PM Modi expresses confidence that Indian economy will get its growth back
In his first major address to the Industry members since first phase of nationwide unlock of greater economic activities, Prime Minister reiterated government’s commitment to save lives and also to stabilize economy of the country. Underlining country’s capabilities and crisis management strategy, availability of talent and technology, he assured that India will be soon back on its path of healthy economy.
Mr. Modi said, India has entered into first phase of nationwide unlock, opening up larger part of economic activities. He highlighted the importance of right measures and early imposition of lockdown which helped government to build up required infrastructure to handle the pandemic.
The Prime Minister emphasized that getting economy back on track is governments one of highest priority. 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 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 per cent 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 since decades.
Stating about the historic reforms introduced in 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 was due for decades. The Prime Minister also highlighted the decision of opening up of non-strategic sectors for private players and the issue of labour reforms. Speaking about MSMEs, he said, these units contribute around 30 per cent in the GDP and have intense impact on the economic situation in the country. He said, the government made long due definitional changes to ensure that the units flourish without any hindrance. He also mentioned government’s decision to provide stimulus to MSME enterprises to embolden their contribution.
Prime Minister said, amidst the pandemic, expectations of 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 Corona virus and also take steps to take care of 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.