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I have confidence in India’s growth story, want to make private sector our partner for growth: Prime Minister Narendra Modi at CII annual event

PM Modi has said that five things are utmost important to make India a self-reliant economy. These are Intent, Inclusion, Investment, Infrastructure and Innovation

On Tuesday, Prime Minister Narendra Modi addressed the 125th anniversary of Confederation of Indian Industry (CII), where he highlighted the steps that his government has taken to revive country’s economy that has decelerated due to the outbreak of coronavirus across the country. Speaking on the theme – ‘Getting Growth Back’, PM Narendra Modi said he has confidence in India’s growth story and expressed hope that he was sure that Indian economy will revive on the back of entrepreneurs, frontline warriors and industrialists.

PM Modi also congratulated CII for completing 125 years since inception. “It is a very big thing to be in existence for 125 long years. You must have faced many challenges along the way,” he added.

Saving lives, stablising economy is government’s priority: PM Modi

The Prime Minister also added that the country needs to take care of the economy as well as save the lives of people from coronavirus. “Today, on the one hand, we have to save lives and on the other hand, we have to stabilize the economy. In this situation, CII has started the talk of “Getting Growth Back,” I congratulate all the people of Indian industry for this,” said PM Narendra Modi.

Prime Minister Modi also said the re-strengthening of the economy is one of his government’s highest priorities. The government has taken both short-term decisions and long-term decisions which will help the country in the long run, he added.

PM Modi has said that five things are utmost important to make India a self-reliant economy. These are Intent, Inclusion, Investment, Infrastructure and Innovation. “You will get a glimpse of these in the bold decisions recently taken by us,” said PM Modi.

The Prime Minister added, “We have made decisions to make our economy and sectors future-ready. Our reforms are not scattered, rather, our reforms are planned, futuristic. For us, reforms mean taking it to the logical conclusion”.

We have brought reforms in Agriculture, MSMEs: Prime Minister

Prime Minister said that the government has taken steps to bring relief to farmers by amending APMC Act. “Farmers can also trade their produce through the electronic trading system. We are also doing labour reforms and opening up sectors for private enterprises,” Prime Minister mentioned.

Explaining the government’s efforts for MSMEs, PM Modi said that MSMEs will be able to grow without any concerns or fears. Now our MSMEs will not have to find ‘other ways’ to keep their ‘MSME’ status, he added. “The industry’s demand for updating MSME definition for a very long time. This demand is now fulfilled,” PM Modi said.

“There will be no global tenders in government projects worth up to Rs 200 crore, which will help MSMEs”, mentioned PM Modi.

PM Modi says private sector participation is important to India’s success story

PM Modi further added that the participation of private players in strategic sectors of the country is also becoming a reality. “Whether you want to invest in the space sector, want to explore new opportunities in atomic energy, the possibilities are completely open for you,” PM Modi.

PM Modi said that the entire world is now looking for a trusted, reliable partner and the Indian industry should make the most of it. The country now needs to manufacture products which are ‘Made in India’ but are ‘Made for the World’, said PM Narendra Modi.

“We have to now invest in the creation of a robust local supply chain management that strengthens India’s stake in the global supply chain. In this campaign, a big institution like Confederation of Indian Industry (CII) will also have to come forward in a new role in the post-corona era,” the Prime Minister said.

In order to make manufacturing and Make-in-India our priority, PM Modi said that the government has identified many sectors in which the country can reduce our dependence on imports.

Speaking at the CII event, PM Modi said that now the industry has a clear path – self-reliant India. “This means that we embrace the world with even more strength. Self-reliant India will be integrated more with the global ecosystem,” he said.

“But, self-reliant India does not mean that we remain dependent on others for our strategic needs. We do not want to remain in that situation now. Self-reliant India is about strong enterprises, generating employment, empowering people to come out and find solutions. Now, the need is that we make those products that are made in India, but made for the world. We have to cut our imports,” said PM Modi.

PM Modi also said that the government is providing infrastructure to create agro-processing clusters near rural areas. He added that the government considers the private sector a partner in nation-building.

PM Modi also urged the industry to come up with a detailed study of every sector and build consensus on reforms. “We will undertake reforms across sectors based on the recommendations. We will take structural reforms that will change the course of the country; we will together build self-reliant India,” said PM Modi to industrialists.

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