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Prime Minister Narendra Modi expresses confidence that India's economy will get its growth back


Prime Minister Narendra Modi today asserted that the Corona virus may have slowed the economy, but India will get its growth back through talent and technology. Mr. Modi affirmed his vision of making the country self-reliant and back on its trajectory of growth through Intent, Inclusion, Investment, Infrastructure and Innovation. Inaugurating the Annual Session of Confederation of Indian Industries (CII) through video conferencing, marking the 125th year of CII since inception, Prime Minister shared his vision on the theme of Getting Growth Back.

In his first major address to the Industry members since the first phase of the nationwide unlock of greater economic activities, Prime Minister reiterated the government’s commitment to save lives and also to stabilize the economy of the country. Underlining the country's capabilities and crisis management strategy, availability of talent, and technology, he assured that India will be soon back on its path of a healthy economy.

Mr. Modi said India has entered into the first phase of nationwide unlock, opening up a larger part of economic activities. He highlighted the importance of the right measures and the early imposition of lockdown which helped the government to build up the required infrastructure to handle the pandemic.

The Prime Minister emphasized that getting the economy back on track is government one of highest priorities. He said under the Pradhan Mantri Garib Kalyan Yojana, 74 crore beneficiaries were given food grains and around eight crore migrant workers also benefitted from the free ration.

He said, under the scheme, 53 thousand crore rupees were directly given to women, old, Divyang, widows, among others. He added that more than eight crore gas cylinders were also delivered to households and 50 lakh employees got 24 percent of their contribution to Employees' Provident Fund by the government.

Mr. Modi asserted that the reforms announced by the government are not random decisions but systemic, well-planned, inter-connected, and futuristic in approach. He mentioned IBC, faceless tax assessment redressal mechanism, policy reforms including commercial coal block operations, reforms in mining, space, and atomic research sector and said that these reforms were awaited for decades.

Stating about the historic reforms introduced in the agriculture sector and MSMEs, Prime Minister said that these policy reforms will have long-lasting effects on the economy and will lead to employment opportunities in the country.

He said the government ensured rights and freedom to farmers which were due for decades. The Prime Minister also highlighted the decision of opening up of non-strategic sectors for private players and the issue of labor reforms. Speaking about MSMEs, he said, these units contribute around 30 percent in the GDP and have an intense impact on the economic situation in the country. He said the government made long due to definitional changes to ensure that the units flourish without any hindrance. He also mentioned the government’s decision to provide stimulus to MSME enterprises to embolden their contribution.

Prime Minister said, amidst the pandemic, expectations of the world from India have increased. He said, World is looking for a trusted and reliable partner and India has potential, strength, and ability.

He urged industrialists and people of the country to utilize these testing times as an opportunity to emerge as a reliable global face. He called for developing a robust local supply chain which can strengthen India's share in the global supply chain. Mr. Modi made a clarion call for Made in India, Made for the world, to ensure self- reliance for the country.

Mr. Modi also stressed on measures to be brought in to cut down imports for products which can be easily manufactured in the country. He highlighted three sectors namely furniture, air conditioner, and leather industry, as the priority sectors where imports can be reduced through concerted efforts. He highlighted that government had to take tough steps to fight Coronavirus and also take steps to take care of the economy.

Mr. Modi mentioned the pioneering efforts of the industry in coming up with huge domestic PPE manufacture in a short span of three months. He assured the industry members of every possible government support to achieve the shared vision of Aatmanirbhar Bharat. (AIR NEWS)

35 Days ago

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