PM Modi calls upon Industries to Strive for a Self-Reliant India

Prime Minister Narendra Modi today said this is the time to show the Capability, Commitment, and Courage of the Indian industry to the world. He called upon industries and businesses to put all their energies in the coming years to establish a self-reliant India.  

Delivering the keynote address virtually at ASSOCHAM Foundation Week 2020 this morning, Mr. Modi said, the world is moving rapidly towards the fourth industrial revolution. He said, in the form of new technology, challenges will come and also solutions.

Mr. Modi said, today is the time to plan and act. He said, in 27 years the country will be celebrating its centenary of Independence and what the country is going to deliver in the coming 27 years will not only determine India's global role but will also test both the dreams and dedication of Indians.

The Prime Minister said, investment in Research and Development must be hiked. He asked the Indian industry to increase their investments in Research and Development especially in sectors like agriculture, defence, space, energy, construction, pharma and transport. He also urged all the companies to earmark a certain amount for Research and Development in every sector.

He said, from corporate governance to profit-sharing, the best policies of the world must be adopted as early as possible and a profit-centric approach should be made purpose-oriented and more integrated with the society.

Mr Modi said, the country stands beside enterprises and wealth-creators that will give India's youth a lot of opportunities. He said, India's youth is making its name in innovation and the start-up sector.

The Prime Minister said the Government is constantly doing reforms to promote manufacturing in India and more than 10 sectors have been brought under the production-linked incentive (PLI)



scheme. He said positive results have been witnessed in a very short period.

The Prime Minister said even during the pandemic when the whole world is troubled for investment, record FDI and PFI have come to India as the world trusts the Indian economy now. He gave a call for the industry to increase the domestic investment drastically in line with the increased confidence of the world.

The Prime Minister remarked that there was never so much positivity in the world about India's success before. He attributed this positivity to the unprecedented confidence of over 130 crore Indians. Now India is making new avenues to move forward, moving ahead with new energy. He said the reforms in the country have influenced in changing the sentiment of the industry from ‘Why India’ to 'Why not India' in investing.

Mr Modi said that the then Prime Minister Atal Bihari Vajpayee in the beginning of the 21st century aimed to connect India with the highways. Today, there is a special focus on physical and digital infrastructure in the country. The government is engaged in providing broadband connectivity to every village in the country so that the reach of the village farmer is also up to Digitally Global Markets.

On the occasion, the Prime Minister presented the ASSOCHAM Enterprise of the Century Award to Industrialist Ratan Tata, who received the award on behalf of the TATA Group.

The Prime Minister said, for the past 100 years, ASSOCHAM and TATA Group have been involved in improving the economy of the country and the lives of crores of Indians.

ASSOCHAM was established in 1920 by promoter Chambers representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India, ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry.