Modi revives hope: Yes, India will get economic growth back

By Anjali Srivastava & Shweta Chand

Outlining his vision of a Self-Reliant India at a conclave of business leaders, Prime Minister Narendra Modi voiced his optimism that India will get back its growth very soon and underlined that his government is ready to initiate more structural reforms to achieve the goal of rejuvenating the economy that has been ravaged by the pandemic.

The government is ready to take more structural reforms to make India self-reliant, PM Modi said at the 125th annual session of the industry body Confederation of Indian Industries (CII) on June 2.

“I request you to come with a detailed study across sectors, we will take up more structural reforms, that will change the course of the country to make India self-reliant,” said Mr Modi while fleshing out his vision for an Atma Nirbhar Bharat.

“We will take structural reforms that will change course of the country; we will together build self-reliant India,” he said.

“The world is looking for a trusted, reliable partner. In India, we have potential, strength & ability. Today, all of you, including all the industries must benefit from the trust that has developed for India all over the world,” he said.

“Yes! We will definitely get our growth back.” He said that his trust in India’s Capabilities and Crisis Management, in India’s Talent and Technology, in its Innovation and Intellect of India, in the Farmers of India, MSME’s, Entrepreneurs makes him confident about getting the growth back.

The theme of this year’s annual conference of 2020 is “Building India for a New World: Lives, Livelihood, Growth.” Speaking at the virtual conclave, Prime Minister Shri Narendra Modi said such online events are becoming the new normal due to the coronavirus epidemic. “This is also the biggest strength of human beings that makes a way out of every difficulty,” he added. “On the one hand, we have to take strict steps to fight this Virus and save the lives of the countrymen and on the other hand we have to stabilize the economy and speed it up.”

Mr Modi said that the pandemic may have slowed down the speed of the growth, but today the biggest fact is that India has overtaken the lockdown phase and entered in the Un-Lock Phase one. “A large part of Economy has opened in Un-Lock Phase one. A lot is going to open after 8th June. Getting Growth Back has started,” he added.

Mr Modi’s confidence about getting India’s growth back is a signal to the international investor community and came a day after the ratings agency Moody’s downgraded India’s rating for first time in 22 years.

5I Formula for Growth

Unveiling the 5I formula for building a self-reliant India, PM Modi listed 5 things which are very important to build a Aatmanirbhar Bharat and to bring India back on the path of rapid development:” Intent, Inclusion, Investment, Infrastructure and Innovation. “These are reflected in the bold decisions taken by the Government recently, he added. He also said that many sectors have been made ready for the future,” he said.

“For us reforms are not any random or scattered decisions. For us reforms are systemic, planned, integrated, inter-connected and futuristic processes. For us, reforms means having the courage to take decisions, and taking them to a logical conclusion.” He listed out the initiatives of the Government to make an encouraging ecosystem for the private enterprises like Insolvency and Bankruptcy Code (IBC), Bank merger, GST and Faceless IT assessment.

Key Highlights of PM Modi’s Speech

I strongly believe in India’s crisis management, MSMEs and farmers
Yes, we will definitely get our growth back
Take an oath to make India Aatmanirbhar. Govt is standing with you, you need to stand with the goals of the country.
I invite India Inc for active participation for the AatmNirbhar Bharat.
“Today we get to know how widespread the effect of lockdown in India is, by comparing it with other countries.”
“Re-strengthening Economy against Corona is one of our highest priorities.” For this, the government is taking the decisions that are required immediately and also those that are required in the long run, he added.
Today we get to know how widespread the effect of lockdown in India is, by comparing it with other countries.
Re-strengthening Economy against Corona is one of our highest priorities. For this, the government is taking the decisions that are required immediately and also those that are required in the long run.
The country now needs to manufacture products which are ‘Made in India’ and are ‘Made for the World’
In around ₹200 crore of purchases done by the government, global tenders have been removed to boost small-scale industries.
I request you to come up with detailed study of different sectors.
The direction in which the government is moving today, be it our mining sector, energy sector or research and technology, in every field there will be many new opportunities for youth of the country
We will have to invest in robust local supply chain which will strengthen India’s share in 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.
We must stabilise, speed up economy.
Getting back on track is highest priority for govt.
Getting growth back is not that tough.
Re-strengthening economy against Corona is one of our highest priorities. For this, the government has taken immediate decisions. We have also taken decisions which will help the country in the long run
Reforms for my govt is not random or scattered decisions. Reforms are systemic, planned, integrated and inter-connected for my govt.
Farmers can now go anywhere to sell their produce, will open news avenues for agri-businesses
Five things are most important for India to be self-reliant: Intent, Inclusion, Investment, Infrastructure and Innovation. You will get a glimpse of these in the bold decisions recently taken by us
Will reduce govt intervention from people’s lives.
I would go beyond ‘Getting Growth Back’ and I would say, Yes, we will definitely get our growth back
Getting economy back on track is one of our highest priorities
Online events like these are new new normal in the post-covid world.

Author Profile

India Writes Network: India Writes Network (www.indiawrites.org) is an emerging think tank and a media-publishing company focused on international affairs & the India Story. Centre for Global India Insights is the research arm of India Writes Network. To subscribe to India and the World, write to editor@indiawrites.org. A venture of TGII Media Private Limited, a leading media, publishing and consultancy company, IWN has carved a niche for balanced and exhaustive reporting and analysis of international affairs. Eminent personalities, politicians, diplomats, authors, strategy gurus and news-makers have contributed to India Writes Network, as also “India and the World,” a magazine focused on global affairs.