Govt seeks industry inputs to promote investment
Reforms are being undertaken not out of compulsion but because of the strong conviction of the government that such measures are imperative to take the country to higher echelons of growth and prosperity. At the same time the government is seeking industry inputs on what more is needed to promote investment, said Prime Minister Narendra Modi.
Addressing some 6,000 delegates at the CII Annual Meeting 2021, the Prime Minister pointed out that the Indian economy is showing a welcome pick-up in growth and the industry is making a major contribution to make this happen. There is hardly an occasion where investors are not making statements on new opportunities available in the country.
“We should take up such new opportunities to take the country forward for which we need to invest in innovation and technology. Today, we see a rise of a new India which is ready to work with the world welcoming every type of investment unlike in the past when it was apprehensive of foreign investment,” he told the virtual meeting, ‘India@75: Government and Business Working together towards Atmanirbhar Bharat’.
He called on the industry to have a suitable strategy to match a new thought process wherein “our country wants to buy the domestic product even if it is not made by an Indian company”.
The prime minister also lauded the industry for having risen to the occasion during the pandemic times to work hand in hand with the government and help with masks, PPE, ventilators among others when it was most needed. The government looks forward to taking this partnership further in areas such as education, health and skills.
“Today, the vision of an Atmanirbhar Bharat would achieve fruition essentially with active participation of industry and it is hoped that investments would rise manifolds to make this happen.”
The government, he said, has also utilized the pandemic to undertake bold reforms such as in privatization, defence, space, atomic energy mining, agriculture, the PLI scheme and others.
“Today, we have the lowest corporate tax rate in the world. Our ranking has improved in ease of doing business and labour laws have been encapsulated in 4 labour codes. All this has resulted in record FDI inflows and foreign exchange reserves,” he pointed out.
Modi highlighted the confidence of Indian startups, out of which several unicorns are becoming the face of the nation. Today, there are nearly 60 unicorns out of which 21 have been developed in the past few months. #economy #technology #startups #unicorns #investment #manufacturing /fiinews.com
