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‘Undid the mistake of the past by removing the retrospective tax’: PM Modi at CII Annual Session 2021

Indians want made in India products, not necessary for the company to be Indian: PM Modi

Prime Minister Narendra Modi on Wednesday addressed the Confederation of Indian Industry (CII) annual session 2021 via video conferencing. In his address, PM Modi said India has passed tough key reforms in the monsoon session and also undid “mistake of the past”, referring to the axing of the retrospective tax. 

“The abolition of the retrospective tax will strengthen investors’ confidence,” said PM Modi.

The CII Annual Meeting 2021 is being held over two days on 11 and 12 August. The theme for the upcoming CII Annual Meeting is ‘India@75: Government and Business working together for Aatmanirbhar Bharat’.

PM Modi spoke about the bold decisions his government has taken to bring about anniversaries reforms and provide a boost to economic activity in the country. 

“There’s a government in place that can take the boldest decisions keeping the nation in mind and not political benefits. GST wasn’t implemented by the previous governments because of its political risk. We did not just implement it, we’re also witnessing record collections,” PM Modi said. 

Indians want made in India products, not necessary for the company to be Indian: PM Modi

Addressing foreign companies’ concerns about ‘Made in India’ initiative, PM Modi said, “The situation is changing rapidly. Today, the sentiments of citizens lie with products that are made in India. It is not necessary for it to be an Indian company, but every Indian now wants to use products that are made in India.”

In his speech, PM Modi also highlighted several steps taken by his government that has led to record FDI in India. He further added that the country is creating new records in FPI and the forex reserve is at an all-time high. 

“India, which was once apprehensive of foreign investment, is today welcoming all types of investments. India is taking major leaps in ease of doing business ranking today,” PM Modi said.

Start-up culture fuelling the India Growth story: PM Modi

PM Modi also spoke about the budding start-up culture that has powered the rise of many unicorn companies. 

“Start-Ups are showing self-confidence. Several unicorns are becoming the image of the nation. 7-8 years ago, India might have had just 3-4 unicorns. Today, there are nearly 60 unicorns in India! Out of these 60, 21 of them have been developed in the last few months,” PM Modi said. 

 

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Staff reporter at OpIndia

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