New Delhi (NVI): Prime Minister Narendra Modi today urged the industry leaders to take an oath to make India self-reliant while sharing his vision on ‘Getting Growth Back’ at the annual session of Confederation of Indian Industry’s (CII).
Addressing India Inc through a video conference on the 125th anniversary of CII, PM Modi said that the economic growth will soon be on track as the government continues to pursue multiple reforms.
As the country enters the fifth phase of the nationwide lockdown, he said that with ‘Unlock-1’, India has already begun getting its growth back.
Addressing the #CIIAnnualSession2020. https://t.co/mdsgKAc8IU
— Narendra Modi (@narendramodi) June 2, 2020
“On the one hand, we have to take strict steps to fight this virus and save the lives of the countrymen and on the other hand we have to stabilise the economy and speed it up,” PM said.
He said that his trust in India’s Capabilities and Crisis Management, in India’s Talent and Technology, in its Innovation and Intellect of India, in the Farmers of India, MSME’s, Entrepreneurs makes him confident about getting the growth back.
“One of our highest priorities is to strengthen the economy against corona. The Government is taking decisions that are important at this time and they will help the country in the long run as well,” he added.
The PM also listed the steps taken by the Government in helping people during this crisis situation. “Pradhan Mantri Garib Kalyan Yojana has helped a lot in providing immediate benefits to the poor. Ration has been delivered to about 74 crore Beneficiaries under this scheme. Free ration is also being provided to migrant workers,” he said.
“During the lockdown, the government has delivered more than 8 crore gas cylinders to the poor – that too free. 50 lakh private employees have got the Government contribution of 24% of EPF amount in their bank accounts, which amounts to Rs.800 Crore,” PM added.
The PM further stated that Intent, Inclusion, Investment, Infrastructure and Innovation are crucial for India to revert back to a high-growth trajectory.
“For us, reforms are not any random or scattered decisions. For us reforms are systemic, planned, integrated, inter-connected and futuristic process,” the prime minister said.
Apart from that, PM listed out the initiatives of the Government to make an encouraging ecosystem for private enterprises like Insolvency and Bankruptcy Code (IBC), Bank merger, GST and Faceless IT assessment.
Talking about several policy reforms done by his government. He said that after amendment in Agricultural Produce Market Committee (APMC) Act, now farmers have the right to sell to anyone, in any state of the country.
The PM said that labour reforms are being done to increase employment opportunities, keeping the welfare of our workers in mind. Non-strategic sectors in which the private sectors were not allowed, have also been opened. Commercial mining is now allowed in the coal sector, he added.
Micro, Small and Medium Enterprises (MSME) sector is like an economic engine of our country and contributes around 30% of the GDP, he said, adding that a long time demand of the industry to update the definition of MSMEs has been fulfilled.
“This will enable MSMEs to grow without any worries and they will not have to follow other paths to maintain the status of MSMEs. Global tenders have been scrapped in government procurement of up to Rs 200 crores to benefit crores of associates working in MSMEs of the country,” he said.
Apart from that, PM said India has helped more than 150 countries with medical supplies amid the Covid pandemic. He said the world is looking for a trusted, reliable partner. “In India, there is a potential, strength and ability,” he said while urging the industry to take “full advantage of the trust that has developed towards India”.
The Prime Minister further stressed the need to invest for the creation of a Robust Local Supply Chain that strengthens India’s stake in the Global Supply Chain. He gave a call for big institutions like CII to come forward in a new role post-Corona to make India self reliant. He stressed for the need to have products made in the country, made for the world. He urged the industry to set targets to increase productivity in all sectors. He also lauded the industry for having created Personal Protective Equipments – PPEs industry worth hundreds of crores within 3 months.
The PM also urged the industry to take full advantage of opening up investment and partnership with farmers in the rural economy.
