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The government has utilized the pandemic to undertake bold reforms to revive growth: PM Modi

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By Andalib Akhter

Prime Minister Narendra Modi today asserted that the new India was ready and committed to grow with the new world. He said that the country was no longer apprehensive of foreign investments and was taking major leaps in ease of doing business ranking.

Adressing the 2021 Annual Session of the Confederation of Indian Industry CII PM said: “Reforms are being undertaken not out of compulsion but because of the strong conviction of the government that such measures are imperative to take the country to higher echelons of growth and prosperity. At this time the government is seeking industry inputs on what more is needed to promote investment”

He asserted that abolition of retrospective taxation will strengthen trust between government and Industry

Prime Minister said, today the country’s forex reserve was on an all-time high and India is taking major leaps in ease of doing business rankings. He said, during Monsoon Session of Parliament, many important Bills were passed. Mr Modi said, the Factoring Regulation (Amendment) Bill will help small businesses get credit facilities. The Deposit Insurance and Credit Guarantee Corporation Amendment Bill will also protect the rights of small depositors.

He said, today people are ready to accept and promote local products and it will play a key role in building Atma Nirbhar Bharat. He said, there was a time when we used to think that foreign products are better. Even Indian brands, which people had built after years of hard work were promoted under foreign names. The Prime Minister said, the youth is filled with confidence as seen at the Tokyo Olympics and it shows that they are ready to set higher goals and work towards achieving them. He said, the recent reforms done for promoting the Ease of Doing Business were not easy decisions, but they were brought to life because of the support of the industry.

The Prime Minister highlighted that India has 60 unicorns today as opposed to, possibly 3-4 unicorns 6-7 years ago. Out of these 60 unicorns, 21 emerged during the last few months. He said, the unicorns, with their diversity of sectors indicate changes in India at every level. He added that investor response has been tremendous for those startups and this signals that India has extraordinary opportunities for growth.

Mr Modi said, the agriculture sector was once considered to be just a medium of livelihood. But now, efforts are being made to connect Indian farmers with the domestic and global markets through historic reforms in the agriculture sector. He said, Government took the bold decisions and continued making new reforms even during the pandemic. The Prime Minister said, the country stood with the reforms.

He said, commercial coal mining has been started, new reforms have been done in defence sector, space and atomic sector have been opened up for the private sector. Mr Modi underlined the need to further strengthen the partnership between the public and private sector.

He said, today, there is a government in the country which is ready to take the risks in the interest of the nation. The Prime Minister said, Government not only implemented GST but today the country is witnessing record GST collection. He said, by rectifying the mistakes of the past, the government did away with the Retrospective Taxation. The Prime Minister said, the initiative will strengthen the trust between the government and the Industry. Mr Modi said, he has and will always be ready to solve the challenges of the Industry and be open to their suggestions.

The theme of the meeting is India@75: Government and Business working together for Atmanirbhar Bharat. The CII Annual Meeting 2021 will be held over two days. Deputy Prime Minister and Coordinating Minister for Economic Policies, Singapore, Heng Swee Keat will address as Special International Guest Speaker. The event will also have the participation of many Ministers, senior officials, academics and prominent representatives of Indian industry.

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