Prime Minister Narendra Modi on Tuesday asserted that India would definitely get its growth back, and promised more structural reforms that will change the “course of our country”.
“Our government considers the private sector to be the partner of the country's development journey. Your every need related to a self-reliant India campaign will be taken care of. I request you [industry] to come up with a detailed study of every sector. Build consensus. Develop concepts, think big. We will together take up more structural reforms that will change the course of our country,” Mr. Modi said.
Speaking at the Confederation of Indian Industry’s (CII) annual session here through a video link, the Prime Minister called on industry leaders to conduct a detailed study of every sector to chalk out a road map for a self-reliant India, while also taking on a new role to facilitate the recovery of domestic industries, assist the next level growth, and expand market globally.
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“Trust me, getting growth back is not so difficult,” he said, adding that indigenous industries have a clear path of self-reliant India ahead of them.
A self-sufficient India would be fully integrated with the world economy, but it also meant that the country would not depend on anyone in strategic areas. “It is about creating strong enterprises in India. Enterprises that can become global forces. It is about generating employment. It is about empowering our people to come out and create solutions that can define the future of our country. We now have to invest in building a robust local supply chain that strengthens India's stake in the global supply chain,” he stated.
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Mr. Modi asserted that there was need to make products in the country for the world and industry should set new goals keeping in mind how to reduce the country's imports and increase productivity in all sectors.
“Yes, we will definitely get our growth back. While COVID-19 may have slowed down our speed, India has left the lockdown behind, and entered into Unlock Phase one”, he pointed out.
Mr. Modi said strengthening the economy against COVID-19 was one of the government’s highest priorities, for which some immediate steps had been taken and more “decisions that will help the country in the long run are also being taken”.
“For us reforms are not random or scattered decisions, they are systemic, planned, integrated, interconnected and futuristic process,” he said. Labour reforms were being undertaken to help provide a boost to employment.
The non-strategic sectors in which the private sector was not allowed have now been opened. Going forward, private player participation in the strategic sectors of the country would also become a reality. “Whether you want to invest in the space sector or explore opportunities in atomic energy, the possibilities are completely open for you,” he noted.
The expectation of India from the world had increased and they trusted India more. India helped more than 150 countries with medical supplies. “The world is looking for a trusted, reliable partner and India has the potential, strength and ability for the same”.