Less than 12 hours after a rating downgrade by international ratings major Moody’s, Prime Minister Narendra Modi on Tuesday expressed confidence that India will definitely get its growth back. This remark has come at a time when almost all economic research agencies have estimated contraction in the economy, for the first time after 1979-80.
Addressing the annual session of the 125-year-old industry chamber Confederation of Indian Industry (CII), Modi said that there are reasons for saying with confidence that India will get its growth back.
“I have confidence in the capabilities and crisis management of this country. I have confidence in the talent and technology of India. I have confidence in the innovation and intellect of India. I have confidence in Indian farmers, MSMEs and entrepreneurs,” he said in the first ever virtual annual meeting of the chamber.
He listed five elements to achieve higher growth and self-reliance. These include intent, inclusion, investment, infrastructure and innovation; and their imprint can be seen in the slew of decisions taken by the government recently, he added.
He emphasised that strengthening the economy against the pandemic is one of the highest priorities. Accordingly, the government is taking all decisions required. Also, some decisions are going to benefit in the long run, he expressed confidence.
“For us, reforms are not random or scattered decisions, but for us these are systemic, planned, integrated, inter-connected and futuristic process. Reforms also mean taking decisions with courage and taking them to a logical conclusion,” he said.
Modi said that the whole world has very high expectations of India. “The world is looking for a trusted and reliable partner,” he said, while adding that India has potential, strength and ability. “Indian industry should take benefit of the trust developed for India in the world,” he urged. Mentioning that getting back growth is not so difficult, the Prime Minister said that Indian industry has a clear path, the path of self-reliance.
“Self-reliance means we will become stronger to embrace the world. A self-reliant Indian economy will not just be integrated with the world but will also be more supportive,” he said, while calling for more investment in local supply chain to make it more robust and also to strengthen India’s participation in the global supply chain.
He said that self-reliance also means India will not be dependent on others in strategic sectors. “It is about creating strong enterprises in India, enterprises that can become global forces. It is about generating employment. It is about empowering our people to come out and create solutions that can define the future of our country,” he said, while explaining the concept of self-reliance.
“Now the time has come to see ‘Made in India’ products made for the world,” he said, while asking the industry to lower imports and enhance productivity. He appreciated the fact that the Personal Protective Equipment (PPE) industry that had begun from the level of zero is worth a billion rupees in just three months. He asked India Inc to invest more in rural economy and take the benefit of opportunities in terms of partnership with farmers.
Talking about manufacturing and Make in India, he listed three key areas ― furniture, air conditioners and leather & footware ― for job creation at a larger scale; and work has already begun on that, he said.
He assured that the government considers the private sector as its partner in the growth journey and will take care of all its requirements to achieve self-reliance. “I request you to come up with a detailed study of every sector. Build consensus. develop concepts. Think big. We will together take up more structural reforms that will change the course of our country,” he said.