India will definitely get its economic growth back and is already on that path with government’s various reforms and Unlock 1, Prime Minister Narendra Modi said on Tuesday.
Modi made the statement while addressing a digital gathering of country’s top economists at industry association CII’s annual session. This year’s annual event marked 125 years of the Confederation of Indian Industry (CII).
“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.
He said the government has taken tough steps to fight the coronavirus pandemic and has also taken care of the economy.
“On the one hand we have to safe lives of our people and on the other hand we have to stabilise the economy and speed up the economy,” he said.
“Yes, we will definitely get our growth back,” he asserted.
He said he gets the confidence from farmers, small businesses and entrepreneurs for getting the economic growth back.
“Corona may have slowed our speed (of growth) but India has now moved ahead from lockdown with phase one of unlock. Unlock Phase-1 has reopened a large part of the economy,” he said.
He said intent, inclusion, investment, infrastructure and innovation are crucial for India to revert back to a high-growth trajectory.
“For us, reforms are not any random or scattered decisions. For us reforms are systemic, planned, integrated, inter-connected and futuristic process,” he said.
He further noted that “for us, reforms mean courage to take decisions and taking them to logical conclusion.”
Modi also assured the Indian industry leaders that he stood by them saying, “Trust me, getting growth back is not that difficult,” and this was the time to rise and be the champions of indigenous inspiration.
“We need to manufacture products that are Made in India and Made for the World,” he said.
During his speech, Modi described MSMEs as the engine of India’s economic growth. He said that their contribution was 30 per cent.