With a very open and global mindset, we have worked aggressively in the last 15 months to make India an easy place to do business. We are committed to creating favourable conditions for business and industry because we believe that they are necessary for improving the lives of ordinary citizens in India. A recent study conducted with the help of the World Bank Group has brought out the urgency among our provincial governments on ease of doing business. They are moving hand-in-hand with the federal government in this direction in a true spirit of cooperative and competitive federalism. In fact the provincial governments have now entered into a healthy competition among themselves to ensure that a transparent, predictable and user-friendly regulatory mechanism is quickly put in place.
Friends, one of the biggest challenges in India today is to productively employ our youth. For meeting this challenge, we need to provide a huge push to manufacturing, which has stagnated at around 16 per cent of the GDP for several decades in India. This percentage must reach around 25 in the short and medium term. With this in view, we have launched the 'Make in India' initiative.