PMINDIA

Happy New Year to all of you!  It is an occasion for double celebrations for the Kirloskar Group. It has been a hundred years of cooperation in nation building and I congratulate Kirloskar Group for the same.

Friends,

The success of the Kirloskar Group is also a hallmark of success for Indian enterprises and Indian entrepreneurs.  The spirit of enterprise of the Indians since the Indus Valley Civilization till date, is giving a new energy and a new momentum to the development of the country.  When the country was under the shackles of slavery, at that time, Shri Laxmanrao Kirloskar ji and such entrepreneurs had kept the spirit of India alive.  Under no circumstances did they allow this spirit to become weak.

It was this spirit that helped the country to move forward even after independence.  Today is not only the day to celebrate the ideas and dreams of Laxmanrao Kirloskar ji, it is also an invaluable opportunity for the entrepreneurs to take inspiration from innovation and dedication.  Today, Laxmrao Ji’s biography is also being released and it has a beautiful title – ‘Yantrik ki yatra – the man who made machines’. Its release is also a great privilege for me.  And I am sure that the important milestones of his journey will continue to inspire the common youth of India for innovation and enterprise spirit.

Friends,

This feeling of doing something; this idea of taking risks; this feeling of expanding into new areas is still the identity of every Indian entrepreneur.  India’s entrepreneur is impatient for the development of the country, to expand its capabilities and successes.  You must be wondering that at a time when there is a lot said about the world economy as well as the pace of our economic development, how am I saying this with so much confidence?

Friends,

I have faith in the Indian industry, and on all of you.  The will power needed to change the circumstances and to overcome every challenge, is ingrained in the Indian industry.  And today as we are entering a new year, entering a new decade, I have no hesitation in saying that this decade will be for the Indian entrepreneurs.

Friends,

The goal of five trillion dollar economy is just one milestone to be crossed in this decade.  Our dreams, hopes and goals are even bigger.  And so since 2014, there has been a relentless effort in the country to ensure that the dreams of Indian industry and its expansion do not face any hindrance.  At this time, the idea behind every decision and every action has been to create a better business environment for every type of entrepreneur working in India so that they overcome every kind of hindrance.

Friends,

The true strength and potential of the people of the country can emerge only when the government is standing, not as an obstacle, but as their partner with the India, Indians and the industry.  The country has taken this path.  In the recent years, there has been a continuous effort to reform with intent, perform with integrity, transform with intensity and to ensure process driven and professional governance in the country.  The difficulties of the industry have been understood, and efforts have been made to overcome them.

Friends,

Nowadays Insolvency and Bankruptcy Code (IBC) is discussed so much, but it is not only limited to the return of money in the system.  It is even more than that.  You all know very well that in certain cases, it is often considered wise to get out of the business.  It is not necessary that if the company is not succeeding, there must be a conspiracy behind it, or a wrong intention and greed; it is not necessary.  It was necessary to find a solution for such entrepreneurs in the country and the IBC has laid the foundation for this. There will be a study someday on how the future of so many Indian entrepreneurs has been saved by IBC, preventing them from getting ruined.

Friends,

You are well aware of the shortcomings in the tax system of India that existed earlier.  Inspector raj, confusion in tax policies, and tax traps in different states had put the brakes on the speed of Indian industry’s growth.  The country has now removed this brake as well.  A new system is being created to bring transparency in our tax system, to increase efficiency, to increase accountability, to eliminate human interface between the taxpayers and the tax department.  Today, the corporate tax and corporate tax rates are the lowest ever in the country.

Friends,

There was a demand for the reforms like Goods and Services Tax or Public Sector Bank reforms; everyone demanded it.  These demands have been fulfilled today due to the thinking that every obstacle before Indian industry should be removed and the industry should be given every opportunity to expand.

Friends,

Some people put their energy into creating the image that the Government of India is chasing the entrepreneurs with a stick.  To take action against some unscrupulous and corrupt people is termed as strictness against Indian industry by some people. We have tried to ensure that the Indian industry is able to work in a transparent environment without fear, without hindrance, and is able to move ahead, create wealth for the country and for them. Constant efforts have been made to liberate the Indian industry from the trap of laws. As a result, more than 1500 archaic laws in the country have been abolished.  I do not want to go into details of how criminal prosecution was carried out against the entrepreneurs for even small technical mistakes related to company law.  Now many such mistakes have been decriminalized.  The Labour Courts on which work is currently underway, are also in the process of simplifying labour compliance, which will benefit both the industry and the workforce or labourers.

Friends,

Long term solutions as also short-term measures are being taken simultaneously in the country to strengthen the Indian economy.  Decisions are being taken in the country that will benefit not only the present, but also the generations to come.

Friends,

During the last five years, the environment of working with integrity and complete transparency is visible everywhere in the country today.  This environment has encouraged the country to set higher goals, and achieve them on time. Work is underway to invest more than 100 lakh crore rupees for 21st century infrastructure in India. There are plans at every level for ensuring ease of living for the people and investing on the human resource capital of the country. Work is going on at every front and several times faster than before.

Friends,

The ‘transforming with intensity’ that I am talking about is also visible in the figures. It is the result of working at the grassroots level that in just five years there has been an improvement of 79 ranks in the Ease of Doing Business ranking. The speed with which policies and decisions were made in the country to promote innovation in the country, as a result, the global innovation index has improved by 20 ranks in just five years.  It is also a great achievement for India to be among the top 10 countries of the world attracting FDI for many consecutive years.

Friends,

The country has undergone another very important change in the last few years.  This change has been noticed in the number of young entrepreneurs.  Today, young entrepreneurs of the country are coming out with new ideas and new business models.  Now even that era is passing when the focus was only on some special sectors of the industry like commodities, mining and heavy engineering.  Our youth today are also expanding into new sectors.  And the special thing today is that these youngsters are coming out of the small towns of the country and are attaining major goals.

Friends,

There was a time when Bombay Club was said to represent the entrepreneurs of the country and their business interest.  Now if such a club is formed today, it will be called Bharat Club, which will represent different sectors, different fields, old stalwarts and new entrepreneurs.  I believe India’s changing business culture, its expansion and its potential, will set the best example.  And therefore, if someone is underestimating the power of India, the power of Indian entrepreneurs, then he is making a mistake.  Today, in the beginning of the New Year, from this platform, I will again tell the Indian industry not to let disappointment get the better of you.  Move forward with a new energy. The Indian government will walk shoulder to shoulder with you wherever you go for your expansion.  Yes, I want to elaborate upon this, seeking inspiration from the life of Laxmanrao ji on what should be your path.

Friends,

Laxmanrao ji was one of the inspiring persons of the country who pioneered the use of technology and the manufacturing of machines as per India’s requirements.  This idea of the country’s needs will accelerate the pace of development of India and the pace of development of Indian industry.  We have to make world class products following the mantra of ‘zero defect, zero effect’, only then we will be able to increase exports and expand our market at the global level.  We have to think about Indian solutions, global applications, and we will have to implement our plans accordingly.  I want to discuss two schemes here.  One is the UPI scheme related to financial transactions and the other is the UJALA scheme to provide LED bulbs across the country.

Friends,

Today’s India wants fast banking transactions, and wants to see the best use of technology.  In just three years, UPI’s growing network has fulfilled this desire.  Today the situation is such that the country is making easy and online transactions 24×7.  Today Bhim App has become a very big brand name.

Friends,

In the Financial Year 2018-19, a transaction of about 9 lakh crore rupees was made through UPI.  Till December, about 15 lakh crore rupees have been transacted through UPI in this financial year.  You can guess how fast the country is adopting digital transactions.

Friends,

The country needed something that consumed less electricity, was brighter and less costly.  This need gave birth to the UJALA scheme.  Necessary steps were taken to promote LED manufacturing.  Policies were changed.  This reduced the price of the bulb and once people experienced its benefits, the demand also increased.  The UJALA Scheme has completed 5 years yesterday itself.  It is a matter of immense satisfaction for all of us that more than 36 crore LED bulbs have been distributed throughout the country.  Moreover, the programme has been running for 5 years to make the country’s traditional street light system LED based.  Under this, more than one crore LED Street Lights have been installed.  Due to both these efforts, about 5,500 crore kilowatt / hour electricity is being saved every year.  Consequently, electricity expenditure of thousands of crores of rupees is being saved every year and there is also a big reduction in the emission of carbon dioxide.  And we all will be glad to know that such innovations originating from India, whether UPI or UJALA, are becoming an inspiration for many countries of the world.

Friends,

Such success stories and schemes like Make in India campaign are the strength of our industry.  I want similar success stories from the Indian industry in every field.  Several success stories are waiting for you in every sector – be it the Jal Jeevan mission, renewable energy, electric mobility, disaster management, or defence. The government is with you in every field and it is with your every need.

Take full advantage of this environment; constantly innovate, invest and keep contributing to the service of the nation.  With this wish, I conclude my speech and once again I convey my best wishes to the Kirloskar Group and the Kirloskar family.  I also congratulate you on your centenary celebrations.

Thank you.