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Recovery Faster Than Expected; Economic Indicators Encouraging: PM

Focus on strengthening the local value and supply chain and how to expand India’s role in the global supply chain: PM Narendra Modi

Prime Minister Narendra Modi today said that India has been through ups and downs this year and it is good that things are improving swiftly. He mentioned that while there are many challenges at hand, the government has the solutions and a roadmap to take India forward and overcome these challenges. He lauded FICCI for partnering with the government and playing an effective role in the process of nation-building including in the fight against COVID-19.

Speaking on the Atmanirbhar Bharat program, Modi said, "Atmanirbhar Bharat Abhiyan promotes efficiency in every sector. Emphasis is being laid to re-energize technology-based industries, in which India has long-term competitive advantage." He further said that this program has driven up efficiency and made Indian industry stronger and more competitive. PM Modi also urged the industry to invest in rural areas including the agriculture sector as the investments would open new opportunities for people in rural India.  “The ambitions of rural India are increasingly on the rise. They want socio-economic mobility, and the government is trying to fulfil these ambitions.”

He further asserted that our economy, in various sectors, needs more and more bridges and not barriers so that they can support each other. “In last few years, we have initiated planned reforms and the best example of this is India being part of most inclusive banking nations,” added Modi.

Alongside the FICCI Annual Convention, the FICCI Annual Expo 2020 was also inaugurated by the Hon’ble Prime Minister. FICCI Annual Expo 2020 has been driven by the need of Indian businesses to remain connected and explore new business opportunities even as they navigate the challenges thrown up by COVID-19. This Annual Expo is a unique initiative. It leverages technology in an intelligent manner. There are powerful chat engines, dedicated B2B meeting rooms, networking lounges, and conference centres where businesses from across the world can meet their Indian counterparts.

Speaking about the broad range of reforms undertaken by the government, Dr Sangita Reddy, President, FICCI mentioned that history will remember Prime Minister Narendra Modi as an economic and social reformist as reforms are happening at a scale and speed that has not been seen before. She said that today we stand together as a nation and we see the green shoots of economic recovery. “We have all re-innovated and reinvented ourselves and are moving towards Atmanirbhar Bharat. It is time for us now to plan and work together to grow the green shoots of recovery into the beautiful blooms of the potential of our country,” added Dr Reddy. She added that the recovery in the coming year can be accelerated by focusing on a 5-point agenda which includes focusing on covid-19 vaccine roll out and revitalization of the healthcare sector, implementation of the National Infrastructure Pipeline, continued focus on the digital transformation of the economy, greater push to manufacturing through PLI implementation and further fiscal stimulus especially for those sectors that have a long recovery period.

Dr Reddy also thanked the Prime Minister for the major initiatives such as the move to enable Universal Health Coverage, creation of the National Health Stack, strengthening of the pharmaceuticals sector and robust implementation of the Ayushman Bharat Scheme. She mentioned that in the next decade, the healthcare sector would contribute to the growth of the country just like in the last decade we saw the contribution of the IT sector. The powerful initiatives taken by the government will enable India in helping heal the world as well as create huge employment opportunities. She also assured the Prime Minister that members of FICCI are committed to continue working towards bringing the economy back on the high growth path and would continue to remain invested in India given the plethora of opportunities the country offers.

Uday Shankar, President-Elect, FICCI said that the nation today needs trust and assurance and whenever we listen to our Prime Minister, we get complete assurance. Reforms and PLI scheme along with the roadmap outlined by the Prime Minister are the basic foundations that will help India become a strong and rich nation and will bring prosperity to our citizens. He assured the Prime Minister that FICCI and the entire private sector will provide full co-operation and support in taking forward the reform agenda whether in the industrial sector or in the agriculture sector.

The PM congratulated Dr. Sangita Reddy for the proactive role of FICCI in trying times and welcomed the incoming President Uday Shankar.


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