Prime Minister Narendra Modi on Wednesday listed a slew of reforms undertaken by the government which has enhanced the cooperation between government and industry. Addressing a special plenary session of Confederation of Indian Industry (CII) Annual Meeting 2021, the prime minister said that the economy is gathering momentum again after recovering from the impact of Covid-19.
“All friends and organisations in industry are a major part of India’s growth story. With efforts of all of you, India’s economy is picking up pace once again. There is rarely a day when a CEO doesn’t issue a statement or there’s not a report on new opportunities in India,” said PM.
Here are the major highlights of PM Modi’s address:
1) Describing retrospective tax as a “mistake of the past”, the prime minister said its abolition is likely to strengthen investors’ confidence and increase trust between government and industry.
2) Lauding India inc’s role in covid relief efforts, PM Modi said, the industry has stepped forward to help in every way from masks to oxygen. “The industry has played an important role in India’s growth,” he added. he industry has stepped forward to help in every way from masks to oxygen. The industry has played an important role in India’s growth. He also urged businesses to invest more and create more jobs via Atmanirbhar Bharat Abhiyan.
3) Noting that the country is is taking major leaps in ease of doing business ranking today, the Prime Minister added the recent reforms done for promoting ‘Ease of Doing Business’ were not easy decisions, but they were brought to life because of the support of our industry: PM Modi
4) PM Modi also said 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. The nation has made up its mind,” said Modi.
5) Prime Minister noted due to government’s efforts ease of doing business has improved, MSME sector is being promoted.
6) Referring to the massive startup boom in the country, the prime minister said, India now has 60 unicorns, 21 of them reaching that status in last few months.
7) PM Modi also said that the country’s Forex reserve is at an all-time due to government’s efforts. “Today, India is receiving record FDIs. FPI investment is also making new records due to several efforts of the government. Today, the country’s forex reserve is on an all-time high,” said Modi.
8) Speaking about the momentum generated in the agriculture sector, PM Modi said, “The agriculture sector was once considered to be just a medium of livelihood. Efforts are being made to connect Indian farmers with the domestic and global markets through historic reforms in the agriculture sector”.
9) PM Modi said the ‘Factoring Regulation (Amendment) Bill’ will help small businesses get credit facilities whereas the ‘Deposit Insurance & Credit Guarantee Corporation Amendment Bill’ will protect the rights of small depositors
10) Prime Minister said the government is ready to take the risks in the interest of the nation. “We not only implemented GST but today we are witnessing record GST collection. I have and will always be ready to solve the challenges of our Industry and will always be open to their suggestion,” he added.
