Getting growth back is not that difficult, PM Modi tells India Inc

pm modi tells growth back of india

Prime Minister Narendra Modi emanated confidence that India will definitely get its growth back, mentioning that the country has left the lockdown phase behind and now is in the Unlock 1.0 phase.

Prime Minister Narendra Modi assured captains of Indian industry that India will definitely get its economic growth back on Tuesday (June 2) .

He emphasised on the need for atmanirbhar Bharat (self-reliant India) to make the economy and sectors future-ready.

Furthermore, the Prime Minister stated that reforms started  during the nationwide lockdown to curb coronavirus disease will help the economy in the long-run.

Addressing the annual session of the Confederation of Indian Industry (CII) via video conferencing, PM Modi said that there are so many sectors where India can do exceptionally well on the world stage.

“On the one hand we have taken tough measures to fight the coronavirus and on the other, we have taken care of the economy. We have to save the lives of citizens while also stabilise the economy and expedite up growth,” PM Modi added.

“Getting growth back is not that difficult and the path to that is atmanirbhar Bharat and it will be fully integrated with the world economy and also be supportive,” he emphasised.

More reforms to come up

PM Modi, tried to build confidence in them and said the country has left the lockdown phase behind and now is in the Unlock 1.0 phase. Outlining his vision for a self-reliant India, the Prime Minister said the government is ready to roll out more structural reforms. He said: “I request you to come with a detailed study across sectors, we will take up more structural reforms, that will change the course of the country to make India self-reliant.”

PM Modi said: “For us, reforms are not any random or scattered decisions. For us, reforms are systemic, planned, integrated, inter-connected and futuristic processes. For us, reforms means having the courage to take decisions, and taking them to a logical conclusion.”

He listed out the initiatives of the government to make an encouraging ecosystem for the private enterprises like Insolvency and Bankruptcy Code (IBC), bank merger, GST and faceless IT assessment.

Think local, go global

The Prime Minister asked India Inc to invest in the robust local supply chain that can boost India’s participation in the global supply chain. “There is a need to create products that are Made in India and Made for the world,” said PM Modi.

PM Modi gave a call for big institutions like CII to come forward in a new role post-Corona to make India self-reliant. He urged the industry to take full advantage of opening up investment and partnership with farmers in the rural economy.

The Prime Minister promised that every need of the industry related to the Atmanirbhar Bharat Abhiyan will be taken care of.

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