Exhibiting India’s manufacturing potential, Prime Minister Narendra Modi said on Wednesday that Indians today have faith in products that are ‘Made in India’. Speaking at the CII annual conclave, Modi said that faster progress in the country and changing mindsets of the people have enabled greater confidence of Indians on products made in the country.
According to the Prime Minister, several steps taken by the Central government have led to record FDI inflows in India. “We’re also creating new records in FPI, while our forex reserve is at an all-time high,” Modi said. Besides, the Prime Minister said that startups are also showing more self-confidence now.
“Several unicorns are becoming the image of the nation… 7-8 years ago, India might have had just 3-4 unicorns. Today, there are nearly 60 unicorns in India. Out of these 60, 21 have been developed in the last few months,” Modi said.
A unicorn is a privately held startup company valued at over $1 billion.
The Prime Minister also said that the reforms undertaken by the Centre weren’t easy as they were warranted for decades.
“However, these decisions were never taken before. We took some bold decisions and continued making new reforms even during the pandemic. The country has stood with these reforms,” he said.
For instance, he cited that commercial coal mining has started, while new reforms have been undertaken in the defense sector.
Modi also pointed out that the space and atomic sectors have been opened up for the private sector, among other measures. “There’s a government in place that can take the boldest decisions keeping the nation in mind, not thinking about political benefits,” he said.
“The Goods and Services Tax (GST) wasn’t implemented by the previous government because of its political risk. We did not just implement it, we’re also witnessing record collections now,” Modi added.