PM Modi says today the country's forex reserve is on an all-time high

New Delhi: Prime Minister Narendra Modi has said that when the country is set to celebrate Azadi ka Amrit Mahotsav, the vision to realize the dream of building an Aatma Nirbhar Bharat also lies on the shoulders of the industry leaders. Addressing the Confederation of Indian Industry, CII Annual Meeting yesterday through video conferencing, Mr Modi said, even during such unprecedented times of COVID-19, the country is witnessing how industry and government can work hand-in-hand.

He said, be it masks, PPE kits, ventilators, Government received help from the industry whenever needed. The Prime Minister said, it is a huge opportunity for new resolutions for new goals of the Indian industry. He said, today’s New India is ready to go along with the new world. Mr Modi said, India which was once apprehensive of foreign investment is today welcoming every type of investment. He said, India receiving record FDI because of reforms done in last few years.

The Prime Minister said, today the country’s forex reserve is on an all-time high and India is taking major leaps in ease of doing business rankings. He said, during Monsoon Session of Parliament, many important Bills were passed. 

Mr Modi said, the Factoring Regulation (Amendment) Bill will help small businesses get credit facilities. The Deposit Insurance and Credit Guarantee Corporation Amendment Bill will also protect the rights of small depositors.

He said, today people are ready to accept and promote local products. Mr Modi said, it will play a key role in building Aatma Nirbhar Bharat. He said, there was a time when we used to think that foreign products are better. Even Indian brands, which people had built after years of hard work were promoted under foreign names. 

The Prime Minister said, the youth is filled with confidence as seen at the Tokyo Olympics and it shows that they are ready to set higher goals and work towards achieving them. He said, the recent reforms done for promoting the Ease of Doing Business were not easy decisions, but they were brought to life because of the support of the industry.

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Prime Minister highlighted that today India has 60 unicorns as opposed to, possibly 3-4 unicorns 6-7 years ago. Out of these 60 unicorns, 21 emerged during the last few months. He said, the unicorns, with their diversity of sectors indicate changes in India at every level. He added that investor response has been tremendous for those startups and this signals that India has extraordinary opportunities for growth.

Mr Modi said, the agriculture sector was once considered to be just a medium of livelihood. But now, efforts are being made to connect Indian farmers with the domestic and global markets through historic reforms in the agriculture sector. He said, Government took the bold decisions and continued making new reforms even during the pandemic. The Prime Minister said, the country stood with the reforms. He said, commercial coal mining has been started, new reforms have been done in defence sector, space and atomic sector have been opened up for the private sector. 

Mr Modi underlined the need to further strengthen the partnership between the public and private sector. He said, today, there is a government in the country which is ready to take the risks in the interest of the nation.

The Prime Minister said, Government not only implemented GST but today the country is witnessing record GST collection. He said, by rectifying the mistakes of the past, the government did away with the Retrospective Taxation. The Prime Minister said, the initiative will strengthen the trust between the government and the Industry. Mr Modi said, he has and will always be ready to solve the challenges of the Industry and be open to their suggestions.

The theme of the meeting is India@75: Government and Business working together for Atmanirbhar Bharat. The CII Annual Meeting 2021 will be held over two days. Deputy Prime Minister and Coordinating Minister for Economic Policies, Singapore, Heng Swee Keat will address as Special International Guest Speaker. The event will also have the participation of many Ministers, senior officials, academics and prominent representatives of Indian industry.