Prime Minister Narendra Modi, along with United States President Donald Trump’s Adviser Ivanka Trump, inaugurated the Global Entrepreneurship Summit (GES-2017) in Hyderabad on Tuesday.
Telangana Chief Minister K. Chandrasekhar Rao, Governor E.S.L. Narasimhan and Union Ministers Sushma Swaraj and Nirmala Sitharaman were present..
The summit is a a gathering of hundreds of budding, ambitious and well-known entrepreneurs as well as investors and supporters of the start-up eco-system. The eighth edition of the GES, which is coming for the first time to South Asia, will serve as a forum to celebrate and nurture entrepreneurship and provide opportunities to network.
Here are the updates:
The Prime Minister and Ms. Ivanka Trump formally launch GES -2017 by pressing on their respective National Flag icons.
Mr. Modi made the following observations on the occasion:
"I see 800 million potential entrepreneurs who can make our world a better place. India is happy to host GES-2017 in partnership with the U.S.
"We have launched the MUDRA scheme to provide easy finance of up to ₹1 million to entrepreneurs. Since its launch in 2015, over 90 million loans worth ₹4.28 trillion have been sanctioned. Of these, more than 70 million loans have been sanctioned to women entrepreneurs.
"We have launched the Atal Innovation Mission. We are opening Tinkering Labs in more than 900 schools. 19 incubation centres have been created in various universities.
"We have created Aadhaar — the world's largest biometric-based digital database. Almost 300 million bank accounts have been opened with the Jan Dhan Yojana, with deposits of over ₹685 million. 53 per cent of these account-holders are women. We have launched a Unified Payments Interface app called BHIM.
"My government understands that an environment of transparent policies and a rule of law providing a level-playing field are necessary for entrepreneurship to flourish.
"We have had a historic overhaul of the taxation system with the Goods and Services Tax. Our Insolvency and Bankruptcy Code introduced in 2016 is a step towards ensuring timely resolution."
Mr. Modi concluded his speech by saying India is an excellent investment destination: "An investment-friendly environment needs to be stable from the macroeconomic perspective. Our foreign reserves have crossed ₹400 billion. We continue to attract large capital flows."
Ivanka Trump praises Modi
Ms. Ivanka Trump said the Indian economy could grow by over $150 billion in the next three years if it was able to close the labour force gender gap by half.
In the keynote address, she showered lavish praise on Mr. Modi, who is “doing his best to build India as a thriving economy — a beacon of democracy — and a symbol of hope to the world. What you are achieving is truly extraordinary... from your childhood selling tea to election as India’s Prime Minister,” she said.
Earlier, after flagging off the inaugural run of the Hyderabad Metro, Mr. Modi, Mr. Chandrasekhar Rao and Mr. Narasimhan arrive at the venue of GES-2017.
People of different nationalities from across the world have been trickling in to the GES since morning, bringing along warmth, vibrance and enthusiasm to the colourfully decked up convention centre and neighbourhood.
A preeminent gathering of entrepreneurs and investors, being hosted jointly by the U.S. and Indian governments in the City of Pearls, the summit is set to receive 1,200 entrepreneurs and 300 investors. More than 50 discussion sessions are planned and are to be addressed over the three days ending November 30.
Ivanka Trump meets Narendra Modi. Video courtesy: DD News
Women entrepreneurs meet
Women entrepreneurs join a discussion on the possibilities of global collaboration in textile, food and fashion industry at the Road to GES event. Writer Shobhaa De and American designer Amanda Parkes participate in the event.
Ms. Parkes, a a biomedia designer and fashion technologist, says she looks forward to tie-ups with garment industries in Mumbai.
Product showcase at GES gives an overview of growth potential
Artists performing at the Global Entrepreneurship Summit 2017, in Hyderabad.
Artists performing at the Global Entrepreneurship Summit 2017, in Hyderabad.
The product showcase at GES, seeking investments into India under “Start Up India” and “Make in India” platforms, gives an overview of the growth potential in various segments.
Ivanka to stress on fuelling women-led businesses growth
Ms. Ivanka Trump, the eldest daughter of Mr. Trump, in the keynote address, is likely to stress on fuelling the growth of women-led businesses, saying closing the gender entrepreneurship gap world-wide could grow the global GDP by as much as 2%.
She is likely to stress upon the need to ensure that women entrepreneurs have access to capital, access to networks and mentors, and access to equitable laws.
According to excerpts of her speech obtained by PTI , she would state that despite the soaring rate at which female entrepreneurs were emerging, women still faced steep obstacles to starting, owning, and growing their businesses.
