Speaking on the occasion, Union Minster of Commerce and Industries Suresh Prabhu spoke of the changing times for entrepreneurship in India. He said, “India is becoming a favoured nation for business slowly and steadily.” “We have come up to the 100th rank from 142nd rank in the last few years in terms of ease of doing business”, he added. “States like AP are totally helping the cause by infusing technology in business and through easy approvals. I am sure that the way AP is growing, it would do great in international business and not just domestic business in the coming years”, he said.
Chief Minister Chandrababu Naidu informed the panel members that after the bifurcation, AP was number 2 state in terms of ease of doing business. “Over the last two years, we have been rated number one state in terms of doing business in India by the World Bank”, he said. Explaining the indicators for ease of doing business, the Chief Minister said that the World Bank looks into 10 factors like loan approvals, electricity access, trade with borders and so on. “The world bank gave a percentage score of 86.8% to New Zealand and 60.8% to India in terms of ease of doing business. In India, AP was rated at 63.8% and very soon, we will reach the 100% mark”, said the Chief Minister.
The Chief Minister said, “This will be done with the technology we have. We already have and are in the process of developing better technologies for a better tomorrow and ease of doing business will only come up.”
The Chief Minister also released an Investors Information Handbook at the plenary session. This book aims to provide all the information regarding all the approvals, NOCs and clearance required for the investors.
The session also saw the foundation stone being laid for Indian Institute of Foreign Trade(IIFT). The institute would be coming up in Kakinada over an area of 25 acres.