Updated: June 2, 2020 1:26:33 pm
Prime Minister Narendra Modi on Tuesday addressed the Confederation of Indian Industry’s (CII) Annual Session 2020- “Getting Growth Back” and assured India Inc that growth in the economy will return soon as the government continues to pursue multiple reforms.
Addressing the event through a video conference, the prime minister said that with ‘unlock phase-1’ India has already begun getting its growth back.
“While it’s true that coronavirus has slowed down our growth, India has now left the lockdown behind and has entered unlock phase 1. So in a way, we have already started getting our growth back. I have confidence in India’s capabilities, crisis management,” Modi said in his speech.
The prime minister said that we have to take tough steps to fight coronavirus and simultaneously take necessary steps to take care of the economy. He said that strengthening the economy is one of the top priorities alongside fighting coronavirus and added that the government has taken decisions that will help the country in the long run.
“India took the right steps at the right time. When we compare our country to others, we can realise how the lockdown has helped us,” he said.
Modi said that more than Rs 53,000 crore of financial assistance has been given under the Pradhan Mantri Garib Kalyan Scheme of free ration to the poor and migrant workers.
He said 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.
Speaking about the individual sectors, Modi said that “country with the world’s third-largest coal reserves had to import coal… what were the reasons… at times, the government has been a hindrance, at times polices. The coal sector has now been freed up.”
Separately he said that space, atomic energy, all opened up for the private sector. “Opportunities waiting for you,” the prime minister told India Inc during his speech.
Modi said that the world’s expectations from India have increased. “India helped over 150 countries with medical supplies during corona crisis. The world is looking for a trusted, reliable partner.” He added that India has the potential, strength and ability for the same.
The prime minister urged the corporate sector to take advantage of the global situation. “India Inc must take advantage of the trust that India has gained across the world during the coronavirus crisis,” he said.
He also assured India Inc. saying that “I will be with you. You take a step, I will take four steps.”
Modi also listed about the turnaround in the PPE segment in India. “Within just three months, India made an industry out of PPE. India makes three lakh PPE kits in a day,” he said.
Speaking about Atmanirbhar Bharat, he said that it does not mean we will depend on anybody for strategic sectors. but it is about creating a strong enterprise in India — those which can become global forces.
Finally, the prime minister said that post-coronavirus pandemic, the CII must emerge in a new avatar. He gave the CII acronym a new meaning — Champions of Indian Inspirations.
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