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Pitching for foreign investments, PM Modi says India will soon be 5th largest economy

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Pitching for foreign investments, PM Modi says India will soon be 5th largest economy

Making a strong pitch for foreign investments, Prime Minister Narendra Modi on Tuesday said his government has worked towards creating a stable business environment and removed arbitrariness in decision-making.

Speaking at the India-Korea Business Summit, he said India is one of the most open economies in the world and is ready to do business with the world.

“We seek positivity in day-to-day transactions. We are widening areas of trust rather than digging into doubts. This represents a complete change of the government’s mindset,” he said.

India, he said, is already the third-largest economy in terms of purchasing power. “Very soon, we will become the world’s fifth-largest economy by nominal GDP. We are also the fastest-growing major economy in the world today,” he said.

“We are also a country with the one of the largest start-up eco-system,” he added.

Stating that the government is on a de-regulation and de-licensing drive, Modi said validity period of industrial licences has been increased from three years to fifteen years and more. He said the Industrial licensing regime for defence production has been liberalized greatly. Nearly 65 percent to 70 percent of the items previously under licensing can now be produced without a license.

In FDI, India is one of the most open countries now and most of the sectors of its economy are open for FDI. “More than 90 percent approvals have been put on automatic route. There is practically no requirement of Government approval for investments in manufacturing sector except for Defence sector. Incorporating a company along with allotment of statutory numbers is now just a one day affair,” said Modi.

“If you see around the globe, there are very few countries where you have three important factors of the economy together. They are democracy, demography, and demand. In India, we have all the three together,” he said.

To the Korean businessmen, he said India is now ready for business and promised to do whatever is required to “promote and protect” their investment.

He noted that India’s trade with South Korea crossed 20 billion dollars last year, for the first time in six years. “Over 500 Korean companies are operating in India too. In fact, many of your products are house-hold names in India. However, South Korea ranks only 16th in FDI Equity inflows to India,” he said, adding, “India offers a lot of potential for the Korean Investors with its huge market and enabling policy environment.”

He listed the steps taken towards this, mentioning GST as one ‘historic’ step in this direction.

He said with unique ID and mobile phone penetration, India is fast moving towards becoming a Digital Economy.

“On the global platform. India has climbed 42 places in the World Bank’s Ease of Doing Business Index in the last three years. We moved up 19 places on the Logistics Performance Index of 2016 of World Bank. We have improved 31 places in last two years in the Global Competitiveness Index of the World Economic Forum. We have also moved up twenty one places on the Global Innovation Index of WIPO in two years. We are among the top 10 FDI destinations listed by UNCTAD,” said Modi.

“Our vision is to create a globally competitive industry and services base equipped with skill, speed and scale. Therefore, we are continuously working to improve our investment climate,” said Modi.

He laid stress on investments to promote the manufacturing sector “in a big way to create jobs for our youth”.

“For this purpose, we have launched a campaign called “Make in India”. This includes bringing our industrial infrastructure, policies and practices to best global standards and to convert India into a global manufacturing hub. This initiative has been well supplemented by programmes like ‘Digital India’ and ‘Skill India’. Cleaner and greener development and Zero defect Zero effect manufacturing is another commitment,” said the PM.

He spoke of the huge potential for cooperation in sectors like IT, car manufacturing, ship-building, housing, smart cities, railway stations, water, transportation, railways, sea ports, energy including renewables, IT infrastructure and services, electronics, to say “are all very promising sectors in my country”.

“Our partnership has immense potential to promote regional growth, development, stability and prosperity in Asia,” said Modi.

Pointing out that India a huge and emerging market, Modi said, “It can also be a bridge for Korean business to penetrate the Middle East and African markets.”

He said that after his Korea visit, a dedicated team was established for Korean Investments in India – “Korea Plus” was formed in June 2016. Envisaged as the first reference point for Korean Investors in India, Korea Plus has facilitated more than 100 Korean Investors in a short span of about two years, said Modi, concluding, “This shows our commitment towards welcoming Korean people and companies; ideas and investments.”

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

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Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

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Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

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Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

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Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

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