In a significant address to India Inc two weeks after quarterly GDP growth showed disappointing results, BJP President Amit Shah has said industry bodies should assess whether they will continue complaining over reforms or actively participate in India’s growth story.
On Saturday, addressing captains of industry at the Federation of Indian Chambers of Commerce and Industry (FICCI), Shah said greater tolerance was required for reforms.
Instead, he added that industry should introspect on how to raise research and development levels and start manufacturing items such as solar cells and mobile phones for which India is heavily reliant on imports.
“We believe demonetisation has made the formal economy much large,” Shah said. This has brought transparency, he said, similar to the direct transfer of benefits to bank accounts of citizens which have been ramped up from 8.5 crore accounts in 2014 to the current 36 crore accounts.
Shah alleged this has helped eradicate Rs 59,000 crore worth of corruption related to transfer of government benefits.
On the issue of reforms, he added that the government has doubled India’s tax payer base from 3.7 crore to 6.3 crore individuals over the past 3 years.
He added that the critical mass reached by the stock exchange along with the strength of the currency was reason enough for Indian firms to start seeking investment opportunities in smaller nations.