'Make in India' to open up a $12-trillion investment opportunity
28 Sep 2015
India offers an investment potential of over 12 trillion as the country stands ready to transform itself from a $8 trillion economy to a $20 trillion economy, Prime Minister Narendra Modi told business leaders at a function organised by Facebook at its Melno Park headquarters on Sunday.
"We are an $8 trillion economy today. My dream is for India to become a $20 trillion dollar economy," Modi said, adding, "Amazing, how perception about India has changed in a very short time. We have brought in a new level of confidence."
India is a heaven for those wanting to invest, Modi said, adding, ''We are working on ease of doing business.'' He also said that many countries do not know where to invest money.
"I do not believe that there is dearth of money. Countries have money but do not know where to invest. I am giving them the address. Here is the place (India)," Modi said.
He said his government was laying thrust on three sectors particularly - agriculture, services and manufacturing - along with building the physical and digital infrastructure simultaneously.
''I am happy that I am connecting with Mark Zuckerberg today, the person responsible for everyone over the world connecting,'' Modi said. "I hope you can become the inspiration and aspiration of Indians worldwide."
Talking about the results of his government's efforts, the prime minister said that FDI from the US alone had gone up by 87 per cent in the last 15 months and FII flow was also increasing.
"India has 3Ds, which are its unique strength - Demographic dividend, Democracy and Demand. I have added new D - Deregulation. My philosophy is that government has no business to be in business. It is not government's job to run a hotel. Let a businessman run it," he said.
At the packed town hall attended by about 600 Facebook employees and their families, Modi took questions about importance of social media, India's growth potential, women's empowerment and his mother.
The prime minister got emotional while speaking about his mother. "My mother is illiterate… My father is no more. My mom understands things through media. My mother took lot of pains to help me grow. Lakhs of mothers in India have dedicated their lives for the dreams of their children. I salute all mothers for their inspiration and dedication. I hope this will inspire all to stick to the right path," he said, adding, ''Mother and teacher are two individuals who've greatest impact on a person's life.''
When asked about whether the ease of doing business has improved, Modi said India is a large country and it takes time to turnaround large things. "Turning around a scooter is easy but it's difficult to move a long train. In a large country, changes take time to cumulatively be effective," he said.
After his Silicon Valley tour with visits to Facebook and Google Inc headquarters he will attend an event at the San Jose Convention Center that 18,000 people are expected to attend.
Modi began his visit to California with meetings with top CEOs including Apple's Chief Tim Cook, Microsoft CEO Satya Nadella and Google CEO Sundar Pichai.
