“First of all, congratulations to all of you for successfully completing 125 years! Congratulations! There must have been several milestones; you must have faced many ups and downs but running an organization for 125 years is a big thing in itself. I would like to congratulate all the stalwarts including the former ones who have contributed to strengthening CII in these 125 years,” said Hon’ble Prime Minister, Shri Narendra Modi, delivering the inaugural address at the 125th Annual Session of the Confederation of Indian Industry.
Referring to the theme of this year’s annual session, the Prime Minister commended industry for starting the discussion on ‘Getting Growth Back’. He stressed, “Yes! We will definitely get our growth back.”
The Hon’ble Prime Minister listed 5 things which are important to build an Atma Nirbhar Bharat and to place India on an accelerated path to development, namely Intent, Inclusion, Investment, Infrastructure and Innovation.
He emphasized that the Government has undertaken reforms with ‘systemic, planned, integrated, inter-connected and futuristic processes.’ He listed out the initiatives of the Government to make an encouraging ecosystem for the private sector such as Insolvency and Bankruptcy Code (IBC), bank merger, GST and faceless IT assessment.
The Hon’ble Prime Minister said that labour reforms are being done to increase employment opportunities, keeping the welfare of workers in mind. Non-strategic sectors, in which the private sectors were previously not permitted to operate, are now also opened up including commercial coal mining.
“Going beyond all this, now the participation of private players in the strategic sectors of the country is also becoming a reality. Whether you want to invest in the space sector, or want to explore new opportunities in atomic energy, the possibilities are completely open for you,” he stressed.
The Hon’ble Prime Minister pointed out the need to invest for the creation of a robust local supply chain that strengthens India’s stake in the global supply chain. He gave a clarion call for big institutions like CII to come forward in a new role, post-Coronavirus, to make India self-reliant.
The Hon’ble Prime Minister concluded by saying that the Government considers the private sector as a partner for the country’s development journey.
He promised that every need of the industry related to the Atma Nirbhar Bharat Abhiyan will be taken care of.
The Re-boot Strategy
The Hon’ble Prime Minister outlined imperatives for industry to get growth back.