Economic Affairs Secretary Shri Shaktikanta Das launches YES BANK ‘Make in India: Invest
in India’ Knowledge Report
Shri Shaktikanta Das shares 6-Point Agenda being worked on by Govt to boost Economic
Sentiment and Spur Industrial Growth
New Delhi, September 23, 2015: YES BANK partnered with ASSOCHAM for the Inaugural Global Investors’ India Forum as the Knowledge Partner. The marquee event was presided over by Shri Shaktikanata Das, Secretary, Economic affairs, Ministry of Finance, and saw participation from leading policy makers and industrialists.
As the Knowledge Partner for the event, YES BANK launched a special report titled ‘Make in India: Invest in India’. The Knowledge Report collates the opportunities, challenges, various perspectives from key thought-leaders, and short, medium and long-term actionables to boost the Government’s strategic initiatives of Make in India and Invest in India.
Speaking at the event, Mr. Rana Kapoor, MD & CEO, YES BANK, President, ASSOCHAM and Chairman, ASSOCHAM Global Investors’ India Forum said, “The Government, in its endeavor to improve India's ‘Ease of Doing Business’ and fast track FDI investments, has introduced several strategic initiatives such as ‘Make in India’, ‘Start up India’, ‘Smart Cities’, ‘Digital India’ and ‘Skill India’. I firmly believe that these initiatives have significantly improved global investor sentiments and are galvanizing continuous flow of foreign capital into India, thereby fostering entrepreneurship, design & innovation and job creation.”
Mr. Kapoor also said, “To further augment the Government’s efforts, I recommend the formation of an Entrepreneurship & Innovation Incubation Program, with a defined mandate to Encourage Entrepreneurship in India through a F.I.V.E (Funding, Incubation, Vesting, Expansion) framework”
Speaking at the event, Shri Shaktikanata Das, Secretary, Economic affairs, Ministry of Finance, said, “India’s investment activity is showing signs of revival. Government is deliberating on ways to loosen sectoral caps for FDI, address demand revival, boost financial savings through Gold bonds and create robust regulatory framework. We are working towards providing a stable and simple taxation regime with greater certainty and implementing GST on priority, to liberalize our economy without impacting our inherent monetary and fiscal stability.”
Shri Shaktikanta Das said that strong steps and measures are being taken for ‘Make in India’ by enhancing Ease of Doing Business, dismantling old procedures and rules and easing bottlenecks. Additionally, he mentioned that a new enabling framework for fostering Start-Ups is being worked on and added that the Government is ensuring Demand Revival through structural adjustments, rather than resorting to fiscal or monetary stimulus.
Additionally, Shri Shaktikanta Das highlighted the following 6 Steps the Government is taking to boost Economic Sentiment and Spur Industrial Growth in the Country:
- Augmenting Resource Flow into Banks: Governance issues are being addressed via the Indradhanush scheme, while the Finance Ministry is taking effective steps to address stressed assets.
- Deepening Debt and Equity Markets: Government and regulators are working to further develop the Corporate Debt market, while measures are going to be unveiled to boost Mutual Fund industry for small savers.
- Simplifying Rules related to External Commercial Borrowings (ECBs): RBI and Finance Ministry will shortly unveil a paper aimed at liberalizing ECB norms in a structured manner, to improve access to funding for Indian companies.
- Further FDI Reforms: The Government has undertaken a series of reforms in the FDI Policy, but there still is more to do. A Simple & Progressive FDI Policy is being worked on, by removing complexities related to sectoral caps.
- Boosting Financial Savings: While the Gold Bond and Gold Monetization Scheme will channelize financial savings away from physical gold, the Government is working on more measures to boost financial savings.
- Government is committed to providing a Stable and Simple Taxation Regime with a high level of Certainty. A number of issues on transfer and advance pricing have been resolved. The Government is working on introducing GST as soon as possible and the administrative measures are in place.
Deliberations at the Forum dealt with the unprecedented strategic initiatives undertaken by the Government, including Make in India, Digital India and Skill India, which are key enablers to progressively transform India’s business landscape. In this regard, speakers and participants at the forum were also appreciative of the Government’s initiatives to enhance the ‘Ease of Doing Business’ at both the Central and State levels.
ASSOCHAM, India’s apex Knowledge Chamber, established the Global Investors’ India Forum (GIIF) in March 2015, to improve ‘Ease of Doing Business’, and thereby attract and mobilize leading global investors, business leaders and Indian policy-makers to address investor appetite and concerns, and facilitate capital flows with the able guidance and support of the Ministry of Commerce & Industry to actualize the Government’s ‘Make in India’ strategy.
About YES BANK
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Best Quality Bank of the World in India” by 2020.
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