Prime Minister Narendra Modi said on Wednesday that the country’s economic growth is picking up again and that domestic industry should increase its risk appetite. The prime minister noted the recent reforms that the government has implemented and said that the implementation of reforms is a matter of conviction for his government, which is ready to take all risks in the national interest.
“We have made bold decisions. Reforms continued even during the pandemic. The government is implementing reforms not out of coercion but out of conviction,” he said, addressing the CII’s annual meeting. Modi assured all support to the industry and said India is receiving a record number of Foreign Direct Investment (FDI) due to the reforms implemented in recent years.
The prime minister said the major responsibility for the success of the self-reliant India campaign lies with the Indian industry. Modi asked the industry to take full advantage of the atmosphere of confidence for India’s development and capabilities.
He highlighted the changes in the approach of the current government and changes in the way of working of the current set-up, and emphasized that today’s new India is ready to move with the new world.
“India, which at one time feared foreign investment, now welcomes all types of investment. Likewise, the tax policies used to instill despondency in the investors, the same India boasts of the world’s most competitive corporate tax and anonymous tax system,” he said.
He mentioned that the maze of labor laws has been rationalized into four labor laws; and agriculture, which was regarded as a mere means of subsistence, is connected to the markets through reforms. As a result, he said, India is getting record FDI and FPI and forex reserves are also at an all-time high.
“There was a time when foreign was synonymous with better. Major industry players understand the implications of such psychology. The situation was so bad that even native brands developed with a lot of hard work were advertised with foreign names,” he said today. of the compatriots are with the products made in India and they want to adopt goods made in India.
He added that investor response has been tremendous for startups and this indicates that India has extraordinary growth opportunities. India now has 60 unicorns, 21 of which have achieved that status in recent months, he noted.
The prime minister also stressed that the government is able to implement difficult reforms “because reforms for this government are a matter of persuasion and not of coercion”. Referring to the initiatives taken during the monsoon session such as the Factoring Regulation Amendment Act, the Deposit Insurance and Credit Guarantee Corporation Amendment Act, he said such measures will boost the government’s efforts.
By correcting the mistakes of the past, the government has abolished retrospective taxation and the initiative will strengthen trust between government and industry, he said.
“Today there is a government in the country that is ready to take the greatest risk for the sake of the nation… GST was locked up for so many years just because the previous governments couldn’t muster the courage to take political risks. .Not only are we implementing GST, but today we are witnessing a record-breaking GST collection,” he added.