 So to begin the proceedings, may I call on Mr. Vinish Jain, Managing Director of the Times of India Group, to deliver the welcome address. Prime Minister Sheena Reena Modi, Ministers, Ladies and Gentlemen. On behalf of Economic Times and the Times Group, I welcome you to the fifth edition of the Global Business Summit. We launched this summit in January 2015, not long after the Modi government took office. Our vision was to make it an India-focused global melting pot of ideas and innovations. We are honoured that the Prime Minister has chosen this platform on multiple occasions to outline his vision for India and its economy. It is deeply satisfying to see this summit keep growing bigger and better. It is today a fixture on the calendars of global and Indian decision makers. Honourable Prime Minister, we thank you for being with us through this journey. You have never shied away from dreaming big and from setting yourself bold targets, even when they have seemed almost unachievable. Many of your initiatives have been game-changing and life-altering, from Swachh Bharat, Ujwala and Swabhagya, to Jandhan and Ayushman Bharat. Direct benefit transfers for payment of subsidies have not only plugged leaks in the system, but touched millions of lives. Inflation, which is like a tax on the poor, is down to 2% from 6% in 2014. And that is what has made the five years of your government so full of purpose and vitality. What is particularly heart-warming is that you have been able to do so much for the underprivileged, while at the same time promoting the cause of trade and industry. Later this year, India will become the fifth largest economy in the world. Ease of doing business has improved dramatically from a very lowly rank of 142 in 2014 to 77 now. Landmark reforms such as the Indian Bankruptcy Code and GST have promoted tax compliance and ensured that companies pay lenders and suppliers on time. These are deep reforms, the benefits of which will become more and more apparent over time. Similarly, RERA has greatly improved transparency in the murky real estate market. All this would not have been possible without a strong and stable government, one that is able to innovate on policies and provide the governance to see this through. Even as structural reforms change the Indian business landscape, the challenges on the regulatory front have become even more complex. There is increasing recognition all over the world of the need for a level playing field between traditional and new media. In order to ensure plurality of choice and net neutrality, the issue of convergence between telcos, digital content providers and distribution networks needs to be addressed. If innovation is to flourish, political leaders and global influencers, many of whom are assembled here today, must frame fair and robust rules for business. Technological breakthroughs can have a real impact only if they benefit everyone. We are already seeing the consequences of an uneven playing field where the benefits of global deals don't touch the common man. These effects are being felt in some of the world's richest economies. Brexit could hit world trade, upsetting established trade relations and putting many a small business at risk. The US-Shina trade standoff is already taking a toll and it could get worse. India, with its steady growth, has been a standout amid global economic volatility. It now needs to step up and help make the world a better place for our children and grandchildren. In Mr Modi, we have a visionary leader who has established closed rapport with his counterparts around the world and can play a lead role in coming up with solutions to the pressing problems of today and tomorrow. All of this has heightened anticipation in the Prime Minister's speech. Knowing him, he must be planning to cross many more rivers and climb many more mountains. Honourable Prime Minister, we are eager to hear your thoughts on the road ahead. We are glad to have all of you here to discuss and debate ideas and solutions. We believe the Global Business Summit is a great platform for helping shape a more inclusive world. Thank you. Thank you, Vinit, for your wise words and thoughts. My favourite story of Prime Minister Modi is when he got elected and somebody said to him, what is your vision, sir? I said, vision? Bhai, mai toh yahan chai beshte beshte aayam. Beyond that light-hearted banter and good human response that he gave, the fact of the matter is it is his vision and its bold economic initiatives that have transformed India into a nation that is progressing faster than most people imagined at every possible level. Even the ease of doing business. India has shut up in the world rankings, which should be of great cheer to investors across the globe. All over India, or rather all over the world, people have been fascinated with India. Mark Train, the iconic American author called India, cradle of the human race, mother of history, grandmother of legend, and the great grandmother of tradition. But beyond its great traditions, India is looking forward to an even greater future. And I call on our Prime Minister to share his thoughts on India at this historic Global Business Summit. Please welcome the Prime Minister of India, Narendra Modi. Srimanik Jain, distinguished guests from India and abroad. A very good morning to all of you. I'm happy to be here once again with you at the Global Business Summit. Let me first compliment you for choosing the word social. At the first word of your theme for a business summit. I'm also happy to note that the people present here are discussing the challenge of how to make development sustainable, which happens to be the second word of your summit. And when you talk about scalability, which is the third word of the theme for this summit, it gives me hope and confidence that you are indeed discussing solutions for India. Friends, who know better than all of you present here about the challenges the country was facing during the second half of 2013 and early 2014? Runaway inflation was breaking the back of every household. Increasing current account deficit and higher fiscal deficit were threatening the macroeconomic stability of the country. All these parameters were indicating a gloomy future. The country was facing total policy paralysis. This was preventing the economy from reaching the level which it was worthy of. The global fatality was worried about the health of this member of Frazile Five Club. There was a perception of surrender to existing circumstances. Friends, it was in this background that our government came to serve the people and today change is clearly visible. After 2014, hesitations have been replaced by hope. Obstacles have been replaced by optimism. And issues have been replaced by initiatives. Since 2014, India has made significant improvements in almost all international rankings and indices. This is not only show how India is changing, but also represents how the world's perception about India is changing. I am aware that there are some who cannot appreciate this rapid improvement. They suggest that ranking only improves things on paper, but nothing changes on the ground. I think this is far from the truth. Rankings are mostly lagging indicators. Things change on the ground first, but reflect in ranking after a time lag. Take the example of ease of being business rankings. Our rankings have improved from 142 to a historic high of 77 in four years. But the change in ranking had been preceded by improvement in situation on the ground. Now construction permits for starting a new business come faster and so do electricity connections and other approvals. Even for the small traders, compliance is getting easier. Now a business with a turnover of up to Rs. 40 lakh does not have to register for GST. Now a business with a turnover of up to Rs. 60 lakh does not have to pay any income tax. Now a business with a turnover of up to Rs. 1.5 crore is eligible for the composition scheme with very nominal tax rates. In the same way, India's ranking in the world travel and tourism competitive index has gone up from 65 in 2013 to 40 in 2017. Number of foreign tourist arrivals to India increased by around 45%. Number of appraved hotels went up by 50% and foreign exchange earnings in tourism also went up by 50% between 2013 and 2017. Similarly, India's rank in global innovation index had gone up from 76 in 2014 to 57 in 2018. The search in innovation is clearly visible. This improvement in culture is also visible. The number of patents and trademarks find also show a great increase. Friends, the change is due to a new style of governance and is often visible in interesting ways. I would like to give you such an interesting example of how things have changed since 2014. We are now witnessing various forms of competition. A competition between ministries, a competition between states, a competition on development, a competition on achieving targets. Today, there is a competition as to whether India will get 100% sanitation first or 100% electrification first. There is a competition as to whether all habitations will be connected by road first or all homes will get gas connection first. There is a competition as to which state will attract more investment. There is a competition as to which states will build houses for the poor fastest. There is a competition as to which aspirational district will progress fastest. Before 2014 also we heard of about a competition although of a different kind. A competition between ministries, a competition between individuals, a competition on corruption, a competition on delays. There was competition on who can do maximum corruption. There was competition on can do fastest corruption. There was competition on who can do most innovation in corruption. There was competition as to whether coal will get more money or spectrum. There was competition as to whether CWG would get more money or dependent. We all saw that and we also know who were the main players involved in this competition. I will leave it to you to decide which form of competition you would prefer. Friends, for decades a narrative was made that certain things are just impossible in India. The progress our nation has achieved since 2014 gives me confidence that nothing is impossible for 130 crore Indians. It was said that making a clean India was impossible but people of India are making it possible. Corruption-free government in India was impossible but people of India have made it possible. It was said that it is impossible to remove corruption from the process of giving people the due but people of India are making it possible. It was said that it is impossible for the poor to leverage the power of technology but the people of India are making it possible. It was said that removing discrimination and arbitration in policy making was impossible but people of India are making it possible. It was said that economic reforms in India were impossible but people of India are making it possible. It was said that governments cannot be pro-growth and pro-privileged at the same time but the people of India are making it possible. I have also been told that there is a perception or theory that a developing economy cannot grow at higher rate for a longer period without facing the problem of inflation. Post-liberalization, that is after 1991, almost all governments from in our country had to face this problem what many experts call overheating of economy after a short period of growth. As a result of this we never had sustainable higher rate of growth. You may recall that we had a government between 1991 and 1996 where the average growth was about 5% but the average inflation was more than 10%. The government just before us between 2009 and 2014 had an average growth of about 6.5% with an average inflation again in double digits. Friends, well I am not a economist, I am talking about the previous government. Friends, during 2014 to 2019 the country would register average growth of 7.4% and the average inflation would be less than 4.5%. Post-liberalization of Indian economy, this will be the highest rate of average growth and lowest rate of average inflation witness during the period of any government with these changes and reforms. Transformation is happening in the way our economy has moved. The Indian economy has expanded the bouquet of its financing resources. It is no more dependent on bank credit for investment needs. Take the example of fundraising from the capital market. During 2011-12 to 2013-14 that is three years prior to this government. The average amount of fundraising through equity was about rupees 14,000 crore per annum. In the last four years, this average is about rupees 43,000 crore per annum. This is almost three times. The total amount raised by alternative investment funds during 2011 and 2014 was less than rupees 4,000 crore. Our government took various measures to level up the source of financing in the economy and you can see the results. From 2014 to 2018 in four years, the total amount raised by alternative investment funds is more than rupees 81,000 crore. This is a jump of the order of 20 times. Similarly, let us see the example of private placement of corporate bonds. The average amount of fund raised through this during 2011 to 2014 was about rupees 3,000,000 crore or about 40 billion dollars. Now the average over the last four years has gone up to rupees 5.25 lakh crore or about 75 billion dollars. This is a jump of almost 75 percent. All these are examples of confidence shown in the Indian economy. Today, this confidence is shown not only by domestic investors but also by investors from all across the world and the confidence shown in India continues breaking the earlier trend of pre-election years. In the last four years, the amount of foreign direct investment received in the country was almost equal to what was received in seven years before 2014. To achieve all this, India needed reforms to transform. And by having the Bankruptcy Code, GST, Real Estate Act to name a few, a solid foundation for decades of higher growth had been laid. Four years ago, who would have believed that rupees 3 lakh crore or about 40 billion dollars would be returned by defaulting borrowers to financial and operational credits. This is the impact of Bankruptcy and Insolvency Code. This will help the country in allocating financial resources more efficiently. While we attended the plumbing work on economy, which was not attended for so many years, we also decided not to put a caution board of slow work in progress. All these reforms were implemented without halting work for the well-being of the larger section of the society. Friends, India is a country of 130 crore aspirations and there can never be a singular vision for development and progress. Our vision for New India caters to all sections of the society irrespective of their economic profile, their cause, creed, language and religion. We are working hard to create a New India which fulfills the aspirations and dreams of 130 crore Indians. Our vision of New India includes addressing the challenges of the future while also solving problems of the past. So today, while India has made its fastest train, it has also eliminated all unmanned railway crossings. Today, while India is building IITs and AIMs, at a rapid pace, it has also built toilets in all schools across the country. Today, while India is building 100 smart cities across the country, it is also ensuring rapid progress in over 100 aspirational districts. Today, while India has become a net exporter of electricity, it has also ensured that crores of households which were in darkness since independence have got electricity. Today, while India prepared to send a man to Mars, it is also ensuring that every Indian has a roof over his head. Today, while India in the fastest growing world economy, it is also removing poverty at the fastest speed. Friends, we have moved away from the ABC, from the ABC mentality. That is, A for avoiding, B for burying, and C for confusing. Instead of avoiding and issues, we deal with the issue. Instead of burying it, we duck it out and communicate to the people. And instead of confusing the system, we demonstrated that a solution is possible. This has given us the confidence to further upscale our positive interventions in the social sector. We are reaching out to 12 crore small marginal farmers by providing them a comfort of Rs 6000 every year. This will transfer 7.5 lakh crore rupees or about 100 billion dollars to our farmers over the next 10 years. We are rolling out a pension scheme for crores of our informal sector workers. The engine of growth for this government is running on two parallel tracks. One providing social infrastructure to all, particularly for those who were left out. And other providing physical infrastructure for all, and particularly for generation next to shape their future as per their dreams. What happened in the past is not in our hands, but what will happen in the future is firmly in our hands. We often lament and missing the industrial devolution in the past, but today it is a matter of pride that India is an active contributor to the fourth industrial devolution. The extent and magnitude our contribution will surprise the world. I am also confident that India may have missed the bus during the first three industrial devolutions, but this time it is a bus. India has not only boarded, but will also drive. Innovation and technology will form the bedrock of this resurgence. The outcomes of our focus on digital India, start-up India, making India and innovate India are converging and reaping rich dividends. Do you know that while around 4,000 patents were granted in 2013 and 2014, more than 13,000 patents were granted in 2017 and 2018, this is a three-fold increase. Similarly, do you think, do you know that the number of trademarks registered has also gone up from around 68,000 in 2013-14 to around 2.5 lakh in 2016-17. This is almost a four-fold increase. You will be happy to know that today, 44% of the start-ups registered in India are from tier 2 and tier 3 cities. A network of hundreds of utter tinkering labs is coming up across the country and helping foster an atmosphere of innovation. This will give a solid foundation for our students to help them become innovators of tomorrow. I was impressed to see how a young girl from the snake charmer community was literally charming the mouse and making the most of digital India. It is equally heartening to see how youth in villages are leveraging Wi-Fi and digital tools to help in clearing competitive exams. It is technology which is bringing the gap between the haves and have-nots in our country. Stories like this are writing a new chapter in the history of India. Friends, with the support and partnership of the people, India has made rapid strides since 2014. This could not have been possible without Jan Bhagidari, people's participation. It is this experience that gives us confidence that our country can provide adequate opportunities to all its citizens to grow, prosper and excel. We look forward to making India a $10 trillion dollar economy. We look forward to making India the third largest economy. We want to make an India of countless startups. We want to lead the global drive towards renewable source of energy. We want to give our people energy security. We want to cut down on import dependence. We want to make India a world leader in electric vehicles and energy storage devices. With these goals in mind, let us rededicate ourselves to create a new India of our dreams. Thank you very much. Thank you, Prime Minister Modi, for your inspiring, fact-filled and wonderful speech that gives such hope to everybody in the country and internationally. There has been a feeling of enormous optimism and positivity in the country since you came to power and we are most grateful for that. May I call on Mr Vineet Jan to please present a token of appreciation to our Prime Minister, a hand-woven shawl to mark our gratitude of his coming to this wonderful event and speaking to us. Thank you, Prime Minister Modi. Thank you very much. Thank you so much. Thank you. Please be seated. As an actor, I know how hard it is to follow a great act. Thank you.