LIVE India Summit 2018: GST has made information more credible, says Zarin Daruwala

(Image: The Economist Event/Twitter)

Zarin Daruwala, Amitabh Kant, Ahmed El Sheikh and Anand Kripalu discuss about India’s business environment

Amiabh Kant, CEO of NITI Aayog said “India is a very large country and therefore a lot of it is dependent on individual states because investments happen in the states.”

Zarin Daruwala, chief executive of Standard Chartered India, said “In the last few years, we have scrapped a number of rules. We have eliminated 1200 laws. We’ve tried to digitize everything.”

“A lot of things in past few years have happened which have eased business for Small and Medium Enterprises,” she added. “From the lens of a creditor, reforms such as the GST has made information more credible and allowed greater risk sharing, easing our operations”

Ahmed El Sheikh, president and chief executive Pepsico India said “Every state has its own laws and own regulations. The supply chain cannot comply with these rules. Hence, having one regulation that unifies everything will be a plus.”

“A lot more needs to be done at a state level. The productivity and gains will be higher if they improve ease of doing business for existing investments,” said Anand Kripalu, managing director and chief executive, Diageo News.

While speaking India Summit 2018, Defence Minister Nirmala Sitharaman referred to the controversy over Rafale deal. She said ” Defense procurements are complicated, complex and consuming. They can remain opaque and as a result of it, suspicious. Prime Minister’s insistent of keeping everything transparent has changed things.”

Sitharaman also spoke about India-US 2+2 meeting. She said “I am happy that the Americans are able to understand that India has to be strong. America renamed their Pacific Command as the Indo-Pacific command much before the 2+2 dialogue.”

On US’ rival Russia, she said, “Russia has been an ally of India for over several decades and India has also been procuring equipment from the US from some time as well. India keeps its options for acquiring resources very varied.”

Speaking at India Summit 2018, Adi Godrej said “We are the third largest economy in the world by purchasing power parity. There are projections that by 2050 we could become the largest economy in the world by purchasing power parity”

He also suggests to pay attention to eastern states. He said “If you draw a longitudinal line crossing through Kanpur, you bisect the country into two halves. The per capita income of the people in western region would be almost double of the ones on the eastern end. We need to put more attention towards the eastern states to drive the incentive needs of the economy.”

 

The India Summit 2018, whose subject this year is “States of the nation”, will see politicians cutting across party lines; business leaders and policymakers speak on the role of individual states in driving the national economy and social agenda. The event will see Union Railway Minister Piyush Goyal featuring in the keynote interview.

The day’s programme will evaluate how states are performing in the areas of attracting investment, making it easier to do business, supporting innovation and entrepreneurship, improving access to quality education and, ultimately, contributing to India’s long-term growth and development.

Union Defence Minister Nirmala Sitharam is also scheduled to speak at the event and will address how the Centre and state governments could coordinate in strengthening the nation’s security parameters.

 

With India jumping 30 places last year on the World Bank’s ease of doing business rankings to stand at 100th out of 190 countries, four panelists, including NITI Aayog CEO Amitabh Kant, will speak on the business climate in the country. Congress leader Shahi Tharoor is also slated to speak on the job scenario and education on the subject lines “Empowering the Young”