Prime Minister Narendra Modi said that the country's economy is once again gaining momentum, in such a situation, industries need to increase their risk appetite. Addressing the annual meeting of industry body CII through video conference, Modi said that the government is not pushing reforms out of compulsion, but is pursuing reforms with strength and confidence and is ready to take any risk in the interest of the nation.
"We have taken tough decisions. Improvements continued even during the pandemic. The government is pursuing reforms not because of compulsion but with strength and confidence. He futher said that the huge responsibility for the success of the self-reliant India campaign rests on Indian industries. He told the industry that they should take full advantage of the confidence environment created about India's growth and potential.
Modi said that in the last years there have been significant changes in various areas including the thinking, attitude and way of working of the government. "Today's new India is ready to go along with the new world." He said, "India which was once apprehensive about foreign investment, today it is welcoming all kinds of investment. India, whose tax policies once used to cause disappointment among investors. Today also has the world's most competitive corporate tax and faceless tax system.
PM Modi said that while the workers and industries were kept entangled in the web of hundreds of laws for years, today dozens of labor laws have been subsumed in the four labor codes where once agriculture was considered only as a means of subsistence, now through historical reforms in agriculture, efforts are being made to directly connect Indian farmers with the market of the country and abroad.
The Prime Minister said, "It is the result of all these efforts that today record FDI is also coming in India and new records are also being created in FPI (Foreign Portfolio Investor)." Today the country's foreign exchange reserves have also reached a record high.
The PM said, "There was a time when we used to think that whatever is foreign is better. What was the result of this psychology, industry veterans like you understand very well. Even our own brands, which we had built after years of hard work, were promoted under foreign names only.
"But today the situation is changing rapidly. Today the spirit of the countrymen is with the products made in India. It is not necessary that the company is Indian, but today every Indian wants to adopt products made in India. Similar confidence is in the startups of India today. Today unicorns are also becoming the identity of new India. Seven-eight years ago there would have been 3-4 unicorns in India. There are about 60 unicorns in India today. Of these, 21 unicorns have been made only in the last few months.
Modi said, "There has also been a great response from investors for Indian startups. The record listing of startups marks the beginning of a new era for Indian companies and the Indian market. This shows that India has extraordinary growth opportunities and scope.
Referring to the steps taken during the Monsoon Session of Parliament, he said that Bills like the Factoring Regulation (Amendment) Bill and Deposit Insurance and Credit Guarantee Corporation Amendment Bill have been passed during this period. These measures will support the efforts of the government.
He said that while correcting the mistakes of the past, the government abolished the provision of levying tax with retrospective data. This will increase the trust between the government and the industry.
The Prime Minister said, "There is a government in the country which is ready to take the biggest risk in the interest of the nation… GST was stuck for so many years because the previous governments did not show the courage to take political risks… We not only implemented GST (Goods and Services) but today we are also witnessing record GST collections.
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