CEO Insights team, Nikhil Michael, Correspondent, CEO Insights
He even emphasized that as India has entered the Un-Lock phase one, the economy has started getting growth back, and this will speed up after 8th June as more relaxations will come to play. While re-strengthening the economy against Corona is one of the highest priorities of the government, it has taken several measures and decisions required now and in the long run.
PM Modi also gave the country 5I mantra important to build an Aatmanirbhar Bharat and to bring India back on the path of rapid development. These mantras are Intent, Inclusion, Investment, Infrastructure and Innovation, which are reflected in the bold decisions of the government. He said, “For us, reforms are not any random or scattered decisions. For us, reforms are systemic, planned, integrated, inter-connected and futuristic processes. For us, reforms means having the courage to take decisions, and taking them to a logical conclusions”, while listing out the initiatives of the government to make an encouraging ecosystem for the private enterprises like Insolvency and Bankruptcy Code, Bank merger, GST and Faceless IT assessment.
PM Modi said that labor reforms are being done to increase employment opportunities, keeping the welfare of the workers in mind.Non-strategic sectors are opened for the private sectors,
India has the potential strength and ability and urged the industry to take full advantage of the trust that has developed towards India
which earlier were not allowed, and even commercial mining is permitted in the coal sector. He said,
“In the direction the government is moving, be it our mining sector, energy sector or research and technology, industry will also get opportunities in every field, and new opportunities will also open for youths. Going beyond all this, now the participation of private players in the strategic sectors of the country is also becoming a reality. Whether you want to invest in the space sector, or want to explore new opportunities in atomic energy, the possibilities are completely open for you”.
He quotes the MSME sector as the economic engine of our country, which contributes around 30 percent of the GDP. PM Modi said that by updating the definition of MSMEs, it has enabled the sector to grow without any worries and will not have to follow other paths to maintain the status of MSMEs. Due to the recent developments and various moves taken by the government, the world is expecting more from India as they are looking for a trusted, reliable partner. PM Modi said that India has the potential, strength and ability, and urged the industry to take full advantage of the trust that has developed towards India.
Stressing upon the fact that Getting Growth Back is not so difficult, the clear mission of Aatmanirbhar Bharat will help Indian industries route their plans accordingly. He clarified that Aatmanirbhar Bharat means that we will become stronger and embrace the world. PM Modi also stressed the need to invest for the creation of a Robust Local Supply Chain that strengthens India’s stake in the Global Supply Chain. He gave a call for big institutions like CII to come forward in a new role post-Corona to make India self-reliant. He emphasized on the need to have products made in the country, made for the world. He urged the industry to set targets to increase productivity in all sectors.