Boom in smartphones can be a boon for businesses: PM Modi

The boom in smartphones can be a boon for businesses which can tap into the huge user base and reach out millions, according to Prime Minister Narendra Modi. Speaking at the Global Entrepreneur Summit (GES) here on Tuesday, he said the number of smartphone users in India could touch 500 million by next year and this could offer immense potential for growth of any venture in terms of outreach and job creation.

Seeking to instill confidence among foreign firms to take India as a priority investment destination, the PM explained the seriousness with which the government is going ahead with its investment-friendly policies to create the right kind of business climate.

“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,” he said, adding, “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 hailed the Start-Up India programme as a comprehensive action plan to foster entrepreneurship and promote innovation. He said that the government has gone extra mile to remove restrictions and abolish archaic laws. To buttress this claim, he pointed out as many as 1,200 outdated laws have been scrapped, 87 rules for foreign investment eased in 21 sectors and several government processes have been taken online.

“We are steadily working towards a less cash economy and have launched a Unified Payment Interface App called BHIM. In less than a year, this platform is processing almost 2,80,000 transactions daily.”
He said his government has succeeded in containing the fiscal and current account deficits as well as curbing inflation.