri Narendra Modi and people friendly system has made India a safe investment hub. The step to cut corporate tax is historic. The decision will help India becoming a 5 trillion dollar economy in the next 5 years. Small, medium and big industries are being given an equal opportunity to grow.

Shri Naqvi said that the corporate tax which was earlier 30 per cent, has now been reduced to 22 per cent. It will give a great stimulus to “Make In India” and “Start Up India”. The revolutionary step will attract private investment from across the globe, improve competitiveness of our private sector and create more jobs.

Shri Naqvi said that the Modi Government’s historic and bold decisions such as GST, demonetisation, banking reforms and tax reforms have ensured strong and stable economy. Our Government is giving priority to expenditure on infrastructure development. Our Government will spend 100 lakh crore rupees on infrastructure development in the next 5 years.

Shri Naqvi said that the Modi Government has approved the proposal for Review of Foreign Direct Investment on various sectors. The changes in FDI policy will result in making India a more attractive FDI destination, leading to benefits of increased investments, employment and growth. In the coal sector, for sale of coal, 100% FDI under automatic route for coal mining, activities including associated processing infrastructure will attract international players to create an efficient and competitive coal market.

Further, manufacturing through contract contributes equally to the objective of Make in India. FDI now being permitted under automatic route in contract manufacturing will be a big boost to Manufacturing sector in India.

Shri Naqvi said that the announcements in the last few weeks clearly demonstrate that our Government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a 5 Trillion Dollar Economy. India is among the 20 countries that have improved the most on ‘Ease of Doing Business’. India has made it easier to do business in four areas-starting a business, resolving insolvency, trading across borders and construction permits.

Shri Naqvi said that Insolvency and Bankruptcy Law has played a key role in reforms in the banking sector and further strengthening the sector. FDI worth 29,000 crore US Dollar came to the country in the last five years, which is 50 per cent of the foreign investment in 20 years. 37 crore people were linked to banking system for the first time. More than 20 crore easy loans have been provided under “Mudra Yojana”. More than 16 crore people have been covered under “PM Suraksha Bima Yojana”.