Prime Minister Narendra Modi said on Tuesday that self-reliance will be India’s priority in the face of coronavirus crisis and assured India Inc that economic growth will return soon as the country leaves behind lockdown period and enters ‘Unlock Phase 1.’
“The world is looking for a trusted, reliable partner. India has the potential, strength and ability,” he said while addressing the 125th annual session of Confederation of Indian Industry (CII).
“India will definitely get its growth back. I trust India’s capability and crisis management. I also trust India’s talent, technology, innovation and intellect. I have full faith in farmers, SMEs, entrepreneurs and industry leaders. That’s why I am saying yes, we will get our growth back,” the Prime Minister said.
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While addressing the event through video conference, the Prime Minister said the country needs to invest in the creation of a robust local supply chain that strengthens India’s stake in the global supply chain.
“We will take structural reforms that will change the course of the country. We will together build self-reliant India,” he said. The Prime Minister said five I’s are essential to make India self-reliant: intent, inclusion, investment, infrastructure and innovation.
He said the government has made decisions to make the economy and sectors future-ready. The reforms are not scattered but planned and futuristic.
“Reforms mean taking them to the logical conclusion. We have reformed India’s coal, mining, mineral, energy sectors to open new opportunities for the country’s youth. MSMEs will be able to grow without any concerns or fears,” he said.
The Prime Minister said the world is now more inter-connected. And the world’s expectations from India have risen. ‘Made in India’ products should be ‘Made for the World.’ The country will need to determine targets to take this goal forward.
As the world is looking for a trusted, reliable partner, Indian industries should take advantage of this sentiment and trust. “Quality and competitiveness should be a part of ‘Make in India.’ For every step you take, the government will take four.”
He said Indian industries have a clear path of Atmanirbhar Bharat. “We will become more strong and impress the world and self-reliant India will be integrated and supportive of the world economy,” the Prime Minister said.
“A self-reliant India does not mean the country is reliant on outside in strategic sectors. Whether be it sectors such as agri, farm, fisheries, food processing, footwear or pharma, the government has to make the private sector a partner in India’s growth progress,” he said.