We will definitely get our Growth Back: Prime Minister of India

New Delhi, PIB News: Shri Narendra Modi, Hon’ble Prime Minister of India while outlining his vision for an Atma Nirbhar Bharat stated that he was confident that India would get its growth back very soon. The Prime Minister was addressing the Confederation of Indian Industry’s (CII) Annual Session 2020: Getting Growth Back.

Outlines 5 I’s for Atma Nirbhar Bharat – Intent, Inclusion, Investment, Infrastructure and Innovation.

In his address, he stated that the concept of an Atma Nirbhar Bharat rested on 5 I’s – Intent, Inclusion, Investment, Infrastructure and Innovation. He stated that while announcing the relief package during the Corona Virus crisis, his government took a long-term view of the economy and announced several far-reaching measures to reform the economy.

He stated that the reforms announced have been systematic, planned, integrated, interconnected and futuristic and are all about creating strong enterprises, generating employment, robust supply chains.

The Prime Minister said that to provide immediate relief to the disadvantaged sections of society in the wake of the Covid-19 crisis, the Prime Minister’s Garib Kalyan Yojana provided free rations to 74 crore beneficiaries. In addition, the government provided financial assistance of Rs. 53,000 crores and over 8 crore gas cylinders to the poor. Over 50 lakh beneficiaries of the Employees Provident Fund Organisation saw the government deposit 24% of their EPF contributions int their accounts.

For reforming agriculture, the Prime Minister highlighted that the Government had amended the APMC Act to allow greater freedom to farmers to sell their products in the market. Electronic trading of foodgrains had also been allowed. This, in his view, would remove the dependence of the farmer on middlemen.

In addition, he mentioned that labour reforms were being undertaken to help provide a boost to employment. Investment in non-strategic areas had been opened up for private sector participation. The coal sector was deregulated to private sector investment and reduce dependence on imports.

Stressing on the need to boost the Make in India – Make for the World campaign, the Prime Minister stated that there were several sectors such as air conditioners and mobile phones where we could manufacture in India and reduce dependence on imports. He pointed out that within 3 months, Indian industry created manufacturing capacities for 3 lakh PPE kits. This industry, he pointed out, had never existed in India before.

Highlighting the role of MSMEs in the economy, the Prime Minister stated that the definition of MSMEs had been changed to foster growth in this sector. He stated that the Government would not float global tenders for procurement upto Rs. 200 crores. This would enable more MSMEs to participate in these tenders and promote an Atma Nirbhar Bharat.

The Prime Minister suggested that CII should prepare a detailed study of every sector and develop growth plans. CII should assist and support the next level of growth.  

 In his address, Mr. Vikram Kirloskar, President, CII stated that the National Conference was happening during a momentous occasion. The prolonged lockdown has dealt a huge blow to growth. He was confident that Indian Industry would help the country overcome this crisis.

In his remarks, Mr. Uday Kotak, President Designate, CII stated that the very fact that this meeting was being held on a digital platform was testimony to the Prime Minister’s vision of a Digital India. He committed that Indian Industry would work very closely with the Government to promote an Atma Nirbhar Bharat.