Modi confident of getting growth back; says onus now on industry

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NEW DELHI: Prime Minister Narendra Modi on Tuesday expressed confidence that India would revert to the high economic growth path if industrialists took advantage of the Rs 20-lakh crore fiscal support package and the opening up of several strategic sectors.

Asking the industry to rise to the occasion, the Prime Minister recounted all the elements of the Covid stimulus package to make the point that the Government had laid out a clear path for it to grow. “All possibilities are open. All opportunities are waiting for you,” he said while laying out the Government’s economic roadmap at the Annual Session of the Confederation of Indian Industry (CII).

The Indian industry must take full advantage of global perception about India being a trusted and reliable partner that was recently underlined by exports of HCQ tablets to over 100 countries, the PM said.

The Indian economy is ready for take-off for a growth-oriented future, he said while combating criticism about reforms being random and scattered. “The reforms are systematic, planned, integrated, interconnected and futuristic. For us, reforms mean the courage to take a decision and take it to its logical conclusion,’’ the PM said, while offering to carry out more radical reforms to enlarge the space for the private sector to operate.

“But it is now your responsibility to ensure that trust, quality and competiveness are all associated with products that are manufactured in India,’’ he said while explaining that the end goal of Atma Nirbhar Bharat was to invest in robust, local supply chains that strengthen India’s share in global supply chains.

For the first time ever, the private sector has been allowed to enter strategic sectors, such as space and atomic energy, to ensure that India does not have to seek external help in critical areas.

“It is about creating strong enterprises in India that can become global forces. It is about generating employment and the empowering of people to come out and create solutions that can define the future of the country,” he observed.

“Yes, we will get our growth back. India will get its growth back,’’ the PM declared. “The epidemic may have reduced the speed of economic growth but India is able to leave the lockdown behind and enter Unlock 1.0 as it has taken the right approach in combating Covid,: he said.

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