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Modi says will get growth back, promises more structural reforms and seeks self-reliance

In an address to CII, PM Modi calls the Indian economy his govt’s priority as he asks industry leaders to 'make in India' but for the world.

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New Delhi: Prime Minister Narendra Modi Tuesday expressed confidence that India will get its growth back as he promised more structural reforms and urged industry leaders to ‘make in India’ in a bid to be more self-reliant.

In a digital address to the Confederation of Indian Industry (CII), Modi said making India self-reliant could be a path for industrial and growth revival.

“We will definitely get our growth back… Corona (Covid-19) has reduced our speed. But India has left the lockdown phase behind and entered into the first phase of Unlock,” said Modi, adding that many sectors have opened up and more will open up beginning next week.

The PM said strengthening the economy is his government’s priority. “On one hand, we need to protect the lives of our citizens but on the other hand, we need to stabilise and speed up the economy,” Modi said.

He mentioned ‘5Is’ to take India on a high growth path and make it self-reliant — intent, inclusion, investment, infrastructure and innovation.

The Indian economy is expected to contract sharply in 2020-21 after growing at an 11-year low of 4.2 per cent in 2019-20. A two-month lockdown from 25 March to curb the spread of the pandemic brought all economic activity to a complete halt, adversely impacting production and jobs.

The government considers the private sector a partner in India’s development, said Modi, promising all help to the sector in its efforts towards making India self-reliant.

Modi also urged industry to recommend sector specific measures that are needed to make the country self reliant, improve productivity and consequently reduce imports. “I request you to come up with a detailed study of every sector. Build consensus, develop concepts and think big. Together, we will take up more structural reforms that will change the course of the country. We will together become self-reliant,” Modi said.

The PM urged industry leaders to “make in India” but “for the world”, and to build robust supply chains to raise India’s share in global chains.

India has been trying to attract companies that are diversifying out of China but so far many have instead opted to relocate to countries like Vietnam.


Also read: These 5 Indian states are leading the economy to recovery after lockdown, study shows


Reforms are ‘systematic and planned’

In his address to CII, Prime Minister Narendra Modi also said the reforms brought in by his government are “systematic, planned and futuristic” rather than random and scattered.

He talked about agriculture reforms announced last month — how the farmer has been liberated from archaic pricing regime, and how the private sector has got more investment opportunities in the sector that it can capitalise on.

Under its Atmanirbhar package, the government has decided to free up the farmer from the monopoly of mandis and allow them to undertake inter-state trade and sell their commodities online. It has also announced changes in the Essential Commodities Act to remove imposition of stock limits on certain commodities.

The labour reforms brought in by the government will improve employment opportunities and labour welfare, he said. The PM also pointed out how the industry will get more opportunities in sectors like mining and energy due to the announced reforms.


Also read: Moody’s downgrades India’s sovereign rating to ‘Baa3’ from ‘Baa2’


 

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