Modi, Netanyahu address India-Israel Business Summit

Prime Minister Narendra Modi on Monday underlined in explicit term that the role of business and industry is crucial in bringing about the transformation.

“It is your combined efforts that will add value to the efforts made in our (diplomatic and political) interactions,” Mr Modi told the India Israel Business Summit here.

He said the interactions by him and his visiting Israeli counterpart Benjamin Netanyahu with CEOs of both the countries have been fruitful.

“I have high hopes from these interactions,” Mr Modi said and pointed out that in terms of Ease of Doing Business index of World Bank, India has moved 42 points.

He also referred to the series of new economic reforms and went onto say that India has allowed 100 per cent FDI route in retail front.

“We want to do more and do better,” he emphasised and said the GST has been implemented successfully.
Inviting Israel business captains to explore opportunities in India, Mr Modi said he and his government would always extend the necessary support.In his remarks, Israel Prime Minister Mr Netanyahu admired the leadership provided by Mr Modi in guiding India in last three years.

Israel PM said two-pronged steps can actually show better results. One is economic reform and the other technology.
He lauded that India has moved as many as 42 stages in the Index of Ease of Doing Business. “I have to say, we (Israel) have not moved this much,” he said amid thunderous applause from the gathering.

Israeli Prime Minister strongly advocated the need to cut out red-tapism of the bureaucracy. In an unusual sarcastic dig at the babudom, he said, “Bureaucracy is a tremendous opportunity for growth… don’t believe this….Because when you remove this, there is grows”.

He also spoke in details about the role of technology and this is actually “reshaping” the economy and the world.
“The confluence of big data, connectivity and artificial intelligence ….. is changing everything,” he said.


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