‘India will get its growth back’, says a confident PM Modi in an address to top industry leaders

Narendra Modi

  • Prime Minister Narendra Modi addressed the nation as the Confederation of Indian Industry (CII) celebrated its 125th anniversary.
  • “India will get its growth back,” said Modi expressing the importance of Atmanirbhar Bharat.
  • Here are the highlights from his speech.
“India will get its growth back. There are a lot of expectations from India globally,” Prime Minister Narendra Modi said during his virtual address to members of the Confederation of Indian Industry (CII). The government organisation was celebrating its 125 year anniversary.

This is PM Modi’s first speech since Unlock 1. He said he believes the capabilities and crisis management of the country.

“Unlock-1 has opened up a major part of the economy. A lot more will open up after June 8. The journey of getting growth back has already begun. During the lockdown, not only did India safeguard its physical resources but also its human resources,” said PM Modi.
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He reasserted the importance of Atmanirbhar Bharat — self-reliant India. “The government will take whatever decisions are necessary. Some of those include measures that will help the country in the long run,” he said.

Here are the top highlights from the speech:

  • This is the biggest strength of human beings that they know how to make their way out of a difficult situation. Today, while we have to take strict steps to fight the virus, we also have to take care of the economy.
  • On one hand, we have to take care of the lives of the citizens of this country, whereas we also have to stabilise and speed up the economy of this country.
  • I would go beyond “getting growth back”. Yes, we will definitely get our growth back.
  • I have faith in India’s capabilities and crisis management. I have faith in India’s talent and technology. I have India’s innovation and intellect. I have faith in India’s farmers, MSMEs Entrepreneurs.
  • MSME sector as well, lakhs of units, are the economic engine for the country. They contribute up to 30% to the GDP. ₹200,000 crore of global tenders have been abolished to promote smaller players. MSMEs will be the fuel going forward.
  • Coronavirus may have slowed down our speed, but today India has entered the ‘un-lock” phase, leaving the lockdown behind. A large part of the economy is opened in unlock-phase one.
  • Today, India is able to do all this because we took the right steps at the right time. If we compare India with other countries we will get to know how widespread was the effect of lockdown in India.
  • One of our first priorities is to re-strengthen our economy. For this, the government is taking decisions that are required immediately. Whereas, we are also making decisions that will help the country in the long run.
  • Pradhan Mantri Garib Kalyan Yojana has immediately helped the poor of the country. Till date, 74 crore beneficiaries were delivered free ration.
  • The poor have also been accorded more than ₹53 crore in financial assistance — including migrant workers, women and senior citizens.
  • During the lockdown, the government has distributed 8 crore gas cylinders
  • 50 lakh employees in the private sector have been given 24% EPF contribution in their accounts by the government culminating to a total of ₹800 crore.
  • The government has benefited everyone including women, disabled people, elderly, and labourers. During the lockdown, the government has delivered more than 8 crore gas cylinders to the poor.
  • India requires 5 things to be on the path of rapid economic development: Intent, Inclusion, Investment, Infrastructure and Innovation. You will get a glimpse of all these in the bold decisions taken by the government recently.
  • Reforms are not random, scattered decisions; they are systemic, planned, integrated, inter-connected and futuristic processes. Reforms mean taking decisions and ensuring that they reach their logical conclusion whether that is IBC, bank mergers, GST or tax assessment.
  • More than all of this, the strategic sectors are also being opened up to private players. Whether it’s space, atomic energy — the possibilities are endless now.
  • Whether it’s mining, energy, or research and technology — every sector creates opportunities for the industry.
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