India will definitely get its growth back: PM Modi
Five things are utmost important to make India a self-reliant economy - Intent, Inclusion, Investment, Infrastructure and Innovation: PM ModiOur reforms are not scattered; rather, our reforms are planned, futuristic: PM ModiOur government considers the private sector as an important partner of the government in its path to the self-reliant India: PMNamaste! First of all congratulations to all of you for successfully completing 125 years! Congratulations! A 125-year journey is very long. There must have been several milestones; you must have faced many ups and downs, but running an organization for 125 years is a big thing in itself. It has undergone a paradigm shift, systems have changed. Firstly, I would like to congratulate all the stalwarts including the former ones who have contributed to strengthening CII in these 125 years. I pay tribute to those who are no longer amongst us, and I also wish good luck for the ones who are going to take charge here in the future.
In the wake of Corona pandemic, such online events are becoming a new normal. But this is also the biggest strength of human being that he finds a way out of every difficulty. Even today, on one hand we have to take stringent steps to fight this virus, while on the other hand, we also have to take care of the economy. On the one hand we have to save the lives of the countrymen and on the other hand we have to stabilize and speed up the economy of the country. In this situation, you have started talking about Getting Growth Back and certainly it is something commendable! I would go a step further and rather say that yes, we will definitely get our growth back. Some of you might be wondering that in this hour of crisis, how I am saying this with so much confidence.
There are several reasons for my confidence. I trust India's capabilities and crisis management. I trust India's talent and technology. I trust Innovation and Intellect of India. I trust the farmers, MSMEs and entrepreneurs of India. And, I trust Industry leaders like all of you. That's why I'm saying- Yes! We will get our growth back. India will get its growth back.
Friends,
Corona might have slowed our pace of development, but today the biggest truth of the country is that India has overtaken lockdown and has entered into Unlock Phase one. A large part of the economy has opened up in Unlock Phase one. A lot is going to open after 8th June. That is, Getting Growth Back has started.
Today we are able to do all this because when Corona virus was spreading its tentacles around the world, India had taken the right steps at the right time. If we compare our situation with all the countries of the world, we can see that today how widespread the effect of lockdown has been in India. In this lockdown, India has not only prepared physical resources to fight against Corona, but has also saved its human resource. In such a situation, the question now is what next? As industry leaders, one question will surely be in your minds - what is the government going to do now? You will also have some questions about the Atmanirbhar Bharat campaign. This is very natural and obvious.
Friends,
Reinvigorating the economy against Corona is one of our foremost priorities. For this, the government is taking the decisions that need to be taken immediately. And besides this, such decisions have been taken which will help the country in the long run.
Friends,
Pradhan Mantri Garib Kalyan Yojana has helped a lot in providing immediate benefits to the poor. Ration has been delivered to about 74 crore beneficiaries under this scheme. Free ration is also being provided to migrant workers. Besides, so far poor families have been given more than fifty three thousand crore Rupees of financial assistance. Be it women, divyangs, elderly, or labourers; everyone has benefited from it. During the lockdown, the government has delivered more than 8 crore gas cylinders to the poor - that too for free. Moreover, the government has also made 24 per cent EPF contribution in the accounts of about 50 lakh employees of private sectors. Around Rs 800 crore has been deposited into their accounts.
Friends,
Five things are very important to build a self-reliant India and to bring India back on the path of rapid development - Intent, Inclusion, Investment, Infrastructure and Innovation. You will get a glimpse of all these in the bold decisions taken recently. With these decisions, we have made every sector future ready. Thus, today India is ready for a big step towards a new growth-oriented future. Friends, reforms are not some random or scattered decisions for us. For us reforms are systematic, planned, integrated, inter-connected and futuristic process.
For us, 'reform' means having the courage to make decisions and taking them to a logical conclusion. Be it IBC, bank merger, GST, Faceless Income Tax Assessment, we have always emphasized on reducing the interference of government in the systems, and encouraging an eco-system for private enterprises. For this reason, the government is also making such policy reforms, which the country had given up hope for. If I talk about the agriculture sector, then the rules and regulations that were made after independence in our country had left the farmers at the mercy of middlemen. The rules were very strict as to where the farmer could sell the crop and so on. Our government showed the willingness to remove injustice that was being done to the farmers for decades.
After changes in the APMC Act, now the farmers will also get their rights. Farmers can now sell their crop to whomsoever they want and whenever they want. Now a farmer can take his crop to any state of the country and sell it. Also, grains or agricultural products kept in warehouses can now be sold through electronic trading. Just imagine! How many new avenues are going to open for agri-business! Friends, similarly, keeping in mind the welfare of our workers, labour reforms have also been made to increase employment opportunities.
Non-strategic sectors in which the private sector was not even allowed have now been opened up. You must have observed that we are taking the decisions which were being demanded for many years, while walking on the path of 'Sabka Sath, Sabka Vikas, Sabka Vishwas'. Friends, India has the third largest coal reserve in the world! And India also has bold and hard working business leaders like you. Then why coal comes from outside? Why coal is being imported? Sometimes the government stood in the way and sometimes the policies. But now the work of freeing the coal sector from these blockages has started.
Now commercial mining in the coal sector has been permitted. Permission has also been granted for the allotment of partially explored blocks. Similarly, in mineral mining too, now companies can do mining work simultaneously with exploration. Those familiar with this sector are well aware of the far-reaching consequences of these decisions.
Friends,
The direction in which the government is moving, be it our mining sector, energy sector, or research and technology, both the industry and the youth will get opportunities in every field. Going beyond, now the participation of private players in the strategic sectors of the country is also becoming a reality. Whether you want to invest in space sector, or want to explore new opportunities in the atomic energy, there are immense possibilities completely open for you.
Friends,
You are well aware that lakhs of units of the MSME sector are like economic engines for our country. They make a large contribution to the GDP of the country. This contribution is about 30 percent. The industry had been demanding to clarify the definition of MSMEs for a long time. It has now been fulfilled. This will enable MSMEs to grow without any worries and they will not have to walk other paths to maintain the status of MSMEs. Global tenders have been scrapped for the government procurement of up to Rs 200 crores to benefit crores of people working in the MSMEs of the country. This will open up more opportunities to our small industries. In a way, the Atmanirbhar Bharat package is a fuel for the engine of the MSME sector.
Friends,
To understand the relevance of these decisions, it is very important to see and understand today's global situations. Today, all the countries of the world want more support of each other than ever before. The need for one another has increased more in the world. But it is also being thought that how old thinking, old customs and old policies can be effective. It is natural that a new thinking is going on at the moment. And at such times, the expectations of the world from India have increased further. Today, the world's trust in India has increased and a new hope has also arisen. You have also seen that amid this crisis of Corona, when it was difficult for one country to help another, India has helped by sending medical supplies to more than 150 countries.
Friends,
World is looking for a trusted, reliable partner in India. There is a potential, strength and capability.
Today, all of you, the industry of India should take full advantage of the World's trust that has been developed towards India. It is the responsibility of all of you, it is the responsibility of organizations like CII to ensure that trust, quality and competitiveness are associated with 'manufactured in India'. If you move two steps ahead, the government will move four steps ahead and support you. As the Prime Minister, I am giving you the assurance that I stand with you. This is like rise to the occasion for the Indian industry. Trust me; 'Getting Growth Back' is not so difficult. And the biggest thing is that now you, the Indian Industries have a clear path i.e. the way to Atmanirbhar Bharat; the path of self reliant India. Self-reliant India means we will become stronger and embrace the world.
Self-sufficient India will be fully integrated with the world economy and will also be supportive. But keep in mind, self-reliant India also means- we will not depend on anyone in strategic areas. It is about creating strong enterprises in India, the enterprises that can become global forces. It is about generating employment. It is about empowering our people to come out and find solutions that can define the future of our country. We now have to invest in building a robust local supply chain that strengthens India's stake in the global supply chain. In this campaign, giants like CII will also have to come forward with a new role. Now you have to come forward as champions of indigenous inspirations. You have to facilitate the recovery of domestic industries, assist and support the next level growth. You have to help the industry to expand its market globally.
Friends,
Now there is a need to manufacture such products in the country which will be 'Made in India' and 'Made for the world'. How can we reduce the country's imports? What new goals can be set? We have to set our targets to increase productivity in all sectors. I want to give out this message to the industry today, and the country has the same expectation from you.
Friends,
To make manufacturing in India, Make in India a major medium of employment, many priority sectors have been identified by discussing with organizations of various industries like you. Work has been started on these sectors- furniture, air conditioner, leather and footwear. We import more than 30 per cent of our demand for air conditioners. We have to reduce it as fast as possible. Similarly, despite being the second largest leather producer in the world, our share in global exports is very low.
Friends,
There are so many sectors in which we can do very well. In the past years, modern trains like Vande Bharat have been built in the country only with the help of friends like you. The country is exporting metro coaches today. Similarly, efforts are being made to reduce our dependence on imports in many areas, be it mobile phone manufacturing or defence manufacturing. And I will say very proudly that within 3 months you have developed the Personal Protective Equipment - PPE industry worth rupees hundreds of crores. Not even a single PPE was made in India until three months ago. Today India is making 3 lakh PPE kits a day. So this is the strength of our industry. You have to use this ability in every sector. I also urge all the friends of CII to take full advantage of the investment in rural economy and of the possibilities of partnership with farmers. Now necessary infrastructure is being developed for clusters of local agro products near the villages. There are many opportunities for all the members of CII.
Friends,
Be it farm, fisheries, food processing, footwear or pharma, the gates of new opportunities are open for you in many sectors. I invite all of you for active participation in the rental scheme announced by the government to provide accommodation to the migrants in cities.
Friends,
Our government considers the private sector to be the partner of the country's development journey. Your every need related to Atmanirbhar Bharat campaign will be taken care of. I am constantly in touch with you and all the stake-holders and this will continue. I request you to come up with a detailed study of every sector; build consensus; develop concepts and think big. We will together take up more structural reforms that will change the course of our country.
We will together build a self reliant India. Friends, come, take a pledge to make the country self-sufficient. Put your full strength to fulfil this resolve. Government stands with you and you must stand with the goals of the country. You will succeed, we will succeed, and the country will reach new heights and will become self-reliant. I once again congratulate CII on completing 125 years. Thanks a lot !!
