New Delhi, August 11

Prime Minister Narendra Modi on Wednesday said the country’s economic growth is picking up pace again and the domestic industry needs to enhance its risk-taking appetite. He also said taking reforms is a matter of conviction for the government, which is ready to take all risks in the national interest.

“We have taken bold decisions. Reforms continued even during the pandemic. The government is bringing reforms not out of compulsion but out of conviction,” he said while addressing the CII’s annual meeting. Assuring all support to the industry, Modi said India is receiving record foreign direct investment (FDI) because of reforms done in the past few years. He said the government is carrying out major economic reforms, while singling out GST, improvement in ease of doing business and ending retrospective tax as some of the steps in this direction.

Pandemic no dampener

We have taken bold decisions. Reforms continued even during the pandemic. These reforms are not out of compulsion but out of conviction. — Narendra Modi, Prime Minister

“GST wasn’t implemented by the previous governments because of political risk. We didn’t just implement it, we’re also witnessing record collections,” he said. The government “undid a mistake of the past” with retrospective tax and its abolition will strengthen investors’ confidence,” he observed.

The recent reforms done for promoting ‘Ease of Doing Business’ were not easy decisions but were enabled due to the industry’s support, he said. The several steps taken by the government has led to record FDI in India and forex reserves are at an all-time high. “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. The nation has made up its mind,” he asserted.

The PM pointed out that startups are showing self-confidence and several unicorns are becoming the face of the nation. As against a handful of unicorns before 2014, today there are nearly 60 out of which 21 have been developed in the past few months. Reiterating that the government stands by the industry, PM Modi said there is rarely a day when a CEO doesn’t issue a statement or there’s not a report on new opportunities. — TNS/PTI

Forex reserves at all-time high

• Several steps taken by the government have led to record FDI in India and forex reserves are at an all-time high
• Major economic reforms include ending retrospective tax, implementation of GST and improvement in ease of doing business
• As against a handful of unicorns before 2014, today there are nearly 60, out of which 21 have been developed in the past few months