Highlights of eighth GES from Hyderabad

The eighth Global Entrepreneurship Summit (GES) was inaugurated on Tuesday (28/11/2017) at Hyderabad. The speciality of this summit was that more than 1500 entrepreneurs from across the globe participated in it, among whom; about 52.5% were women entrepreneurs. This is the highest number of women participants so far since the inception of the first GES! American President, Donald Trump’s daughter and advisor, Ivanka Trump and India’s Prime Minister (PM), Narendra Modi, were the primary speakers at this event. In her speech, Ivanka Trump praised Modi for his extraordinary elevation from a tea seller to India’s Prime Minister (PM). She said women entrepreneurs have progressed a long way all over the globe but still face steep challenges in starting, growing and establishing their businesses. She also said that the Modi government has a true friend in the White House referring to Donald Trump’s administration’s support so far to the Indian Government in all the sectors. She also lauded the current Indian Government for lifting 130 million people out of poverty. Read more on Ivanka Trump

“What you are achieving here is truly extraordinary. From your childhood selling tea to your election as India’s prime minister, you’ve proved that transformational change is possible”, Ivanka told Modi.

PM Narendra Modi promoted his government’s Make In India policy at the summit.

“To my entrepreneur friends from across the globe, I would like to say: Come, Make in India, Invest in India — for India, and for the world. I invite each one of you to become a partner in India’s growth story. And once again assure you of our whole-hearted support”, Modi said.

Modi said that his government’s efforts to increase the ease of doing business in India has elevated India’s ranking in the World Bank’s ‘Ease of Doing Business Report’, from 142nd position/ranking to 100th position/ranking. Modi told the young entrepreneurs who attended the summit that each one of them had something valuable to contribute to India’s economy by 2022.

“You are vehicles of change and instruments of India’s transformation. 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”, Modi said.

Modi also said at the GES that his government succeeded in reducing fiscal deficits and curbing inflation. Modi also spoke about the historic revolution brought about by the implementation and amendment to GST (Goods and Services Tax).

“A historic overhaul of the taxation system has been recently undertaken, bringing in the Goods and Services Tax (GST) across the country. Our Insolvency and Bankruptcy Code introduced in 2016 is a step towards ensuring timely resolution for stressed ventures. We have recently improved these further, preventing wilful defaulters from bidding for stressed assets”, Modi said.

Speaking also on his government’s historic demonetization move, Modi said that the move helped curb the parallel black economy, bring to justice several tax evaders and considerably reduced black money in India. He also added that measures are still being taken to curb black money and the black economy at the GES.

“Our efforts have been recognised by Moody’s recent upgrade of India’s government bond ratings. This upgrade comes after a gap of almost 14 years”, Modi said.

Modi said India also improved its ranking from 54 in 2014 to 35 in 2017 on the World Bank’s Logistics Performance Index. This logistics index denotes the relative ease and efficiency with which products can be moved into and from a country.

Speaking on the topic of equitable laws, Ivanka Trump said, “When it comes to equitable laws, while many developed and developing countries have made tremendous strides, there is still much work to be done”.

She said that in some countries, women are not allowed to own property, travel freely, or work without the consent of their husbands!

“Our administration is striving to promote greater opportunity for women around the world, both through our domestic reforms and our international initiatives”, Ivanka Trump said.

Ivanka Trump said that when women work, it creates a positive multiplier effect both for their families and for the society.

“When women work, it creates a unique multiplier effect. Women are more likely than men to hire other women, and to give them access to capital, mentorship and networks. Women are also more likely to reinvest their income back in their families and communities”, Ivanka Trump said.

Ivanka Trump also said that progress of humanity is incomplete without the empowerment of women.

“Just consider, if India closes the labour force gender gap by half, your economy could grow by over US $150 billion in the next three years”, Ivanka Trump said.

Speaking on the topic of the importance of women in India and their accomplishments, Narendra Modi said, “In Indian mythology, the woman is an incarnation of Shakti: The Goddess of power. We believe women empowerment is vital to our development. Indian women continue to lead in different walks of life. Our space programmes, including the Mars Orbiter Mission, have had an immense contribution from our women scientists. Kalpana Chawla and Sunita Williams, both of Indian origin, have been part of US space missions”.

Hopefully, this GES will turn out to be a turning point for women entrepreneurs across the globe. Hopefully, in the near future, they will have better access to capital, mentorship and networks and can do business with more ease. Read more on Startup News

Highlights of eighth GES from Hyderabad
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