India will definitely get back its economic growth: PM Modi

Mumbai: Prime Minister Narendra Modi 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.

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.

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.

In his address, Vikram Kirloskar, President, CII stated that the prolonged lockdown has dealt a huge blow to growth. He was confident that the Indian Industry would help the country overcome this crisis. In his remarks, Uday Kotak, President-Designate, CII stated that the Indian Industry would work very closely with the Government to promote an Atma Nirbhar Bharat.

By Sanjay Jog

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