Prime Minister Narendra Modi addressed the annual session of the top industrial body - the Confederation of Indian Industry - this morning, his first major speech on multiple aspects relating to the economy since the government announced a phased plan to reopen India after two months of lockdown to tackle coronavirus.
In his speech, PM Modi stressed on five "I"s. "To bring India back on track for fast-paced growth, five things are very important: Intent, Inclusion, Investment, Infrastructure, Innovation," he said.
"The need of the hour is that more and more products are "Made in India", which are "Made for the world". We have to focus towards reducing imports," PM Modi said.
His office had tweeted this morning: "At 11 AM today, Prime Minister @narendramodi will address the #CIIAnnualSession2020. He will speak on the subject- "Getting Growth Back." After Unlock-1 has been announced, this would be the Prime Minister's first major speech on aspects relating to the Indian economy.(sic)".
Here are the highlights of his speech
- "These kind of online events have become the new normal during the pandemic."
- "I have faith in India's innovation, industry leaders, all of you. India will get its growth back."
- "Coronavirus may have slowed us down. But the reality is today, India has entered Unlock1. Getting growth back has already started."
- "We took the right steps at the right time. We not only made preparations for physical resources but also tried to save human resources."
- "Strengthening India by strengthening economy amid COVID-19 fight is among our highest priorties".
- "To bring India back on track for fast-paced growth, five things are very important: Intent, Inclusion, Investment, Infrastructure, Innovation."
- "For us, reforms means having the courage of taking bold decisions and then ensuring that it is implemented in a time-bound manner. We have been working continuously to create a favourable ecosystem for investment and business."
- "Today, possibilities have been opened for private players in space sectors, atomic sectors. Their participation in strategic sectors has become a reality."
- "We are trying to maximize opportunities for the MSMEs. To understand the government's decisions, we have to understand the global situation."
- "Lakhs of MSMEs in India are the engines of India's overall growth. We all know how MSMEs are key to India's economy. But for a long time there had been a need to define MSMEs and increase its scope to allow it to row. That has now been done. The decisions taken on MSMEs will be the fuel that will power the sector to grow exponentially."
- "Getting growth back is not that difficult. The most important thing is that you all - the industrial units - have a clear path. The path paved by a 'self-reliant' India".
- "The need of the hour is that more and more products are "Made in India", which are "Made for the world". We have to focus towards reducing imports."
- "The private sector in India is a partner in ensuring India's growth. Develop concepts, think big, and together we will build a self-reliant India. We can do it. If you have belief and do your bit, and we do ours, then India will rise to be a key business player globally."
- "We will take structural reforms that will change course of the country; we will together build self-reliant India"