Prime Minister Narendra Modi on Wednesday said the corporate sector has played its role in the fight against the COVID-19 pandemic, and the Indian economy is gaining pace with the efforts from the industry.
Speaking at the annual session of industrial body Confederation of Indian Industry (CII), the prime minister asked India Inc to capitalise on digitisation and technology, and use the new opportunities to move towards achieving targets with double speed.
Modi also said that India has improved its rank in 'ease of doing business' and the government has consolidated multiple labour laws into four codes to simplify the laws.
The prime minister said reforms by the government have led to record foreign direct investment (FDI) in the country, resulting in India’s forex reserves rising to an all-time high.
Also Read: 'Delhi to Jaipur in an hour-and-a-half ': Nitin Gadkari gives a peek into future of highways
Modi also mentioned that his government has undertaken reforms in the farm sector. He said the government is undertaking the reforms with conviction, and not under compulsion.
Even amidst the COVID-19 pandemic, the government continued the reforms unabated, the prime minister said, adding that the nation has stood by the reforms. He said defence and space sectors have been opened up, along with other strategic sectors, for participation of private sector.
The government aims to bolster 'Brand India' and there is a need to strengthen the partnership between government and corporates towards this goal, Modi said. He also exhorted the industry to raise its risk-taking capabilities.
Modi also mentioned the Taxation Laws (Amendment) Bill 2021 passed by the Parliament, and said his government has tried to correct the mistakes of the past by nullifying the retrospective tax demand. He said the move has also been welcomed by the private sector.
Also Read: Decoding Baring's purchase of Hinduja Group's healthcare services