India will certainly make an economic recovery soon and is already on the path to revival with “Unlock 1” to ease out of the coronavirus lockdown, Prime Minister Narendra Modi said today, addressing a gathering of corporates and economists days after GDP data showed slowest growth in 11 years. “Yes, we will get the growth back,” the Prime Minister assured industry leaders and added, “trust me, it is not all that difficult”.
“You might wonder how I am so confident of this… I have faith in India’s talent and innovation, its hard work and dedication, its entrepreneurs and workforce,” PM Modi said in his online speech to mark 125 years of the Confederation of Indian Industry (CII).
“On one hand we need to be safe and ensure that we control the spread of the virus, but at the same time, we need to keep the economy going,” said the PM, commenting on the coronavirus crisis that has impacted an already battered economy.
“Corona may have slowed our speed (of growth) but India has now moved from lockdown to Unlock Phase-1. So, in a way, the path to bring growth back has already begun.”
As part of “Unlock1”, the government has announced the reopening of malls, hotels and restaurants.
PM Modi reemphasized his government’s goal of “Atma Nirbhar Bharat (self-reliant India)” and listed five “I”s — “Intent, inclusion, investment infrastructure and innovation”.
Assuring Indian industry that he stood by them, PM Modi said: “Trust me, getting growth back is not that difficult. The path to self-reliant India lies before the industry. We will become even stronger and embrace the world.”
The Prime Minister offered the industry a new mantra of “Made in India, Made for the World” to focus on while developing new products and new ideas.
This is the time to rise to the occasion, he said, urging industry leaders to be “champions of indigenous inspiration”.
“We need to manufacture products that are Made in India and Made for the World,” he said, urging manufacturers to first create a robust local supply-chain to help India play a key role in the global supply-chain.
“The world is looking for a trusted, reliable partner. India has potential, strength and ability.”
The Prime Minister said for his government, reforms meant having the courage of taking bold decisions and then ensuring that it is implemented in a time-bound manner. Reforms, he commented, were not random or scattered – they were carefully planned and integrated.
“We have been working continuously to create a favourable ecosystem for investment and business,” he said.
Describing MSMEs (Micro, Small and Medium Enterprises) as the country’s economic engine, he outlined steps taken for small industries hit by the pandemic and also listed measures to boost farmers — like ending the policy of trade with only fixed people. “Our government has now allowed farmers the freedom to sell their produce to anyone they wish to for the best price they get,” he said.