Modi Speech at CII: Here's what PM thinks about recent govt reforms

Prime Minister Narendra Modi during his address at the Annual Session of the Confederation of Indian Industry (CII) today said the reform measures  announced by India were not "random or scattered decisisons" but systemic, planned, integrated, inter-connected and futuristic process. He said for the current government, the reforms meant taking bold decisions and bringing them to logical conclusion.

He said his government had taken reform initiatives to change laws -- such as those in agriculture sector -- that were constituted after Independence and the farmers were left at the mercy of middlemen.

Due to the current reforms, the private sector would also be able to join the non-strategic sectors, he said. The PM also talked about labour reforms initiated by the government to provide job opportunities for workers.

Also read: Coronavirus crisis: Why PM Modi believes India will get its economic growth back

The government had also fulfilled the long-standing demand of the industry to clarify the definition of MSMEs, he said. "This will enable MSMEs to grow without any worries and they will not have to follow other ways to maintain the status of MSMEs," he added.

He also talked about 'five Is' -- Intent, Inclusion, Investment, Infrastructure and Innovation -- that were important to speed up India's development and make it 'Atma Nirbhar' (self-reliant). He said the recent economic reforms and stimulus worth Rs 20 lakh crore announced by the government gave a glimpse of these initiatives.

He said the country now needed to manufacture products that were 'Made in India' but are 'Made for the World'. "Now we have to invest in the creation of a Robust Local Supply Chain that strengthens India's stake in the Global Supply Chain. In this campaign, a big institution like Confederation of Indian Industry (CII) will also have to come forward in a new role post-Corona," said PM Modi.

Also Read: Prioritise economy, fight against coronavirus, PM Modi tells CMs

He said rather than invoking the 'Getting Growth Back' mantra, he would say, "Yes, we will get our growth back".

He said there would be many new opportunities for the youth of the country considering the direction in which the government was moving today. PM Modi said re-strengthening economy against the coronavirus pandemic was one of the highest priorities for the government.

 "For this, the government has taken immediate decisions. We have also taken decisions which will help the country in the long run," he said.

As the country moves towards the first phase of unlocking, the PM said it needed to do both -- save lives and stabilise economy. "In this situation, CII has started the talk of 'Getting Growth Back' and I congratulate all the people of Indian industry for this," he said.

Also Read: PM Modi speech at CII live updates: 'Have to save economy as well as lives,' says PM

He also extended best wishes to the people of Andhra Pradesh and Telangana on their statehood day. "Hard work and courage are synonymous with the culture of this land. The state's role in India's growth is deeply valued. Wishing the citizens of the state the very best for their future endeavours. People from Telangana are excelling in a wide range of sectors. This state is making valuable contributions to the growth trajectory of India. I pray for progress and prosperity of the people of Telangana," he said.

Also Read: PM Modi speech at CII live updates: 'Have to save economy as well as lives,' says PM