“We will get our growth back”, these are the words of PM Modi. Indian Prime Minister Narendra Modi has delivered his first speech on the Indian economy after the lockdown of 2 months. He delivered this speech on “getting growth back” at an inaugural address at the 125th anniversary of the confederation of Indian Industry (CII).
According to the national statistical office (NSO) amid ongoing COVID-19 pandemic, India’s growth slowed down to 3.1 percent in the fourth quarter of the financial year 2019-2020. Reserve Bank of India and other economists forecasted a recession after almost four decades. The fiscal deficit has also been increased to 4.6%.
The session mainly focused on the changes across multiple dimensions that are sweeping the world as well as India and how these would impact the industry.
Important Five ‘I’ For Fast Growth of India
According to the Prime Minister, for the speedy growth of India five ‘I’ are very important, these are Intent, Inclusion, Investment, Infrastructure, and Innovation. He said in his first address after lockdown “for us the reforms are not random or scattered decisions, for us reforms are systemic, planned, integrated, inter-connected and a futuristic process, for our reforms, means taking brave decisions and taking them to their logical conclusion. We are taking policy reforms on which the people of the country had given up hope upon”.
He listed out the steps taken to strengthen the economy in the immediate and the long run, for example, “Gareebi Hatao Yojna”, which has helped the poor immediately and 74cr people have got rations. Eight crore people have got gas rations. Eight crore people have got gas cylinders, and many more.
Blessing In Disguise for India
In his speech at a virtual meeting with CII, he said that the world’s expectation with India has increased and the world today is looking up to India for a trusted and reliable partner. India is, indeed, capable of it. He said that India has the potential, strength, and ability. He also said that the Indian industry should take advantage of the trust that had developed for India across the world. Indian industry now has a clear path- that of self-reliant India (Atmanirbhar Bharat). He said that many people are wondering about his faith that the Indian economy will grow. To answer this, he said that he has full faith in Indian industrialists, farmers, entrepreneurs, and MSMEs. He added that India will be fully integrated with the world economy and will also be supportive of it.
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He emphasized on the investment in the establishment of such a robust local supply chain that strengthens our participation in the global supply chain. He also exclaimed that India has to set new targets of increasing productivity in all sectors so that products which are “Made in India” can be “Made for World”.
Modi said the government considers the Private sector as a partner in the country’s growth journey and will take care of all needs of the industry. The country is standing with the industry and they should stand with the country’s target of self-reliant India and take a pledge for the same.
Some Steps Taken
The cabinet decided to further widen the definition of micro, small and medium enterprises and enable thousands of more units to take advantage of various officials benefits, and cleared a slew of proposals announces as part of the government’s Rs. 21-lakh crore relief package to soften the Covid-19 blow to small businesses.
The government approved a scheme to catalyze a subordinated debt of Rs 20,000 crore, partly guaranteed by the government, of stresses MSMEs. It cleared the setting up of the funds with an initial official corpus of Rs. 10,000 crore, to facilitate equality infusion of Rs. 50,000 crore into well-rated units that have growth potential.