Will initiate more reforms to get growth back: PM
New Delhi: Prime Minister Narendra Modi on Tuesday said that more policy reforms will be implemented to speed up growth and remove structural bottlenecks in the economy. Accordingly, the country will also implement measures to reduce import dependence and strengthen domestic supply chains.
In an online address at the 125th AGM of industry body CII, he said that the country has entered into the ‘Unlock’ phase 1 which focuses on getting the economy back on track and that the Centre will take every possible step to revive growth.
He exuded confidence in the ability of India Inc to bounce back and said that attaining a higher growth level should not be difficult. To make his point, the Prime Minister gave the example of the PPE industry and said that within three months, the sector has grown tremendously from a scratch into a multi-crore enterprise.
Modi called upon India Inc to increase productivity, reduce the country’s import dependence and encouraged them to partner with farmers to invest in the rural economy.
According to him, the self-reliant India programme allows for a stronger embrace of the global economy by integrating domestic businesses into international supply chains as reliable partners. Speaking about the Aatmanirbhar Bharat economic package, he said it would work as growth fuel for the MSME sector.
Besides, he pointed out to the gathering that labour reforms are being initiated to support workers and increase jobs and that private industries’ participation in strategic sectors is becoming a reality.
Modi also said that with the latest decision to amend the APMC Act, the farmers will now be free from the dependence on middle-men and will be able to sell their produce anywhere they want.
“Post-Independence laws made farmers dependent on middle-men. They will now get their rights post amendment to APMC Act.”
— Narendra Modi (@narendramodi) June 2, 2020