PM Modi addresses Confederation of Indian Industry
This morning, 2nd June, CII held its virtual Annual General Meeting which was addressed by Prime Minister Modi.
Mr Modi focussed his message on his goal to make India self-reliant and called out to Indian industry leaders for their support and organisations such as CII to support India to get growth in Indian economy back.
Some of the key messages from PM Modi’s address:
- Stabilising Indian economic growth is the most important factor which the Indian government is now focusing on, given that India will be moving out of the lockdown phase from 8th June. Activities have resumed across the country, except for higher risk containment zones.
- Indian government would be undertaking systematic, integrated, interconnected and futuristic reforms to revamp the economy. Digital platforms will be significant and a new normal post COVID-19.
- The key growth drivers for the economy would be its capabilities to innovate, efficient crisis management system, MSME, agriculture and entrepreneurship. The government has removed global tenders in around 200 crore purchases in a move to boost small scale industries.
- Developing local supply chain to enhance India’s position in global supply chain, reforms in labour laws, opening of non-strategic sectors such as coal for private investments, reducing dependence on imports, and pushing the agricultural sector were some of the important areas which PM Modi enumerated upon for re-strengthening the Indian economy.
- Though the PM stressed on self-reliant India, the intention is to make India the hub for global production.
The COVID-19 crisis has seen India play a key role in the production of medicine and PPE, and as a result the world’s expectation from India have risen. Modi wants India to deliver on that and beyond, adding that India has the potential, strength and ability to achieve.
These remarks highlight the multitude of opportunities for UK business to support, from online learning in the higher education sector and other uses of digital technology, to manufacturing and working together in global supply chains. On the other hand, there are obvious risks from India’s emphasis on inward development.
We, at UKIBC, will continue to work with industry and with Government to ensure that our members and clients are able to maximise their Indian prospects.
Full Video of PM Modi’s Inaugural address of CII Annual Session 2020 available on Youtube link here: https://youtu.be/ni9aj_8l3YA